% 4 and 5 Star Scores. The percentage of single stock scores that are either 4 or 5 stars as a percentage of all single stock scores on the stock set.
% LT Debt to Total Capital. The percentage of Long-Term Debt to Total Assets. This ratio represents the percentage of the company that is financed by long-term debt.
Absolute Mean Error. The absolute value of the difference between the mean estimate and the actual reported earnings is the Absolute mean Error. It is always a positive number.
Absolute Error. The Absolute Error is the absolute value of the difference between an analyst's estimate on a particular day and the actual reported earnings. It is always a positive number.
Absolute Return. See also Absolute Return.
Accounts Payable Days. Same as Avg. A/P Days.
Accruals. Accrual accounting attempts to recognize expected future benefits and obligations over the period they are incurred. Accruals are the changes to the balance sheet assets and liabilities that represent the value of those expected future benefits and obligations. For more information on the Accruals Component of the Earnings Quality Model, see What is Earnings Quality?
Accuracy Score. See also Single-stock Estimate Score (SES).
Actual. The actual is a stock's reported earnings for a given fiscal period.
Adjusted Avg. Net Operating Assets. A measure of Avg. Net Operating Assets that is adjusted for the minimum divisor when necessary and includes cash added back to companies in the Financials sector.
Adjusted FFO per Share. Funds from Operations (FFO) adjusted for unusual and/or extraordinary items divided by diluted weighted average shares for the period.
Adjusted Net Operating Asset Turnover. A measure of Avg. Net Operating Asset Turnover that uses an Avg. Net Operating Asset figure that is adjusted for the minimum divisor when necessary and includes cash added back to companies in the Financials sector.
Admissions. The number of patients admitted to the company's hospital facilities during the period.
Admissions per Bed. The number of patient admissions during the period divided by the maximum number of beds permitted in a facility under its license as of the end of the period, regardless of whether the beds are actually available for patient care.
Aircraft Utilization (Hrs/Day). The average number of block hours operated per day per aircraft for the total fleet of aircraft.
Altman Z-Score. The Altman Z-Score attempts to measure the likelihood that the company will enter bankruptcy within the next two years. High scores are good, representing a low likelihood of bankruptcy while low numbers predict a higher likelihood of bankruptcy. As a general rule of thumb, scores above 3 indicate high stability and financial health, while scores below 1.8 indicate imminent trouble. Anything in between represents warning signs that warrant further investigation.
The Altman Z-Score is not the traditional z-score typically used in statistics and financial modeling, but a weighted compilation of 5 fundamental ratios. It is calculated with the following formula:
A/R Turnover. Measures the number of times receivables are cycled through in a given period. Higher turnover implies higher operational efficiency.
| A/R Turnover =
As Of Date. This is a date you define by using the calendar icon or by dragging the triangle at the bottom of the green vertical line on StarMine's Interactive Chart. StarMine Professional uses the As Of Date as a reference point for SmartEstimate calculations. Only data known on the As Of Date is included in SmartEstimate determinations.
ASK. See Available Seat Kilometers.
ASM. See Available Seat Miles.
Asset Turnover. The amount of revenue generated for each unit of assets. Asset Turnover measures how efficiently the company uses its assets to generate revenue.
When available, the Earnings Quality Model uses a variation of this equation known as Net Operating Asset Turnover.
| Asset Turnover =
Assets to Equity. The ratio of Total Assets to Total Equity. The higher this ratio, the higher the company's leverage is.
Available Seat Kilometers. The cumulative distance traveled (in kilometers) by each airplane seat. This is calculated by multiplying the cumulative distance traveled by each plane and the number of seats on each plane.
Σ Distance Traveled by Planen * # Seats on planen
Available Seat Miles. The cumulative distance traveled (in miles) by each airplane seat. This is calculated by multiplying the cumulative distance traveled by each plane and the number of seats on each plane.
Σ Distance Traveled by Planen * # Seats on planen
Average Absolute Error. The Average Absolute Error is the average of all the daily absolute errors — the difference between the analyst's estimate and the actual reported earnings — calculated over the Report Period. It is always a positive number.
Average Estimate Score. The broker's average Relative Accuracy Score (RAS) on the stock set. Positive scores indicate above average performance and negative scores indicate below average performance. Brokers must cover at least 5 stocks to earn a score. This score does NOT adjust for coverage and is an unadjusted input into the Coverage Adjusted Estimate Score.
Average Industry Return. This is the return investors would have received had they invested the same amount in each of the industry's stocks at the beginning of the time period and sold at the end of the time period.
Average Recommendation Score. The broker's average Single-Stock Recommendation Score (SRS) on the stock set. Positive scores indicate above average performance and negative scores indicate below average performance. Brokers must cover at least 5 stocks to earn a score. This score does NOT adjust for coverage and is an unadjusted input into the Coverage Adjusted Recommendation Score.
Avg. A/P Days. The average number of days between receiving goods from vendors and paying cash for them.
Note: annual figures use 365 days while quarterly figures use 91 days.
| Accounts Payable Days (annual) =
||Avg. Accounts Payable * 365
Cost of Goods Sold
Avg. A/R Days. The average number of days it takes the company to collect from its customers. Also known as Days Sales Outstanding (DSO).
Note: annual figures use 365 days while quarterly figures use 91 days.
| Avg. A/R Days (annual) =
||Avg. Receivables * 365
Avg. Inventory Days. The average number of days goods remain in inventory.
Note: annual figures use 365 days while quarterly figures use 91 days.
| Avg. Inventory Days (annual) =
||Avg. Inventory * 365
Avg. Length of Stay. The average number of days an admitted patient stays in the facility in a given period.
Avg. Net Operating Assets. The 4-quarter average of net operating assets, calculated as:
Basic EPS from Continuing Ops. The earnings per share from continuing operations using non-diluted, or basic, number of shares. This measure excludes discontinued operations, special items, extraordinary items, effects of accounting changes and one-time tax expenses/benefits.
| Avg. Net Operating Assets (ANOA) = (NOA0 + NOA-1 + NOA-2 + NOA-3) / 4
Basic EPS from Disc Ops & XO. The earnings per share from non-operating income sources using non-diluted, or basic, number of shares. The measure only includes the effects of extraordinary items, discontinued operations, special items, effects of accounting changes and one-time tax expenses/benefits.
Basic EPS from Total Ops. The earnings per share from all sources using non-diluted, or basic, number of shares.
Bold Estimate. A bold estimate is one made by a 5-star analyst (based on Summary SES) within the last 30 days that deviates from the mean by at least 5% and a nominal amount that varies by currency. For US securities, the minimum bold estimate difference is $0.03. A table of minimum bold estimate differences is available.
Book/Share. A measure of relative valuation using historical accounting equity on a per share basis.
Book Value (BV). The value of the company's equity as recorded on the balance sheet. The book value will differ from the market value as book value is calculated using historical cost and financial reporting assumptions while market value is the current price as defined by the equity markets.
Break-Even Load Factor. The passenger load factor (%) that will result in operating revenues being equal to operating expenses, assuming constant revenue per passenger mile and expenses.
Broker Group. A list of brokers that can be used to narrow results to only the brokers in the broker group you select. Broker groups can be created on the Broker Groups tab.
Broker List. You can create a Broker List to over weight or underweight analysts from certain brokers relative to their peers.
Capex. Same as Capital Expenditures.
Capital Expenditures. Cash purchases of Property, Plant & Equipment (PP&E). CapEx estimates are non-per-share.
Cash Cycle. The average period of time (in days) it takes for a company to pay cash for inventory, add its value to the inventory and then receive cash from the sale of the finished product. A negative Cash Cycle means, on average, the company is paid by its customers before it pays its suppliers.
| Cash Cycle = (A/R Days) + (Inventory Days) - (A/P Days)
Cash EPS. An EPS alternative in which non-cash expenses are added back to (and non-cash income is deducted from) a company's net income, which is then divided by the company's weighted average number of shares outstanding. Few companies have Cash EPS estimates in the database, and when they do, there are typically few Cash EPS estimates relative to the number of EPS estimates.
Cash Flow. Cash flow estimates represent a company's aggregate cash flow from operations, before investing and financing activities, divided by the company's weighted average number of shares outstanding. Please note that interest payments are included within the company's operating activities for purposes of this calculation. Japanese brokers add net income and depreciation and divide by weighted or diluted shares outstanding.
Cash Flow from Financing Activities. The net change in Cash & Equivalents from financing activities. This includes all inflows and outflows of cash that result from the issuance or retirement of debt or equity as well as distributions to shareholders. This number is displayed as the cumulative change for the fiscal year on the Cash Flow Statement.
Cash Flow from Investing Activities. The net change in Cash & Equivalents from investing activities. This includes all inflows and outflows of cash that result from the purchase or disposition of investments and property, plant and equipment. This number is displayed as the cumulative change for the fiscal year on the Cash Flow Statement.
Cash Flow from Operating Activities. The net change in Cash & Equivalents from operating activities. This includes all inflows and outflows of cash that pertain to the company's core business operations. This number is displayed as the cumulative change for the fiscal year on the Cash Flow Statement.
Clusters. See RevisionCluster.
Combined Ratio (Insurance). The ratio of losses and expenses to premiums earned. This ratio measures the insurer's underwriting profit; if the combined ratio is less than 100%, payouts are less than premium revenue.
Comparable Store Sales. See Same Store Sales.
Consolidated / Parent designation. See Parent / Consolidated designation.
Coverage. Coverage refers to the percentage of time during a given period for which an analyst had an estimate or recommendation for a selected stock.
Coverage Adjusted Estimate Score. The broker's average Relative Accuracy Score (RAS) on the stock set, adjusted to compensate for differences in coverage among brokers. Since averages of large data sets tend to be closer to the mean than those of small data sets, the scores are adjusted by the amount of coverage. Positive scores indicate above average performance and negative scores indicate below average performance. Brokers must cover at least 5 stocks to earn a score.
Coverage Adjusted Recommendation Score. The broker's average Single-Stock Recommendation Score (SRS) on the stock set, adjusted to compensate for differences in coverage among brokers. Since averages of large data sets tend to be closer to the mean than those of small data sets, the scores are adjusted by the amount of coverage. Positive scores indicate above average performance and negative scores indicate below average performance. Brokers must cover at least 5 stocks to earn a score.
Coverage-Relative Rating. See also Coverage-Relative Rating.
Current Ratio. Measures the ratio of near-term, or current, assets to near-term, or current, liabilities. Higher current ratios indicate higher liquidity
| Current Ratio =
Customer Visits (Millions). The total number of customer visits (traffic) to all of the company's stores during the period, represented in millions of visits.
Days Active. Days Active refers to the number of calendar days for which a recommendation or estimate was or has been in place.
Debt to Equity. The ratio of Long-Term Debt to Total Equity. The higher this ratio, the higher the company's leverage is.
Diluted EPS from Continuing Ops. The earnings per share from continuing operations using the diluted number of shares. This measure excludes discontinued operations, special items, extraordinary items, effects of accounting changes and one-time tax expenses/benefits.
Diluted EPS from Disc Ops & XO. The earnings per share from non-operating income sources using the diluted number of shares. The measure only includes the effects of extraordinary items, discontinued operations, special items, effects of accounting changes and one-time tax expenses/benefits.
Diluted EPS from Total Ops. The earnings per share from all sources using the diluted number of shares.
Discontinued Ops. The total income (loss) from operations of a division discontinued or sold by the company and the gain (loss) on the disposal of the division, reported on the income statement after income taxes.
Dividends. All dividends declared by the company during the period, on both common and preferred stock.
Note: Due to lack of quarterly dividend data, quarterly dividends are estimated using a combination of total cash dividends and preferred dividends. This approximation will not hold (approx. 12% of the time) when the company issues non-cash common dividends or cash preferred dividends.
Dividends Per Share. All cash dividends declared by the company during the period, on both common and preferred stock. Dividends Per Share is often abbreviated as DPS.
Note: Due to lack of quarterly dividend data, quarterly dividends are estimated using a combination of total cash dividends for both common and preferred dividends. This approximation will not hold (approx. 12% of the time) when the company issues non-cash common dividends or cash preferred dividends.
Dividend Yield (%). Annual dividend return percentage earned by shareholders.
| Dividend Yield =
||Cash Dividends Per Share
Dynamic Stock Set. A user stock set defined by a set of criteria that runs every night and updates the list of stocks automatically. A dynamic stock set can only be created by specifying the stock set criteria or copying another dynamic stock set. The other type of user stock set is a Static Stock Set.
Earnings Quality. The degree to which past earnings are reliable and likely to persist. StarMine's Earnings Quality model is a directional model that measures earnings sustainability across four factors: accruals, cash flow, operational efficiency and the company's use of exclusions. US securities are compared with other US securities; a score of 100 corresponds to the highest percentile rank, and a score of 1 corresponds to the lowest percentile rank. For more information on the model, please see What is Earnings Quality?
Earnings Retention. The fraction of Net Income that is not paid out to investors in the form of dividends.
| Earnings Retention = 1 -
EBG (Earnings Before Goodwill). A company's net income from continuing operations before goodwill amortization divided by the company's weighted average number of shares outstanding. EBG is particularly relevant in situations where a company's EPS calculation includes an expense associated with the amortization of goodwill. In these situations, analysts may choose to forecast earnings using EBG, since that measure adds the goodwill expense back to the EPS earnings, yielding "earnings before goodwill."
EBIT (Earnings Before Interest and Taxes). The earnings of a company before interest expense and income taxes paid. EBIT is displayed on an aggregate basis, not a per-share basis.
EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization). The earnings of a company before interest expenses, corporate taxes, depreciation expenses, and amortization expenses. EBITDA is displayed on an aggregate basis, not a per-share basis.
EBITDA Margin (%). EBITDA as a percentage of Net Revenue, or the percent profit after subtracting Cost of Goods Sold, SG&A, Research & Development and Other Expenses.
Effective Tax Rate (%). Taxes incurred as a percentage of Pre-tax Income, or the estimated/calculated tax rate. This figure will likely differ from the corporate tax rate due to differences in IRS and SEC filings and the effects of tax benefits.
Enterprise Value (EV). A ratio sometimes used to estimate base acquisition cost, calculated as:
| Market Value + Total Debt - Cash and Equivalents
The calculation uses the current market value. Debt and Cash are period end balance sheet values.
EOP. Stands for "end-of-period".
EPS (Earnings Per Share). A company's net income from continuing operations divided by the company's weighted average number of shares outstanding.
Estimate Age. Estimate Age refers to the number of calendar days since an analyst issued a current estimate.
Excess Cash Margin (%). The difference between Cash Flow from Operations and Net Income as a percentage of sales, defined by the following calculation:
Excess Cash Margin = (CFO - Net Income) / Revenue
Exclusions. The difference between what the company reports in its earnings announcements, also known as reported or pro forma earnings, and what the company reports to the applicable securities regulation body (SEC in the US) in its periodic filings (10K and 10Q in US), under the locally required accounting standards (GAAP, Canadian GAAP). For more information on the Exclusions Component of the Earnings Quality Model, see What is Earnings Quality?
Expense Ratio (Insurance). The ratio of operating and underwriting expenses to premiums earned.
Extraordinary Items. Similar to Special Items but must be unusual in nature and occur infrequently to qualify as extraordinary and therefore be presented "below the line" (after taxes).
F12M. F12M, or "Forward 12 Month" values are a combination of FY1 and FY2 data.
F12M data is calculated on a pro-rated basis. For example, if the current date is June 1, the F12M estimate for a company with a December fiscal year is the sum of 7/12 of the "This Year" estimate and 5/12 of the "Next Year" estimate.
A security must have at least one estimate on both This Year and Next Year in order for an F12M measure to be calculated.
F24M. F24M, or "Forward Month 13-24" values are a combination of FY2 and FY3 data. F24M data is calculated on a pro-rated basis. For example, if the current date is May 1, the F24M estimate for a company with a December fiscal year is the sum of 7/12 of the "Next Year" estimate and 5/12 of the "FY3" estimate.
A security must have at least one estimate on both Next Year and FY3 in order for an F24M measure to be calculated.
FCF. Same as Free Cash Flow.
FFO (Funds From Operations). A company's net income with depreciation and amortization expenses added back, divided by the company's weighted average number of shares outstanding. FFO is used primarily by real estate and other investment trusts to measure cash flow from trust operations.
First in, First Out (FIFO). An inventory method that assumes that the inventory acquired first is sold first. For example, Company A has 1000 units of inventory, 500 purchased in March for $10/unit and 500 purchased in April for $12/unit. The company sells 600 units during the quarter. Under these assumptions, the company would generate Cost of Goods Sold (from raw materials) of $6,200 for the quarter and end the quarter with $4,800 in inventory. Also see LIFO.
| Cost of Goods Sold =
500 units @ $10
+ 100 units @ $12
| Inventory =
400 units @ $12
Fixed Asset Turnover. The amount of revenue generated for each unit of fixed assets. Higher turnover implies higher operational efficiency.
| Fixed Asset Turnover =
Fixed Charge Coverage Ratio. A measure of leverage of REIT/ Real Estate companies, calculated as EBITDA divided by fixed charges.
FY1, FY2, FY3, FY4, and FY5. FY1 refers to the next-to-be reported fiscal year for a stock. FY1 is frequently the current year. FY2 refers to the fiscal year that immediately follows FY1, and FY3, FY4, and FY5 refer to the three fiscal years immediately thereafter.
Forward 10-Year EPS CAGR. The compound annual growth rate (CAGR) from the period FY0 EPS figure to the projected EPS figure for period FY10. Projections for period FY10 are found within the Intrinsic Valuation functionality of the StarMine Fundamental Data module.
Free Cash Flow (FCF). The cash generated (used) from operations after subtracting Capital Expenditures, which are investments made back into the business to support operations. This number is displayed as the cumulative change for the fiscal year on the Cash Flow Statement.
StarMine also calculates forward estimates of FCF by subtracting CapEx estimates from operating Cash Flow estimates:
SmartEstimate[FCF] = SmartEstimate[CPS] - SmartEstimate[CPX]/(SharesOutstanding)
FX. Foreign Exchange. The rate at which one currency can be converted to another currency.
FY1, FY2, FY3, and FY4. FY1 refers to the next-to-be reported fiscal year for a stock. FY1 is frequently the current year. FY2 refers to the fiscal year that immediately follows FY1, and FY3 and FY4 refer to the two fiscal years immediately thereafter.
GAAP. Generally Accepted Accounting Principles. A widely accepted set of rules, conventions, standards, and procedures for reporting financial information, as established by the Financial Accounting Standards Board (FASB). GAAP EPS or GAAP earnings refer to the earnings or earnings per share as reported in the 10K or 10Q filing.
GAAP Earnings ("GAAP"). A company's per share earnings according to Generally Accepted Accounting Principles.
Goodwill. The difference between the fair value of an acquired company's assets and the price paid for that company. The amount paid in excess of the fair value is goodwill and is considered an intangible asset.
Gross Margin (%). Gross Profit as a percentage of Net Revenue, or the percent profit after subtracting Cost of Goods Sold.
Hospital Occupancy Rate (%). The average utilization rate of licensed beds during the period. Occupancy Rate is calculated as average patient days divided by average licensed beds divided by number of days in the period.
Incurred Loss (Insurance). Amount the insurer pays on a claim.
Institutional Ownership %. StarMine calculates Institutional Ownership % for the primary share issue by taking the latest ownership record for each fund reported in the last two years, summing them, and then dividing the sum by the total primary shares outstanding.
Inv Turnover. Measures the number of times inventory is cycled through in a given period. Higher turnover implies higher operational efficiency.
Inventory Days. Same as Avg. Inventory Days.
Investment Ratio (Insurance). The ratio of net investment income to premiums earned.
Late Report. The SEC gives companies a deadline to file their 10Q and 10K reports, which contain company financials. If a company has not submitted its filing by the deadline, it is considered to have reported late. StarMine flags companies that might be late submitting their filings by taking the SEC deadline and adding it to the expected processing time of our financial data provider. The deadline and processing time differ based on fiscal quarter and whether or not the company is in the S&P 500. The following chart specifies the number of days from the end of the quarter before a filing is flagged as late:
Leverage. A measure of how much of the company is financed by debt versus equity. The more that is financed by debt, the higher the leverage will be. Higher leverage increases the risk that the company will become insolvent (owe more than it has in assets) and potentially be forced into bankruptcy.
Licensed Beds. The maximum number of hospital beds permitted in a facility under its license as at the end of the period, regardless of whether the beds are actually available for patient care.
LIFO (Last in, First Out). An inventory method that assumes that the inventory acquired last is sold first. For example, Company A has 1000 units of inventory, 500 purchased in March for $10/unit and 500 purchased in April for $12/unit. The company sells 600 units during the quarter. Under these assumptions, the company would generate Cost of Goods Sold (from raw materials) of $7,000 for the quarter and end the quarter with $4,000 in inventory. Also see FIFO.
| Cost of Goods Sold =
500 units @ $12
+ 100 units @ $10
| Inventory =
400 units @ $10
Liquidity. A company's ability to meet near term cash obligations or quickly gain access to cash if the need arises.
Loss Ratio (Insurance). The ratio of claims payouts to premiums earned.
Market Implied Forward 10-Year EPS CAGR. The Forward 10-Year EPS CAGR that results from proportionally changing FY1 through FY5 EPS figures such that the resulting Intrinsic Value matches the previous day's market close price.
Mean. The mean is the average of all active estimates for a given stock and fiscal period.
Merchandise Margins (%). The percentage profit margin on product sales achieved during the period. Although the definition of this value tends to vary based on the company reporting it, Merchandise Margins is typically calculated as:
|Retail Sales - Cost of Merchandise Purchased/Produced
Minimum Divisor. The Earnings Quality model scales most of the sub-components by Average Net Operating Assets. This number can sometimes be very small or even negative. For stability reasons, the model uses an Adjusted Net Operating Assets (ANOA) figure that employs a minimum floor equal to the greater of 25% of Average Total Assets (ATA) and an absolute number based on region (see grid below). This minimum divisor can be defined with the following equation:
Note: Companies in the Financials sector are further adjusted by adding cash back to ANOA in the adjusted ANOA equation.
| Adj. ANOA = Max (ANOA, 0.25*ATA, Abs Min)
||ANOA min in
|Developed Asia xJapan
My/House. A number of the fields in the Valuation — Intrinsic category in screening include in the label the Mine/House distinction. The appearance of this indicates that the values displayed for this field will either relate to projections that you have made, or projections that have been Published as the House projections by another person at your firm. If you have projections saved for a stock, the field will reflect your projections. If you have none and a House projection exists, the field will reflect the House project. If you do not have a projection and no House projection exists, the field will appear blank.
N-Score. An N-Score is a value ranging from 0 to 1 that is assigned to each analyst for each factor according to the analyst's performance as measured by that factor. The N-Score is multiplied by the factor's weight, and the weighted N-Scores for all factors are then summed and normalized to determine the analyst's proportional contribution to a SmartEstimate.
Net Asset Value. Typically used for valuation of REITs, Net Asset Value (NAV) represents the net "market value" of all of a company's assets. This includes, but is not limited to, its properties, after subtracting all its liabilities and obligations.
Net Charge-off (Bank). Loans that are likely uncollectible and are written off (i.e. "bad debt") less any collections from previous charge-offs.
Net Debt (estimate type). Net Debt is calculated as short and long term interest bearing minus cash and equivalents.
Net Income. The income or loss earned after adding all revenues/gains and subtracting all expenses/losses. Also known as the "Bottom Line".
Net Interest Margin (Bank). The ratio of net interest income (interest income less interest expense) to average interest-earning assets (such as loans). The ratio measures the ability of the bank to generate interest income relative to the interest cost of funding those assets.
Net Margin (%). Net Income as a percentage of Net Revenue, or the percent profit after all revenue, expenses and taxes.
Net Operating Assets. The difference between assets and liabilities related to operating the business.
| Net Operating Assets (NOA) = Invested Capital + ST Debt - Cash - ST Investments
Net Operating Asset Turnover. The amount of revenue generated for each unit of net operating assets. Operating Asset Turnover measures how efficiently the company uses its operating assets to generate revenue.
| Net Operating Asset Turnover =
Avg. Net Operating Assets
Net Revenue. Same as Revenue.
NI from Cont. Ops. Net Income from Continuing Operations as provided in the income statement. This figure is after taxes but before Discontinued Operations, Extraordinary Items, Effects of Accounting Changes and Special Charges.
No History. If, on a given security, an analyst did not issue estimates for a historical period for which earnings have already been reported, the analyst will not have a Single-stock Estimate Score. In this situation, StarMine will display the words "no history" in lieu of a rating.
No Score. Although an analyst may have issued estimates for a historical period for a given security, if less than three analysts followed the security, the analyst will not receive a Single-stock Estimate Score. In the situation where the analyst issued estimates, but there weren't enough other analysts following the stock, StarMine will display the words "no score" in lieu of a rating.
Non-operating Income. Any income or expense items resulting from activities unrelated to normal operations of the business. Non-operating income is reported as a net figure and can be either positive or negative.
Nonperforming Assets (Bank). Non-accruing assets and loans at least 90 days past due. Also includes renegotiated loans, real estate acquired through foreclosure, and other repossessed property.
Occupancy Rate % (REITs). The percentage of rental property, by area rented out, at the end of the period. It is calculated as the amount of property leased in square feet/meters divided by the amount of property available for lease in square feet/meters.
Operating Income. Same as EBIT.
Operating Leverage. A measure of variable margin for banks calculated as the percent change in net revenue less the percent change in operating expenses.
Operating Margin (%). EBIT as a percentage of Net Revenue, or the percent profit directly attributable to operations.
Operating Profit ("Operating"). The difference between a company's revenues and its operational expenses. Interest expenses, corporate taxes, and irregular gains or losses are not included in operational expenses. Operating profit is displayed on an aggregate basis, not a per-share basis.
OREO (Bank). Other real estate owned - real estate owned by the bank, excluding bank premises and equipment. Commonly, "other" real estate is acquired through foreclosure on loans secured by real estate.
Outlier. An outlier is an earnings estimate that falls outside a statistical range.
Page Views (Millions). Number of Page Views, also known as user traffic or page hits, represents the number of millions of hits (page views) that a website has received over the specified period of time.
Parent / Consolidated designation. Indicates whether the estimates of a company are provided on a Parent or Consolidated basis, as determined by the majority of estimates received.
In some markets, a significant portion of companies report earnings as "Parent" companies. Companies are classified as Parent when only the earnings of the reporting entity, including any dividends, interest, royalties, etc. received from its investee companies, are presented as net income.
By contrast, companies are classified as Consolidated when earnings of investee companies where the parent holds at least a 20% voting stake are combined with the earnings of the Parent, after elimination of inter-company transactions.
Note that Dividend estimates are only made at the Consolidated level. Consolidated estimates of Dividends are thus provided in Screening, Daily Download, and the Excel Add-in for all stocks where available, including those on Parent basis.
Passenger Load Factor. The percentage of aircraft seating capacity that is actually utilized, and is obtained using revenue passenger miles/kilometers, divided by available seat miles/kilometers.
Passenger Revenue. The total revenue earned from paying airline passengers.
Patient Days. The number of days of patient care provided by the hospital for the periods indicated.
Period End Date. The last day in the period being reported in a company's 10Q or 10K filing. For example, if the company files its Mar-04 10Q filing, the period end date for that filing would be 31-Mar-05.
Permission Denied. Permission to view names of analysts and details of their performance depends upon the features and services you included in your StarMine subscription. When such detail is not included, you will see "NA" or "Permission Denied" in place of an analyst's name or in place of certain detail about the analyst's performance. Please contact your account manager for information about the full range of StarMine features and services.
Predicted Surprise. Predicted Surprise is the difference between the mean estimate and the SmartEstimate for a particular stock in a particular fiscal period. It can be expressed either in terms of the local currency or as a percentage of the mean estimate. A Predicted Surprise is deemed to be significant if its magnitude exceeds a minimum percentage and a nominal amount that vary by currency. For US securities, a Predicted Surprise must exceed 1.5% and $.01 to be considered significant. A table of minimum Predicted Surprise differences is available.
Preferred Earnings. The income statement item designated as the most important measure of "earnings" for a security. Revisions and predicted surprises of the Preferred Earnings item are used in calculating a security's StarMine Indicator score. For more information, please see StarMine's concept of "Preferred Earnings".
Premium - Earned versus Written (Insurance). Premiums are payments against an insurance policy. Earned premiums refer to the prorated portion of premiums that is no longer considered prepaid. Written premiums are the full premium collected at the time of the policy issuance. For instance, a 6-month policy written and premium paid for entirely in December would have the full premium written entirely in that year, but only 1/6th of the premium earned in each month.
Pretax Margin (%). Pre-tax Income as a percentage of Net Revenue, or the percent profit before taxes.
Pretax Profit ("Pretax"). A company's earnings before corporate taxes. Pretax profit is displayed on an aggregate basis, not a per-share basis. Pretax profit is sometimes referred to as Profit Before Taxes, or PBT.
Pretax ROA (%). The return on assets before taxes. This ratio measures the internally generated rate of return to all stakeholders before taxes and after-tax gains/losses have been included.
| Pretax ROA =
Pretax ROE (%). The return on equity before taxes. This ratio measures the internally generated rate of return to shareholders before taxes and after-tax gains/losses have been included.
| Pretax ROE =
Price Target. The projected price level forecasted by the analyst within a specific time horizon. Note that while detail-level data can be collected for various time horizons, the mean price target is only calculated for targets with 12-month time horizons.
Price / Intrinsic Value. The ratio of the previous day's market close price to the a measure of Intrinsic Value calculated by the StarMine valuation model.
Quick Ratio. Measures the ratio of assets that can be quickly converted into cash to near-term, or current, liabilities. The Quick Ratio is a stricter version of the Current Ratio as it takes out inventory which generally cannot be converted to cash as quickly as the other current assets. Higher quick ratios indicate higher liquidity.
| Quick Ratio =
||Current Assets - Inventory
RAS. See Relative Accuracy Score.
Recommendation Mean. The Recommendation Mean is the numerical value of the average recommendation, where 1 indicates a Strong Buy or its equivalent, and 5 indicates a Strong Sell or its equivalent.
Recommendation. Recommendation refers to the investment rating assigned to a stock by an analyst who covers that stock on behalf of a brokerage firm. "Buy" and "Hold" are examples of recommendations.
Reinvestment Rate (%). The Return on Equity (ROE) that is reinvested back into the business.
| Reinvestment Rate = ROE x Earnings Retention
Relative Accuracy Score (RAS). Relative Accuracy Score, or "RAS", is a name no longer used by StarMine, though the methodology remains in place under the new name of "Single-stock Estimate Score (SES)". SES is a measure that compares analysts against their peers. SES ranges from 0 to 100, with 50 representing the average analyst. To get a number larger than 50, an analyst must make estimates that are both different from and more accurate than other analysts' estimates. SES takes into account many factors including the analyst's absolute forecast error, the analyst's error compared to other analysts, the variance of the analyst's errors, and the absolute value of the stock's actual earnings. StarMine computes SES daily. StarMine converts an SES to a star rating by awarding the top ten percent of analysts a 5-star rating, the next 22.5% a 4-star rating, and so on, as detailed in the following chart:
StarMine has worked extensively with its institutional customers to perfect the SES metric. It has proven to be highly predictive of future analyst performance.
Report Date. The Report Date is the date on which a stock's quarterly or annual earnings report is issued.
Report Period. A StarMine defined period of time that relates to, but is not based directly on, a Fiscal Period. The Report Period ends on the Report Date for a fiscal period (the date the company announces their Fiscal Period results) and starts 91 days prior to the Report Date for Fiscal Quarters and 365 days prior for fiscal years. This period may or may not overlap with a fiscal period.
Reported EPS. Also known as Pro Forma earnings, the Reported EPS is the earnings-per-share figure released to the public in the company's quarterly announcement, before their 10K or 10Q filing. The company may exclude certain items management considers one-time or not reflective of future performance. For StarMine Analyst subscribers, this figure is equal to I/B/E/S Actual.
Reserves (Insurance). A liability established to reflect the expected claims payouts on policies underwritten.
Restatement. Sometimes a company needs to make adjustments to its financials due to acquisitions, accounting changes, or discontinued operations. This set of adjustments, or restatement, can occur in the next filing or sometime in between filings. Although the Earnings Quality model historical scores will not change, ratios and other measurements will be updated with the restated data.
Return on Adjusted Avg. Net Operating Assets. A measure of Return on Avg. Net Operating Assets that uses an Avg. Net Operating Asset figure that is adjusted for the minimum divisor when necessary and includes cash added back for companies in the Financials sector.
Return on Net Op. Assets (%). The rate of return generated per unit of net operating assets. This measure is calculated by dividing operating profit by net operating assets.
| RONOA =
Net Op. Assets
Revenue. The total net revenue earned by the company during the period as provided in the income statement. This item represents gross sales (the amount of actual billings to customers for regular sales completed during the period) reduced by cash discounts, trade discounts, and returned sales and allowances for which credit is given to customers.
Revenue Passenger Kilometers (RPK). The cumulative distance in kilometers traveled by paying passengers on the airline in a given period.
Revenue Passenger Miles (RPM). The cumulative distance in miles traveled by paying passengers on the airline in a given period.
Revenue per Patient Day. The average inpatient revenues earned by the hospital for each patient day calculated as total billed value of inpatient services divided by the total number of patient days.
RevisionCluster. The RevisionClusterSM analysis service relates to a series of estimate revisions that analysts make within a short time of one another. When the market receives news, such as an earnings release or a competitive product launch, several analysts typically revise their estimates on a stock. Estimates made since these changes should be accorded significantly more weight than estimates made prior to the RevisionCluster.
Risk-Adjusted Assets (Bank). Risk-adjustment is the assignment of a 0-100% risk-based weighting to bank assets according to the 1998 Basel Accord for reporting capital adequacy. For instance, cash is given a zero-risk weighting, inter-bank loans carry a 20% risk weighting, and loans to companies or individuals carry a 100% risk weighting.
ROA (estimates). Return on Assets is a profitability ratio and as such gauges the return on investment of a company. Specifically, ROA measures a company's operating efficiency regardless of its financial structure (in particular, without regard to the degree of leverage a company uses) and is calculated by dividing a company's net income prior to financing costs by average total assets. Displayed as a percentage.
ROA (%). See Pretax ROA (%).
ROE (estimates). Return on Equity is a profitability ratio which gauges return on investment by measuring how effectively the company is employing stockholder money. ROE is calculated by dividing a company's net income by total equity of common shares. Unlike ROA, ROE does consider the degree to which a company uses leverage, as interest expense paid to creditors is generally deducted form earnings to arrive at Net Income. Displayed as a percentage.
ROE (%).The return on equity after taxes. This ratio measures the internally generated rate of return to shareholders.
The generic DuPont formula, which often ends with ROE, is generally broken into three main parts:
| ROE =
| ROE =
||Net Margin X Asset Turnover X Leverage
| ROE =
ROIC. See Return on Net Op. Assets (%).
RPK. See Revenue Passenger Kilometer.
RPM. See Revenue Passenger Mile.
Sales. Same as Revenue
Same Store Sales (%). Also known as comparable store sales growth, Same Store Sales is the percentage change in sales of stores open for the past 12 months. This figure is often used by analysts to measure sustainability of organic top-line growth. This helps investors differentiate between company revenue growth from increased productivity and demand versus from new store openings, which diminishes as the stores reach their saturation point.
Score. See Relative Accuracy Score.
Short Interest %. StarMine calculates Short Interest % using short interest data collected bi-monthly from the exchanges on the primary share issue and divides by the total number of primary issue shares. StarMine always takes the most recent shares outstanding prior to the most recent short interest settlement date for use in the Short Interest % calculation.
SmartEstimate. The SmartEstimate® earnings prediction service attempts to forecast a company's earnings for a given fiscal period. StarMine calculates a SmartEstimate by applying models to the full range of current estimates and weighting them for variables including estimate age, analyst experience, and the presence of a RevisionCluster.
Special Items. Unusual or nonrecurring items presented on the income statement before taxes.
StarEstimate.02. This is the name given to the proprietary StarMine model used to generate the SmartEstimates shown in the Ticker and Screens sections of StarMine Professional. StarEstimate.02 uses Summary SES to calculate analyst accuracy and excludes all estimates older than the most recent RevisionCluster, older than 120 days, or more than 5 standard deviations from the mean. Among the remaining estimates, 2/3 of an analyst's overall weight in the SmartEstimate is determined by his Summary SES on the stock. The final 1/3 of the analyst's weight is determined proportionally according to the age of his estimate.
StarMine Indicator. The StarMine Indicator is an earnings revision-based stock ranking system that incorporates StarMine’s earnings surprise predictions. US securities are compared with other US securities; a score of 100 corresponds to the highest percentile rank, and a score of 1 corresponds to the lowest percentile rank. For more information, please see What is the StarMine Indicator?
Static Stock Set. A user stock set defined by a static list of stocks. The list of stocks in the set can be created by importing from a comma delimited (.csv) file, saving the list from a report or screen, copying a StarMine or other static stock set, or manually selected the stocks by ticker. The other type of user stock set is a Dynamic Stock Set.
Stock Set. A Stock Set refers to a list of stocks. You can build your own stock sets to follow a specific universe or portfolio. StarMine also provides a number of commonly-used indices as pre-defined stock sets.
Summary SES. An analyst's Summary SES, or Summary Single-stock Estimate Score, for a stock is calculated based on the analyst's performance on the stock over the past 4 quarters of quarterly data and over the past 2 years of yearly data. If an analyst has a Single-stock Estimate Score in each of the six fiscal periods described, his score would treat each of the six periods equivalently. If an analyst only has SES for three periods, for example, his Summary score would be based only on these three periods, and each would be treated equivalently.
Surgeries per Admission. The number of surgeries performed during the period divided by total patient admissions.
T12M. Trailing 12 months refers to the last completed 12 months.
T24M. Trailing 24 months refers the last completed 24 months.
T36M. Trailing 36 months refers to the last completed 36 months.
T4Q. Trailing 4 quarters refers to the last 4 completed fiscal quarters on file. For activity values, such as those found in the income statement and cash flow statement (e.g. revenue), T4Q represents the sum of the 4 quarterly values. For point in time values, such as those found in the balance sheet (e.g. total assets), T4Q represents the average of the quarterly values.
Tangible Book Value. The total value of all tangible assets of a company, calculated as Total Assets minus Intangible Assets.
Tax Complement. A multiplier that converts pretax ROE to post-tax ROE.
| Tax Complement = 1 - Effective Tax Rate
Tier 1 Capital (Bank). The bank's "core" equity. Defined as follows:
| Tier I Capital = ||Common Equity + Noncumulative Preferred Stock + Minority Interest - Goodwill - 50% investment in certain subsidiaries.
Times Interest Earned. Measures the number of times within a given period the company generates enough operating income to meet its interest payments. EBIT is used because it most closely resembles income before taking into consideration the impact of financing decisions and taxes.
| Times Interest Earned =
Total Cash Flow. The net change in Cash & Equivalents. This number is displayed as the cumulative change for the fiscal year on the Cash Flow Statement.
(Total Debt - Cash) / EBITDA. Measures how quickly the company could pay off all its long-term debt, assuming it used all current cash & future operating cash-based income to do so. Debt and cash figures use the average of the period beginning and ending values.
Total Stock Return. Total stock return is the percentage return an investor would have received by buying the stock at the beginning of the time period and selling at the end of the period.
Traffic Acquisition Costs (TAC). The money spent by the company to increase traffic (page views) to its website.
TRBC Economic Sector. The TRBC Economic Sector of the security according to the Thomson Reuters Business Classification Scheme (TRBC). Available in Excel.
Further TRBC documentation
| || TRBC|
|Highest Level|| Economic Sector|
| || Business Sector|
| || Industry Group|
|Most Granular|| Industry|
TRBC Business Sector. The TRBC Business Sector of the security according to the Thomson Reuters Business Classification Scheme (TRBC). Available in Excel.
TRBC Industry. The TRBC Industry of the security according to the Thomson Reuters Business Classification Scheme (TRBC). Available in Excel.
TRBC Industry Group. The TRBC Industry Group of the security according to the Thomson Reuters Business Classification Scheme (TRBC). Available in Excel.
Warranted F12M P/E. The Warranted F12M P/E is a price to earnings multiple that uses the intrinsic value for the security from the StarMine valuation model as the numerator and the forward 12-month (F12M) EPS from the related projections as the denominator. The figure represents what the F12M P/E would be if both measures were accepted as accurate.
WC/Sales. The ratio of working capital to revenue.
Working capital. The difference between current assets and current liabilities.