Alkaline Water Company Inc.
WTER Consumer Defensive Beverages Non Alcoholic
Revenue growth for ten consecutive years, operating cash flow growth for three.
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Alkaline Water Company Inc. (WTER) Piotroski F-score
Alkaline Water Company Inc.'s Piotroski F-score for fiscal 2023 is 5 out of 9: 5 of nine tests of profitability, leverage and efficiency passed, up from 3 in fiscal 2022.
Piotroski F-score, annual
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Annual newest first
| Period | Piotroski F-score | Change (points) |
|---|---|---|
| FY2023 | 5 | 2.00 |
| FY2022 | 3 | (3.00) |
| FY2021 | 6 | 4.00 |
| FY2020 | 2 | (2.00) |
| FY2019 | 4 | 1.00 |
| FY2018 | 3 | (2.00) |
| FY2017 | 5 | — |
How fiscal 2023’s score is made up
| Test | This year | Year before | Result | Points |
|---|---|---|---|---|
| Positive return on assets | (135.23%) | (168.26%) | Fail | 0 |
| Positive operating cash flow | (10.43m) | (31.82m) | Fail | 0 |
| Rising return on assets | (135.23%) | (168.26%) | Pass | 1 |
| Cash flow above net income | 16.98m | 7.76m | Pass | 1 |
| Falling long-term leverage | 0.00 | 0.00 | Pass | 1 |
| Rising current ratio | 0.68 | 0.97 | Fail | 0 |
| No new shares issued | 916,200 | 660,800 | Fail | 0 |
| Rising gross margin | 18.26% | 17.15% | Pass | 1 |
| Rising asset turnover | 3.15 | 2.33 | Pass | 1 |
| Piotroski F-score | Mixed | 5 | ||
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 |
|---|---|
| AKO.A Embotelladora Andina S.A. compare | 8 |
| AKO.B Embotelladora Andina S.A. compare | 8 |
| COCO Vita Coco Company, Inc. compare | 5 |
| FIZZ National Beverage Corp. compare | 5 |
| ZVIA Zevia PBC compare | 5 |
| WTER Alkaline Water Company Inc. | 5 |
| REED Reeds, Inc. compare | 2 |
| BRFH Barfresh Food Group Inc. compare | 2 |
| BUDA Buda Juice 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