Mechel PAO
MTL Basic Materials Steel
Revenue growth for five consecutive years, operating cash flow growth for five.
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Mechel PAO (MTL) Piotroski F-score
Mechel PAO's Piotroski F-score for fiscal 2021 is 8 out of 9: 8 of nine tests of profitability, leverage and efficiency passed, up from 7 in fiscal 2020.
Piotroski F-score, annual
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Annual newest first
| Period | Piotroski F-score | Change (points) |
|---|---|---|
| FY2021 | 8 | 1.00 |
| FY2020 | 7 | 3.00 |
| FY2019 | 4 | (1.00) |
| FY2018 | 5 | (2.00) |
| FY2017 | 7 | (1.00) |
| FY2016 | 8 | — |
How fiscal 2021’s score is made up
| Test | This year | Year before | Result | Points |
|---|---|---|---|---|
| Positive return on assets | 37.11% | 0.30% | Pass | 1 |
| Positive operating cash flow | 1.00b | 523.70m | Pass | 1 |
| Rising return on assets | 37.11% | 0.30% | Pass | 1 |
| Cash flow above net income | (95.63m) | 512.55m | Fail | 0 |
| Falling long-term leverage | 0.02 | 0.02 | Pass | 1 |
| Rising current ratio | 0.32 | 0.17 | Pass | 1 |
| No new shares issued | 202,388,100 | 206,295,000 | Pass | 1 |
| Rising gross margin | 44.29% | 35.73% | Pass | 1 |
| Rising asset turnover | 1.85 | 0.97 | Pass | 1 |
| Piotroski F-score | Strong — most fundamentals improved | 8 | ||
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 |
|---|---|
| NWPX NWPX Infrastructure, Inc. compare | 9 |
| MTL Mechel PAO | 8 |
| MSB Mesabi Trust compare | 6 |
| SIM Grupo Simec, S.A. de C.V. compare | 6 |
| SID National Steel Company compare | 5 |
| FRD Friedman Industries Inc. compare | 5 |
| MTUS Metallus Inc. compare | 5 |
| WS Worthington Steel, Inc. compare | 4 |
| ASTL Algoma Steel Group Inc. 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