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SWK Holdings (SWK Holdings) Piotroski F-Score : 6 (As of May. 12, 2024)


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What is SWK Holdings Piotroski F-Score?

The zones of discrimination were as such:

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

SWK Holdings has an F-score of 6 indicating the company's financial situation is typical for a stable company.

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

SWKH' s Piotroski F-Score Range Over the Past 10 Years
Min: 3   Med: 6   Max: 7
Current: 6

During the past 13 years, the highest Piotroski F-Score of SWK Holdings was 7. The lowest was 3. And the median was 6.


SWK Holdings Piotroski F-Score Historical Data

The historical data trend for SWK Holdings'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.

SWK Holdings Piotroski F-Score Chart

SWK Holdings Annual Data
Trend Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23
Piotroski F-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only 6.00 6.00 7.00 3.00 6.00

SWK Holdings 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 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 3.00 4.00 7.00 5.00 6.00

Competitive Comparison of SWK Holdings's Piotroski F-Score

For the Asset Management subindustry, SWK Holdings'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.


SWK Holdings's Piotroski F-Score Distribution in the Asset Management Industry

For the Asset Management industry and Financial Services sector, SWK Holdings's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where SWK Holdings'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 4.635 + 3.934 + 4.474 + 2.844 = $15.89 Mil.
Cash Flow from Operations was 0.664 + 4.724 + 3.799 + 5.7 = $14.89 Mil.
Revenue was 9.411 + 9.497 + 8.962 + 9.89 = $37.76 Mil.
Gross Profit was 8.692 + 7.988 + 8.356 + 9.288 = $34.32 Mil.
Average Total Assets from the begining of this year (Dec22)
to the end of this year (Dec23) was
(299.621 + 300.737 + 290.442 + 315.845 + 334.254) / 5 = $308.1798 Mil.
Total Assets at the begining of this year (Dec22) was $299.62 Mil.
Long-Term Debt & Capital Lease Obligation was $43.13 Mil.
Total Current Assets was $11.87 Mil.
Total Current Liabilities was $3.94 Mil.
Net Income was 3.478 + 0.565 + 6.616 + 2.832 = $13.49 Mil.

Revenue was 11.131 + 6.942 + 13.614 + 9.797 = $41.48 Mil.
Gross Profit was 9.23 + 5.462 + 11.822 + 8.018 = $34.53 Mil.
Average Total Assets from the begining of last year (Dec21)
to the end of last year (Dec22) was
(282.665 + 285.95 + 284.425 + 292.266 + 299.621) / 5 = $288.9854 Mil.
Total Assets at the begining of last year (Dec21) was $282.67 Mil.
Long-Term Debt & Capital Lease Obligation was $0.00 Mil.
Total Current Assets was $10.36 Mil.
Total Current Liabilities was $6.35 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.

SWK Holdings's current Net Income (TTM) was 15.89. ==> 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.

SWK Holdings's current Cash Flow from Operations (TTM) was 14.89. ==> 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)
=15.887/299.621
=0.05302365

ROA (Last Year)=Net Income/Total Assets (Dec21)
=13.491/282.665
=0.04772788

SWK Holdings's return on assets of this year was 0.05302365. SWK Holdings's return on assets of last year was 0.04772788. ==> 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.

SWK Holdings's current Net Income (TTM) was 15.89. SWK Holdings's current Cash Flow from Operations (TTM) was 14.89. ==> 14.89 <= 15.89 ==> CFROA <= ROA ==> Score 0.

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
=43.131/308.1798
=0.13995401

Gearing (Last Year: Dec22)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Dec21 to Dec22
=0/288.9854
=0

SWK Holdings's gearing of this year was 0.13995401. SWK Holdings's gearing of last year was 0. ==> 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
=11.869/3.944
=3.00938134

Current Ratio (Last Year: Dec22)=Total Current Assets/Total Current Liabilities
=10.364/6.347
=1.63289743

SWK Holdings's current ratio of this year was 3.00938134. SWK Holdings's current ratio of last year was 1.63289743. ==> This year's current ratio is higher. ==> Score 1.

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.

SWK Holdings's number of shares in issue this year was 12.546. SWK Holdings's number of shares in issue last year was 12.907. ==> 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
=34.324/37.76
=0.90900424

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=34.532/41.484
=0.83241732

SWK Holdings's gross margin of this year was 0.90900424. SWK Holdings's gross margin of last year was 0.83241732. ==> This year's gross margin is higher. ==> Score 1.

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)
=37.76/299.621
=0.12602588

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Dec21)
=41.484/282.665
=0.1467603

SWK Holdings's asset turnover of this year was 0.12602588. SWK Holdings's asset turnover of last year was 0.1467603. ==> 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+1+0+0+1+1+1+0
=6

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

SWK Holdings has an F-score of 6 indicating the company's financial situation is typical for a stable company.

SWK Holdings  (NAS:SWKH) 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.


SWK Holdings Piotroski F-Score Related Terms

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SWK Holdings (SWK Holdings) Business Description

Traded in Other Exchanges
N/A
Address
14755 Preston Road, Suite 105, Dallas, TX, USA, 75254
SWK Holdings Corp is a healthcare capital provider. The company offers financing solutions to various life science companies, institutions, and inventors. It involves monetizing cash flow streams derived from commercial-stage products and related intellectual property through royalty purchases and financings, as well as through the creation of synthetic revenue interests in commercialized products. Through its wholly-owned subsidiary, it also provides non-discretionary investment advisory services to institutional clients. The company's operating segments are Finance Receivables and Pharmaceutical Development Services. It generates maximum revenue from the Finance Receivables segment.
Executives
Jerry Albright director C/O SWK HOLDINGS CORP, 14755 PRESTON ROAD, SUITE 105, DALLAS TX 75254
Yvette M Heinrichson officer: Chief Financial Officer 14755 PRESTON ROAD, SUITE 105, DALLAS TX 75254
Staggs Joe David Jr officer: PRESIDENT 14755 PRESTON ROAD, SUITE 105, DALLAS TX 75254
Marcus Edward Pennington director 2100 MCKINNEY AVENUE, SUITE 1800, DALLAS TX 75201
Wendy F Dicicco director
Robert K. Hatcher director 2929 ALLEN PARKWAY, SUITE 3000, HOUSTON TX 77019
Laurie L. Dotter director 3615 WEST LAWTHER DRIVE, DALLAS TX 75214
Black Winston L Iii officer: Chief Executive Officer 14755 PRESTON ROAD, SUITE 105, DALLAS TX 75254
Fletcher Aaron G.l. director 40 GUEST STREET, BOSTON MA 02135
Carlson Capital L P director, 10 percent owner, other: See Remarks 2100 MCKINNEY AVE, STE 1900, DALLAS TX 75201
Dana Blair Baker director 200 CRESCENT COURT, SUITE 1450, DALLAS TX 75201
James Brett Pope director, officer: CEO 4020 SAHARA CT., CARROLLTON TX 75010
Edward B Stead director 14755 PRESTON ROAD, SUITE 105, DALLAS TX 75254
Christopher W Haga director PO BOX 10809, DAYTONA BEACH FL 32120
Black Diamond Offshore Ltd. director, 10 percent owner, other: See Remarks CITCO FUND SERVICES, 89 NEXUS WAY, P.O. BOX 31106, GRAND CAYMAN E9 KY1-1205

SWK Holdings (SWK Holdings) Headlines

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