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The zones of discrimination were as such:
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Pandora Media has an F-score of 4 indicating the company's financial situation is typical for a stable company.
The historical rank and industry rank for Pandora Media's Piotroski F-Score or its related term are showing as below:
The historical data trend for Pandora Media's Piotroski F-Score can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Pandora Media Annual Data | |||||||||||||||||||
Trend | Jan09 | Jan10 | Jan11 | Jan12 | Jan13 | Dec14 | Dec15 | Dec16 | Dec17 | ||||||||||
Piotroski F-Score | Get a 7-Day Free Trial | 2.00 | 5.00 | 2.00 | 1.00 | 4.00 |
Pandora Media Quarterly Data | ||||||||||||||||||||
Oct13 | Mar14 | Jun14 | Sep14 | Dec14 | Mar15 | Jun15 | Sep15 | Dec15 | Mar16 | Jun16 | Sep16 | Dec16 | Mar17 | Jun17 | Sep17 | Dec17 | Mar18 | Jun18 | Sep18 | |
Piotroski F-Score | Get a 7-Day Free Trial | 3.00 | 4.00 | 4.00 | 4.00 | 4.00 |
How is the Piotroski F-Score calculated?
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
This Year (Sep18) TTM: | Last Year (Sep17) TTM: |
Net Income was -44.749 + -131.705 + -91.982 + -63.666 = $-332 Mil. Cash Flow from Operations was 7.918 + 17.399 + -49.357 + -27.143 = $-51 Mil. Revenue was 395.335 + 319.233 + 384.794 + 417.628 = $1,517 Mil. Gross Profit was 146.441 + 74.804 + 125.207 + 156.129 = $503 Mil. Average Total Assets from the begining of this year (Sep17) to the end of this year (Sep18) was (1165.531 + 1166.322 + 1084.87 + 1167.943 + 1172.803) / 5 = $1151.4938 Mil. Total Assets at the begining of this year (Sep17) was $1,166 Mil. Long-Term Debt & Capital Lease Obligation was $255 Mil. Total Current Assets was $819 Mil. Total Current Liabilities was $326 Mil. |
Net Income was -90.009 + -132.267 + -275.136 + -66.243 = $-564 Mil. Revenue was 392.598 + 316.004 + 376.834 + 378.639 = $1,464 Mil. Gross Profit was 136.518 + 84.434 + 133.009 + 135.861 = $490 Mil. Average Total Assets from the begining of last year (Sep16) to the end of last year (Sep17) was (1236.863 + 1184.81 + 1098.148 + 1030.645 + 1165.531) / 5 = $1143.1994 Mil. Total Assets at the begining of last year (Sep16) was $1,237 Mil. Long-Term Debt & Capital Lease Obligation was $267 Mil. Total Current Assets was $912 Mil. Total Current Liabilities was $218 Mil. |
*Note: If the latest quarterly/semi-annual/annual total assets data is 0, then we will use previous quarterly/semi-annual/annual data for all the items in the balance sheet.
Profitability
Question 1. Return on Assets (ROA)
Net income before extraordinary items for the year divided by Total Assets at the beginning of the year.
Score 1 if positive, 0 if negative.
Pandora Media's current Net Income (TTM) was -332.
==> Negative ==> Score 0.
Question 2. Cash Flow Return on Assets (CFROA)
Net cash flow from operating activities (operating cash flow) divided by Total Assets at the beginning of the year.
Score 1 if positive, 0 if negative.
Pandora Media's current Cash Flow from Operations (TTM) was -51.
==> Negative ==> Score 0.
Question 3. Change in Return on Assets
Compare this year's return on assets (1) to last year's return on assets.
Score 1 if it's higher, 0 if it's lower.
ROA (This Year) | = | Net Income | / | Total Assets (Sep17) |
= | -332.102 | / | 1165.531 | |
= | -0.28493622 |
ROA (Last Year) | = | Net Income | / | Total Assets (Sep16) |
= | -563.655 | / | 1236.863 | |
= | -0.45571337 |
Pandora Media's return on assets of this year was -0.28493622. Pandora Media's return on assets of last year was -0.45571337.
==> This year is higher. ==> Score 1.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
Score 1 if CFROA > ROA, 0 if CFROA <= ROA.
Pandora Media's current Net Income (TTM) was -332. Pandora Media's current Cash Flow from Operations (TTM) was -51.
==> -51 > -332 ==> CFROA > ROA ==> Score 1.
Funding
Question 5. Change in Gearing or Leverage
Compare this year's gearing (long-term debt divided by average total assets) to last year's gearing.
Score 0 if this year's gearing is higher, 1 otherwise.
Gearing (This Year: Sep18) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from Sep17 to Sep18 |
= | 255.272 | / | 1151.4938 | |
= | 0.22168769 |
Gearing (Last Year: Sep17) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from Sep16 to Sep17 |
= | 267.396 | / | 1143.1994 | |
= | 0.23390145 |
Pandora Media's gearing of this year was 0.22168769. Pandora Media's gearing of last year was 0.23390145.
==> This year is lower or equal to last year. ==> Score 1.
Question 6. Change in Working Capital (Liquidity)
Compare this year's current ratio (current assets divided by current liabilities) to last year's current ratio.
Score 1 if this year's current ratio is higher, 0 if it's lower
Current Ratio (This Year: Sep18) | = | Total Current Assets | / | Total Current Liabilities |
= | 818.952 | / | 325.992 | |
= | 2.51218435 |
Current Ratio (Last Year: Sep17) | = | Total Current Assets | / | Total Current Liabilities |
= | 912.153 | / | 218.152 | |
= | 4.18127269 |
Pandora Media's current ratio of this year was 2.51218435. Pandora Media's current ratio of last year was 4.18127269.
==> Last year's current ratio is higher ==> Score 0.
Question 7. Change in Shares in Issue
Compare the number of shares in issue this year, to the number in issue last year.
Score 0 if there is larger number of shares in issue this year, 1 otherwise.
Pandora Media's number of shares in issue this year was 268.058. Pandora Media's number of shares in issue last year was 245.81.
==> There is larger number of shares in issue this year. ==> Score 0.
Efficiency
Question 8. Change in Gross Margin
Compare this year's gross margin (Gross Profit divided by sales) to last year's.
Score 1 if this year's gross margin is higher, 0 if it's lower.
Gross Margin (This Year: TTM) | = | Gross Profit | / | Revenue |
= | 502.581 | / | 1516.99 | |
= | 0.33130146 |
Gross Margin (Last Year: TTM) | = | Gross Profit | / | Revenue |
= | 489.822 | / | 1464.075 | |
= | 0.33456073 |
Pandora Media's gross margin of this year was 0.33130146. Pandora Media's gross margin of last year was 0.33456073.
==> Last year's gross margin is higher ==> Score 0.
Question 9. Change in asset turnover
Compare this year's asset turnover (total sales for the year divided by total assets at the beginning of the year) to last year's asset turnover ratio.
Score 1 if this year's asset turnover ratio is higher, 0 if it's lower
Asset Turnover (This Year) | = | Revenue | / | Total Assets at the Beginning of This Year (Sep17) |
= | 1516.99 | / | 1165.531 | |
= | 1.3015441 |
Asset Turnover (Last Year) | = | Revenue | / | Total Assets at the Beginning of Last Year (Sep16) |
= | 1464.075 | / | 1236.863 | |
= | 1.18370022 |
Pandora Media's asset turnover of this year was 1.3015441. Pandora Media's asset turnover of last year was 1.18370022.
==> This year's asset turnover is higher. ==> Score 1.
Evaluation
Piotroski F-Score | = | Que. 1 | + | Que. 2 | + | Que. 3 | + | Que. 4 | + | Que. 5 | + | Que. 6 | + | Que. 7 | + | Que. 8 | + | Que. 9 |
= | 0 | + | 0 | + | 1 | + | 1 | + | 1 | + | 0 | + | 0 | + | 0 | + | 1 | |
= | 4 |
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Pandora Media has an F-score of 4 indicating the company's financial situation is typical for a stable company.
Pandora Media (NYSE:P) Piotroski F-Score Explanation
The developer of the system is Joseph D. Piotroski is relatively unknown accounting professor who shuns publicity and rarely gives interviews.
He graduated from the University of Illinois with a B.S. in accounting in 1989, received an M.B.A. from Indiana University in 1994. Five years later, in 1999, after earning a Ph.D. in accounting from the University of Michigan, he became an associate professor of accounting at the University of Chicago.
In 2000, he wrote a research paper called "Value Investing: The Use of Historical Financial Statement Information to Separate Winners from Losers" (pdf).
He wanted to see if he can develop a system (using a simple nine-point scoring system) that can increase the returns of a strategy of investing in low price to book (referred to in the paper as high book to market) value companies.
What he found was something that exceeded his most optimistic expectations.
Buying only those companies that scored highest (8 or 9) on his nine-point scale, or F-Score as he called it, over the 20 year period from 1976 to 1996 led to an average out-performance over the market of 13.4%.
Even more impressive were the results of a strategy of investing in the highest F-Score companies (8 or 9) and shorting companies with the lowest F-Score (0 or 1).
Over the same period from 1976 to 1996 (20 years) this strategy led to an average yearly return of 23%, substantially outperforming the average S&P 500 index return of 15.83% over the same period.
Thank you for viewing the detailed overview of Pandora Media's Piotroski F-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Gregory B Maffei | director | 12300 LIBERTY BLVD, ENGLEWOOD CO 80112 |
Karen Sammis Walker | officer: Chief Accounting Officer | 2101 WEBSTER STREET, #1650, OAKLAND CA 94612 |
S Aimee Lapic | officer: Chief Marketing Officer | 2101 WEBSTER ST #1650, OAKLAND CA 94612 |
Michael Lynton | director | 2000 AVENUE OF THE STARS 12TH FL, LOS ANGELES CA 90067 |
David J Frear | director | 1221 AVENUE OF THE AMERICAS, NEW YORK NY 10020 |
Naveen K. Chopra | officer: Chief Financial Officer | C/O 2160 GOLD STREET, SAN JOSE CA 95002 |
Stephen G Bene | officer: General Counsel & Secretary | C/O ELECTRONIC ARTS INC., 209 REDWOOD SHORES PARKWAY, REDWOOD CITY CA 94065 |
James E Meyer | director | 6922 HOLLYWOOD BLVD., 12TH FLOOR, LOS ANGELES CA 90028 |
Roger Lynch | director, officer: CEO & President | PANDORA MEDIA, INC., 2101 WEBSTER STREET, SUITE 1650, OAKLAND CA 94612 |
Liberty Media Corp | director, 10 percent owner | 12300 LIBERTY BOULEVARD, ENGLEWOOD CO 80112 |
Elizabeth A Nelson | director | MACROMEDIA/ 600 TOWNSEND ST, SAN FRANCISCO CA 94103 |
Peter C Gotcher | director | |
James Feuille | director | TWO EMBARCADERO, SUITE 2200, SAN FRANCISCO CA 94111 |
Peter Chernin | director | 1211 AVENUE OF THE AMERICAS, NEW YORK NY 10036 |
Crosslink Capital Inc | other: Affiliate of Director | 2180 SAND HILL ROAD, SUITE 200, MENLO PARK CA 94025 |
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