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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
Ryerson Holding 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 Ryerson Holding's Piotroski F-Score or its related term are showing as below:
During the past 13 years, the highest Piotroski F-Score of Ryerson Holding was 8. The lowest was 2. And the median was 6.
The historical data trend for Ryerson Holding'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.
Ryerson Holding Annual Data | |||||||||||||||||||||
Trend | Dec14 | Dec15 | Dec16 | Dec17 | Dec18 | Dec19 | Dec20 | Dec21 | Dec22 | Dec23 | |||||||||||
Piotroski F-Score | Get a 7-Day Free Trial | 6.00 | 4.00 | 7.00 | 8.00 | 4.00 |
Ryerson Holding Quarterly Data | ||||||||||||||||||||
Mar19 | Jun19 | Sep19 | Dec19 | Mar20 | Jun20 | Sep20 | Dec20 | Mar21 | Jun21 | Sep21 | Dec21 | Mar22 | Jun22 | Sep22 | Dec22 | Mar23 | Jun23 | Sep23 | Dec23 | |
Piotroski F-Score | Get a 7-Day Free Trial | 8.00 | 6.00 | 5.00 | 5.00 | 4.00 |
For the Metal Fabrication subindustry, Ryerson Holding'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.
For the Industrial Products industry and Industrials sector, Ryerson Holding's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where Ryerson Holding'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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Net Income was 47.3 + 37.6 + 35 + 25.8 = $146 Mil. Cash Flow from Operations was 80.4 + 115.3 + 79.3 + 90.1 = $365 Mil. Revenue was 1406.1 + 1343.5 + 1246.7 + 1112.4 = $5,109 Mil. Gross Profit was 264.2 + 260.9 + 249.3 + 247.2 = $1,022 Mil. Average Total Assets from the begining of this year (Dec22) to the end of this year (Dec23) was (2334.3 + 2401.5 + 2521.5 + 2434.2 + 2569.6) / 5 = $2452.22 Mil. Total Assets at the begining of this year (Dec22) was $2,334 Mil. Long-Term Debt & Capital Lease Obligation was $765 Mil. Total Current Assets was $1,383 Mil. Total Current Liabilities was $634 Mil. |
Net Income was 163.6 + 196.4 + 55.1 + -24.1 = $391 Mil. Revenue was 1748.8 + 1743.5 + 1543.1 + 1288.2 = $6,324 Mil. Gross Profit was 410.1 + 465.9 + 271 + 163.1 = $1,310 Mil. Average Total Assets from the begining of last year (Dec21) to the end of last year (Dec22) was (2365.6 + 2548.7 + 2682.9 + 2547.2 + 2334.3) / 5 = $2495.74 Mil. Total Assets at the begining of last year (Dec21) was $2,366 Mil. Long-Term Debt & Capital Lease Obligation was $576 Mil. Total Current Assets was $1,442 Mil. Total Current Liabilities was $619 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.
Ryerson Holding's current Net Income (TTM) was 146.
==> 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.
Ryerson Holding's current Cash Flow from Operations (TTM) was 365.
==> 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 (Dec22) |
= | 145.7 | / | 2334.3 | |
= | 0.062417 |
ROA (Last Year) | = | Net Income | / | Total Assets (Dec21) |
= | 391 | / | 2365.6 | |
= | 0.16528576 |
Ryerson Holding's return on assets of this year was 0.062417. Ryerson Holding's return on assets of last year was 0.16528576.
==> 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.
Ryerson Holding's current Net Income (TTM) was 146. Ryerson Holding's current Cash Flow from Operations (TTM) was 365.
==> 365 > 146 ==> 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: Dec23) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from Dec22 to Dec23 |
= | 765.1 | / | 2452.22 | |
= | 0.312003 |
Gearing (Last Year: Dec22) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from Dec21 to Dec22 |
= | 576.3 | / | 2495.74 | |
= | 0.23091348 |
Ryerson Holding's gearing of this year was 0.312003. Ryerson Holding's gearing of last year was 0.23091348.
==> 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: Dec23) | = | Total Current Assets | / | Total Current Liabilities |
= | 1383.4 | / | 633.9 | |
= | 2.18236315 |
Current Ratio (Last Year: Dec22) | = | Total Current Assets | / | Total Current Liabilities |
= | 1441.6 | / | 619.2 | |
= | 2.32816537 |
Ryerson Holding's current ratio of this year was 2.18236315. Ryerson Holding's current ratio of last year was 2.32816537.
==> 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.
Ryerson Holding's number of shares in issue this year was 34.697. Ryerson Holding's number of shares in issue last year was 37.634.
==> 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 |
= | 1021.6 | / | 5108.7 | |
= | 0.1999726 |
Gross Margin (Last Year: TTM) | = | Gross Profit | / | Revenue |
= | 1310.1 | / | 6323.6 | |
= | 0.20717629 |
Ryerson Holding's gross margin of this year was 0.1999726. Ryerson Holding's gross margin of last year was 0.20717629.
==> 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 (Dec22) |
= | 5108.7 | / | 2334.3 | |
= | 2.18853618 |
Asset Turnover (Last Year) | = | Revenue | / | Total Assets at the Beginning of Last Year (Dec21) |
= | 6323.6 | / | 2365.6 | |
= | 2.67314846 |
Ryerson Holding's asset turnover of this year was 2.18853618. Ryerson Holding's asset turnover of last year was 2.67314846.
==> Last year's asset turnover is higher ==> Score 0.
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 | + | 0 | |
= | 4 |
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Ryerson Holding has an F-score of 4 indicating the company's financial situation is typical for a stable company.
Ryerson Holding (NYSE:RYI) 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 Ryerson Holding's Piotroski F-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Alagu Sundarrajan | officer: Chief Information Officer | 227 W. MONROE ST., 27TH FLOOR, CHICAGO IL 60606 |
Edward J. Lehner | director, officer: President & CEO | C/O RYERSON HOLDING CORPORATION, 227 W. MONROE ST., 27TH FLOOR, CHICAGO IL 60606 |
Mark S. Silver | officer: EVP, GC & Chief HR Officer | C/O RYERSON HOLDING CORPORATION, 227 W MONROE ST, 27TH FLOOR, CHICAGO IL 60606 |
Molly D Kannan | officer: CAO & Corporate Controller | 227 W MONROE ST 27TH FLOOR, CHICAGO IL 60606 |
Kirk K Calhoun | director | 8285 EL RIO STREET, SUITE 130, HOUSTON TX 77054 |
Carruthers Court D | director | C/O RYERSON HOLDING CORPORATION, 227 W. MONROE ST., 27TH FLOOR, CHICAGO IL 60606 |
Stephen P. Larson | director | C/O RYERSON HOLDING CORPORATION, 227 WEST MONROE, 27TH FLOOR, CHICAGO IL 60606 |
Platinum Equity Llc | 10 percent owner | 360 NORTH CRESCENT DRIVE, BEVERLY HILLS CA 90210 |
James J Claussen | officer: Executive Vice President & CFO | 227 W. MONROE ST., 27TH FLOOR, CHICAGO IL 60606 |
John E Orth | officer: EVP, Operations | 227 W. MONROE ST., 27TH FLOOR, CHICAGO IL 60606 |
Michael Burbach | officer: Chief Operating Officer | C/O RYERSON HOLDING CORPORATION, 227 W. MONROE ST., 27TH FLOOR, CHICAGO IL 60606 |
Tom Gores | 10 percent owner | C/O PLATINUM EQUITY, 360 NORTH CRESCENT DRIVE, SOUTH BUILDING, BEVERLY HILLS CA 90210 |
Ryps, Llc | 10 percent owner | 360 NORTH CRESCENT DRIVE, SOUTH BUILDING, BEVERLY HILLS CA 90210 |
Platinum Equity Partners Ii, Llc | 10 percent owner | C/O PLATINUM EQUITY, 360 NORTH CRESCENT DRIVE, SOUTH BUILDING, BEVERLY HILLS CA 90210 |
Platinum Equity Investment Holdings Ii, Llc | 10 percent owner | C/O PLATINUM EQUITY, 360 NORTH CRESCENT DRIVE, SOUTH BUILDING, BEVERLY HILLS CA 90210 |
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