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AT&T (T) Piotroski F-Score : 7 (As of Oct. 31, 2024)


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What is AT&T Piotroski F-Score?

Good Sign:

Piotroski F-Score is 7, indicates a very healthy situation.

The zones of discrimination were as such:

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

AT&T has an F-score of 7. It is a good or high score, which usually indicates a very healthy situation.

The historical rank and industry rank for AT&T's Piotroski F-Score or its related term are showing as below:

T' s Piotroski F-Score Range Over the Past 10 Years
Min: 2   Med: 6   Max: 8
Current: 7

During the past 13 years, the highest Piotroski F-Score of AT&T was 8. The lowest was 2. And the median was 6.


AT&T Piotroski F-Score Historical Data

The historical data trend for AT&T'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.

AT&T Piotroski F-Score Chart

AT&T 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 5.00 4.00 7.00 5.00 8.00

AT&T Quarterly Data
Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24
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 6.00 8.00 8.00 8.00 7.00

Competitive Comparison of AT&T's Piotroski F-Score

For the Telecom Services subindustry, AT&T'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.


AT&T's Piotroski F-Score Distribution in the Telecommunication Services Industry

For the Telecommunication Services industry and Communication Services sector, AT&T's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where AT&T'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 (Sep24) TTM:Last Year (Sep23) TTM:
Net Income was 2188 + 3445 + 3597 + -174 = $9,056 Mil.
Cash Flow from Operations was 11378 + 7547 + 9093 + 10235 = $38,253 Mil.
Revenue was 32022 + 30028 + 29797 + 30213 = $122,060 Mil.
Gross Profit was 18111 + 18074 + 18355 + 18583 = $73,123 Mil.
Average Total Assets from the begining of this year (Sep23)
to the end of this year (Sep24) was
(406698 + 407060 + 399428 + 398026 + 393719) / 5 = $400986.2 Mil.
Total Assets at the begining of this year (Sep23) was $406,698 Mil.
Long-Term Debt & Capital Lease Obligation was $143,706 Mil.
Total Current Assets was $29,799 Mil.
Total Current Liabilities was $40,658 Mil.
Net Income was -23517 + 4228 + 4489 + 3495 = $-11,305 Mil.

Revenue was 31343 + 30139 + 29917 + 30350 = $121,749 Mil.
Gross Profit was 17772 + 17808 + 18090 + 18296 = $71,966 Mil.
Average Total Assets from the begining of last year (Sep22)
to the end of last year (Sep23) was
(426463 + 402853 + 400873 + 408453 + 406698) / 5 = $409068 Mil.
Total Assets at the begining of last year (Sep22) was $426,463 Mil.
Long-Term Debt & Capital Lease Obligation was $144,431 Mil.
Total Current Assets was $35,620 Mil.
Total Current Liabilities was $51,684 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.

AT&T's current Net Income (TTM) was 9,056. ==> 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.

AT&T's current Cash Flow from Operations (TTM) was 38,253. ==> 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 (Sep23)
=9056/406698
=0.02226714

ROA (Last Year)=Net Income/Total Assets (Sep22)
=-11305/426463
=-0.02650875

AT&T's return on assets of this year was 0.02226714. AT&T's return on assets of last year was -0.02650875. ==> 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.

AT&T's current Net Income (TTM) was 9,056. AT&T's current Cash Flow from Operations (TTM) was 38,253. ==> 38,253 > 9,056 ==> 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: Sep24)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Sep23 to Sep24
=143706/400986.2
=0.35838141

Gearing (Last Year: Sep23)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Sep22 to Sep23
=144431/409068
=0.35307333

AT&T's gearing of this year was 0.35838141. AT&T's gearing of last year was 0.35307333. ==> 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: Sep24)=Total Current Assets/Total Current Liabilities
=29799/40658
=0.73291849

Current Ratio (Last Year: Sep23)=Total Current Assets/Total Current Liabilities
=35620/51684
=0.68918814

AT&T's current ratio of this year was 0.73291849. AT&T's current ratio of last year was 0.68918814. ==> 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.

AT&T's number of shares in issue this year was 7208. AT&T's number of shares in issue last year was 7185. ==> 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
=73123/122060
=0.59907423

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=71966/121749
=0.59110136

AT&T's gross margin of this year was 0.59907423. AT&T's gross margin of last year was 0.59110136. ==> 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 (Sep23)
=122060/406698
=0.30012442

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Sep22)
=121749/426463
=0.28548549

AT&T's asset turnover of this year was 0.30012442. AT&T's asset turnover of last year was 0.28548549. ==> 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+1+1+0+1+0+1+1
=7

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

AT&T has an F-score of 7. It is a good or high score, which usually indicates a very healthy situation.

AT&T  (NYSE:T) 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.


AT&T Piotroski F-Score Related Terms

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AT&T Business Description

Address
208 S. Akard Street, Dallas, TX, USA, 75202
The wireless business contributes nearly 70% of AT&T's revenue. The firm is the third-largest US wireless carrier, connecting 72 million postpaid and 17 million prepaid phone customers. Fixed-line enterprise services, which account for about 16% of revenue, include internet access, private networking, security, voice, and wholesale network capacity. Residential fixed-line services, about 11% of revenue, primarily consist of broadband internet access, serving 14 million customers. AT&T also has a sizable presence in Mexico, with 23 million customers, but this business only accounts for 4% of revenue. The firm still holds a 70% equity stake in satellite television provider DirecTV but does not consolidate this business in its financial statements.
Executives
Sanders S Sabrina officer: SVP-ChiefActngOfcr&Controller 208 S. AKARD ST., 29TH FLOOR, DALLAS TX 75202
Debra L. Dial officer: SVP-ChiefActngOfcr&Controller 208 S. AKARD, 29TH FLOOR, DALLAS TX 75202
Jeremy Alan Legg officer: Chief Technology Officer 208 S. AKARD STREET, DALLAS TX 75202
Kenny Kellyn Smith officer: Chief Marketing & Growth Ofcr 208 S. AKARD ST, 29TH FLOOR, DALLAS TX 75202
Edward W Gillespie officer: SrEVP-Ext & Legal Affairs 208 S. AKARD, DALLAS TX 75202
Angela Santone officer: Sr. Exec VP-Human Resources 208 S. AKARD ST, DALLAS TX 75202
Jeffery S. Mcelfresh officer: CEO, AT&T Communications, LLC 208 S. AKARD, 29TH FLOOR, DALLAS TX 75202
Mcatee David R Ii officer: Sr. Exec. VP and Gen. Counsel 208 S. AKARD, 29TH FLOOR, DALLAS TX 75202
David S. Huntley officer: SEVP&Chief Compliance Officer 208 S. AKARD, ROOM 2900;07, DALLAS TX 75202
Lori M Lee officer: CEO-AT&T LatAm&GlobalMktgOfcr 208 S. AKARD ST., 29TH FLOOR, DALLAS TX 75202
Pascal Desroches officer: Sr. Exec VP and CFO AT&T INC., 208 S AKARD STREET, DALLAS TX 75202
Stephen J Luczo director
Luis A Ubinas director 209 REDWOOD SHORES PARKWAY, REDWOOD CITY CA 94065-1175
John T Stankey officer: Sr. Exec. VP and CIO 208 S. AKARD ST., 29TH FLOOR, DALLAS TX 75202
Jason Kilar officer: CEO, Warner Media, LLC 208 S. AKARD ST, DALLAS TX 75202