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Hays (HAYPY) Piotroski F-Score

: 5 (As of Today)
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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

Hays has an F-score of 5 indicating the company's financial situation is typical for a stable company.

The historical rank and industry rank for Hays's Piotroski F-Score or its related term are showing as below:

HAYPY' s Piotroski F-Score Range Over the Past 10 Years
Min: 4   Med: 5   Max: 8
Current: 5

During the past 13 years, the highest Piotroski F-Score of Hays was 8. The lowest was 4. And the median was 5.


Hays Piotroski F-Score Historical Data

The historical data trend for Hays'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.

* Premium members only.

Hays Annual Data
Trend Jun14 Jun15 Jun16 Jun17 Jun18 Jun19 Jun20 Jun21 Jun22 Jun23
Piotroski F-Score
Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 5.00 4.00 5.00 8.00 5.00

Hays Semi-Annual Data
Jun14 Dec14 Jun15 Dec15 Jun16 Dec16 Jun17 Dec17 Jun18 Dec18 Jun19 Dec19 Jun20 Dec20 Jun21 Dec21 Jun22 Dec22 Jun23 Dec23
Piotroski F-Score Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only - 8.00 - 5.00 -

Competitive Comparison

For the Staffing & Employment Services subindustry, Hays's Piotroski F-Score, along with its competitors' market caps and Piotroski F-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.


Hays Piotroski F-Score Distribution

For the Business Services industry and Industrials sector, Hays's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where Hays's Piotroski F-Score falls into.


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 (Jun23) TTM:Last Year (Jun22) TTM:
Net Income was $175 Mil.
Cash Flow from Operations was $209 Mil.
Revenue was $9,575 Mil.
Gross Profit was $1,635 Mil.
Average Total Assets from the begining of this year (Jun22)
to the end of this year (Jun23) was (2558.374 + 2404.04) / 2 = $2481.207 Mil.
Total Assets at the begining of this year (Jun22) was $2,558 Mil.
Long-Term Debt & Capital Lease Obligation was $200 Mil.
Total Current Assets was $1,764 Mil.
Total Current Liabilities was $1,338 Mil.
Net Income was $190 Mil.

Revenue was $8,114 Mil.
Gross Profit was $1,465 Mil.
Average Total Assets from the begining of last year (Jun21)
to the end of last year (Jun22) was (2627.63 + 2558.374) / 2 = $2593.002 Mil.
Total Assets at the begining of last year (Jun21) was $2,628 Mil.
Long-Term Debt & Capital Lease Obligation was $179 Mil.
Total Current Assets was $1,855 Mil.
Total Current Liabilities was $1,375 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.

Hays's current Net Income (TTM) was 175. ==> Positive ==> Score 1.

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.

Hays's current Cash Flow from Operations (TTM) was 209. ==> Positive ==> Score 1.

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 (Jun22)
=174.621/2558.374
=0.06825468

ROA (Last Year)=Net Income/Total Assets (Jun21)
=189.901/2627.63
=0.07227083

Hays's return on assets of this year was 0.06825468. Hays's return on assets of last year was 0.07227083. ==> Last year is higher ==> Score 0.

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.

Hays's current Net Income (TTM) was 175. Hays's current Cash Flow from Operations (TTM) was 209. ==> 209 > 175 ==> 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: Jun23)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Jun22 to Jun23
=200.126/2481.207
=0.08065671

Gearing (Last Year: Jun22)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Jun21 to Jun22
=178.941/2593.002
=0.0690092

Hays's gearing of this year was 0.08065671. Hays's gearing of last year was 0.0690092. ==> Last year is lower than this year ==> Score 0.

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: Jun23)=Total Current Assets/Total Current Liabilities
=1764.015/1337.879
=1.3185161

Current Ratio (Last Year: Jun22)=Total Current Assets/Total Current Liabilities
=1855.296/1375.493
=1.34882257

Hays's current ratio of this year was 1.3185161. Hays's current ratio of last year was 1.34882257. ==> 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.

Hays's number of shares in issue this year was 162.39. Hays's number of shares in issue last year was 169.24. ==> There is smaller number of shares in issue this year, or the same. ==> Score 1.

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
=1634.596/9574.874
=0.17071723

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=1464.778/8114.409
=0.18051567

Hays's gross margin of this year was 0.17071723. Hays's gross margin of last year was 0.18051567. ==> 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 (Jun22)
=9574.874/2558.374
=3.74256227

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Jun21)
=8114.409/2627.63
=3.08810944

Hays's asset turnover of this year was 3.74256227. Hays's asset turnover of last year was 3.08810944. ==> 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
=1+1+0+1+0+0+1+0+1
=5

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

Hays has an F-score of 5 indicating the company's financial situation is typical for a stable company.

Hays  (OTCPK:HAYPY) 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.


Hays Piotroski F-Score Related Terms

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Hays (HAYPY) Business Description

Traded in Other Exchanges
Address
20 Triton Street, 4th Floor, London, GBR, NW1 3BF
Hays PLC is a British staffer and recruiting agency. The company offers recruitment services for a temporary, contractor, and permanent roles in the information technology, accounting and finance, construction and property, engineering, and office support sectors. The revenue generated through fees is equally split between permanent and temporary contract types. The largest end market for Hays is Continental Europe and the rest of the world, followed by the United Kingdom and Ireland.

Hays (HAYPY) Headlines

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