China Southern Airlines Company Limited
ZNH Industrials Airlines
China Southern Airlines Company Limited (ZNH) Piotroski F-score
China Southern Airlines Company Limited's Piotroski F-score for fiscal 2024 cannot be worked out: operating cash flow not reported.
Piotroski F-score, annual
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Annual newest first
| Period | Piotroski F-score | Change (points) |
|---|---|---|
| FY2023 | 5 | 3.00 |
| FY2022 | 2 | (1.00) |
| FY2021 | 3 | (1.00) |
| FY2020 | 4 | (1.00) |
| FY2019 | 5 | (1.00) |
| FY2018 | 6 | 0.00 |
| FY2017 | 6 | 0.00 |
| FY2016 | 6 | — |
How fiscal 2024’s score is made up
| Test | This year | Year before | Result | Points |
|---|---|---|---|---|
| Positive return on assets | (0.55%) | (1.30%) | Fail | 0 |
| Positive operating cash flow | — | 4.82b | n/a | — |
| Rising return on assets | (0.55%) | (1.30%) | Pass | 1 |
| Cash flow above net income | — | 5.40b | n/a | — |
| Falling long-term leverage | 0.41 | 0.38 | Fail | 0 |
| Rising current ratio | 0.27 | 0.22 | Pass | 1 |
| No new shares issued | 362,420,000 | 362,420,000 | Pass | 1 |
| Rising gross margin | 52.33% | 51.98% | Pass | 1 |
| Rising asset turnover | 0.54 | 0.50 | Pass | 1 |
| Piotroski F-score | n/a — operating cash flow not reported | — | ||
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 |
|---|---|
| RYAAY Ryanair Holdings PLC compare | 9 |
| LTM LATAM Airlines Group S.A. compare | 8 |
| LUV Southwest Airlines Co. compare | 7 |
| UAL United Airlines Holdings Inc compare | 7 |
| DAL Delta Air Lines, Inc. compare | 6 |
| CPA Copa Holdings, S.A. compare | 6 |
| ALK Alaska Air Group, Inc. compare | 6 |
| AAL American Airlines Group Inc. compare | 4 |
| ZNH China Southern Airlines Company Limited | — |
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