The Lion Electric Company
LEVGQ Industrials Farm & Heavy Construction Machinery
The Lion Electric Company’s revenue for fiscal 2023 (year ended December 2023) was $253.5 million, up 81.2% from fiscal 2022. Revenue growth for five consecutive years, operating cash flow growth for three.
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The Lion Electric Company (LEVGQ) Piotroski F-score
The Lion Electric Company's Piotroski F-score for fiscal 2023 is 2 out of 9: 2 of nine tests of profitability, leverage and efficiency passed, down from 3 in fiscal 2022.
Piotroski F-score, annual
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Annual newest first
| Period | Piotroski F-score | Change (points) |
|---|---|---|
| FY2023 | 2 | (1.00) |
| FY2022 | 3 | — |
How fiscal 2023’s score is made up
| Test | This year | Year before | Result | Points |
|---|---|---|---|---|
| Positive return on assets | (13.38%) | 2.73% | Fail | 0 |
| Positive operating cash flow | (110.04m) | (119.55m) | Fail | 0 |
| Rising return on assets | (13.38%) | 2.73% | Fail | 0 |
| Cash flow above net income | (6.27m) | (137.33m) | Fail | 0 |
| Falling long-term leverage | 0.29 | 0.17 | Fail | 0 |
| Rising current ratio | 2.45 | 3.99 | Fail | 0 |
| No new shares issued | 224,311,000 | 193,114,000 | Fail | 0 |
| Rising gross margin | (2.18%) | (9.25%) | Pass | 1 |
| Rising asset turnover | 0.33 | 0.22 | Pass | 1 |
| Piotroski F-score | Weak — most fundamentals deteriorated | 2 | ||
How the Piotroski F-score works
One point for each of nine tests, this fiscal year against the one before: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, a rising current ratio, no new shares issued, a rising gross margin and rising asset turnover. The ratios are the ones on this site, so each can be checked.
Joseph Piotroski (2000) called 8–9 high and 0–1 low; reading it in three bands is the common convention:
| 7–9 | Strong — most fundamentals improved |
|---|---|
| 4–6 | Mixed |
| 0–3 | Weak — most fundamentals deteriorated |
Where this differs from the paper: return on assets is on average rather than beginning-of-year assets, and weighted basic shares stand in for shares issued. The score is shown only when all nine tests can be worked out, which takes three fiscal years; banks and insurers, which report no current assets or gross profit, have none.
Piotroski F-score against peers
| Company | Piotroski F-score |
|---|---|
| GENC Gencor Industries Inc. compare | 6 |
| WNC Wabash National Corporation compare | 4 |
| XOS Xos, Inc. compare | 4 |
| TWI Titan International, Inc. compare | 4 |
| ARTW Art's-Way Manufacturing Co., Inc. compare | 3 |
| CMCO Columbus McKinnon Corporation compare | 3 |
| LEVGQ The Lion Electric Company | 2 |
| BNC BNB Standard Corporation compare | — |
| SCAG Scage Future - Unsponsored ADR compare | — |
What Piotroski F-score is
The Piotroski F-Score tells an investor how many signs of improving profitability, funding and efficiency a company shows against a year earlier.
One point for each of nine tests against a year earlier: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, rising current ratio, no new shares issued, rising gross margin, and rising asset turnover