S&W Seed Company
SANW Basic Materials Agricultural Inputs
S&W Seed Company’s revenue for fiscal 2024 (year ended June 2024) was $60.4 million, down 17.8% from fiscal 2023. In the quarter to March 2025, revenue grew 1.97%, EPS grew 55.5% and free cash flow grew 39.4%, each against the same quarter a year earlier. Operating cash flow growth for three consecutive years.
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S&W Seed Company (SANW) Piotroski F-score
S&W Seed Company's Piotroski F-score for fiscal 2024 is 2 out of 9: 2 of nine tests of profitability, leverage and efficiency passed, down from 5 in fiscal 2023.
Piotroski F-score, annual
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Annual newest first
| Period | Piotroski F-score | Change (points) |
|---|---|---|
| FY2024 | 2 | (3.00) |
| FY2023 | 5 | 3.00 |
| FY2022 | 2 | (2.00) |
| FY2021 | 4 | 3.00 |
| FY2020 | 1 | (5.00) |
| FY2019 | 6 | 3.00 |
| FY2018 | 3 | 0.00 |
| FY2017 | 3 | — |
How fiscal 2024’s score is made up
| Test | This year | Year before | Result | Points |
|---|---|---|---|---|
| Positive return on assets | (22.02%) | 10.08% | Fail | 0 |
| Positive operating cash flow | (5.64m) | (18.98m) | Fail | 0 |
| Rising return on assets | (22.02%) | 10.08% | Fail | 0 |
| Cash flow above net income | 24.39m | (33.39m) | Pass | 1 |
| Falling long-term leverage | 0.04 | 0.03 | Fail | 0 |
| Rising current ratio | 0.92 | 1.18 | Fail | 0 |
| No new shares issued | 2,273,000 | 2,250,000 | Fail | 0 |
| Rising gross margin | 26.16% | 19.77% | Pass | 1 |
| Rising asset turnover | 0.44 | 0.51 | Fail | 0 |
| 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 |
|---|---|
| AVD American Vanguard Corporation compare | 5 |
| BHILQ Benson Hill, Inc. compare | 4 |
| ENFY Enlightify Inc. compare | 3 |
| LVROF Lavoro Limited compare | 3 |
| NXTS Nexentis Technologies Inc. compare | 3 |
| SEED Origin Agritech Limited compare | 2 |
| SANW S&W Seed Company | 2 |
| YTENQ Metabolix, Inc. compare | 2 |
| BIOX Bioceres Crop Solutions Corp. 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