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Joel Greenblatt defined Return on Capital differently in his book The Little Book That Still Beats the Market (Little Books. Big Profits). He defines ROC (Joel Greenblatt) % as EBIT divided by the total of Property, Plant and Equipment and net working capital. Anthera Pharmaceuticals's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2018 was -15,842.60%.
The historical rank and industry rank for Anthera Pharmaceuticals's ROC (Joel Greenblatt) % or its related term are showing as below:
Anthera Pharmaceuticals's 5-Year average Growth Rate of ROC (Joel Greenblatt) % was 0.00% per year.
The historical data trend for Anthera Pharmaceuticals's ROC (Joel Greenblatt) % can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Anthera Pharmaceuticals Annual Data | |||||||||||||||||||||
Trend | Dec08 | Dec09 | Dec10 | Dec11 | Dec12 | Dec13 | Dec14 | Dec15 | Dec16 | Dec17 | |||||||||||
ROC (Joel Greenblatt) % | Get a 7-Day Free Trial | -2,880.94 | -4,461.72 | -9,642.41 | -11,145.61 | -5,852.53 |
Anthera Pharmaceuticals Quarterly Data | ||||||||||||||||||||
Jun13 | Sep13 | Dec13 | Mar14 | Jun14 | Sep14 | Dec14 | Mar15 | Jun15 | Sep15 | Dec15 | Mar16 | Jun16 | Sep16 | Dec16 | Mar17 | Jun17 | Sep17 | Dec17 | Mar18 | |
ROC (Joel Greenblatt) % | Get a 7-Day Free Trial | -5,728.02 | -5,420.34 | -5,856.80 | -7,302.09 | -15,842.60 |
For the Biotechnology subindustry, Anthera Pharmaceuticals's ROC (Joel Greenblatt) %, along with its competitors' market caps and ROC (Joel Greenblatt) % data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
For the Biotechnology industry and Healthcare sector, Anthera Pharmaceuticals's ROC (Joel Greenblatt) % distribution charts can be found below:
* The bar in red indicates where Anthera Pharmaceuticals's ROC (Joel Greenblatt) % falls into.
Joel Greenblatt defined Return on Capital differently in his book The Little Book That Still Beats the Market (Little Books. Big Profits) . He defines Return on Capital as follows:
ROC (Joel Greenblatt) % | = | EBIT | / | Average of (Net fixed Assets | + | Net Working Capital) |
EBIT stands for Earnings Before Interest and Taxes.
Fixed Assets are also known as non-current assets. They include the Property, Plant and Equipment that the firm needs in its operation.
GuruFocus calculates net working capital as: (Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Deferred Revenue + Other Current Liabilities). We're trying to account for OPERATING assets and liabilities (part of daily business) when calculating working capital. Cash and marketable securities are considered NON-OPERATING assets and are not included in calculation. We will also back out all interest bearing debt, short term debt and the portion of long term debt that is due in the current period from the current liabilities. This debt will be considered when computing cost of capital and it would be inappropriate to count it twice.
Working Capital | (Q: Dec. 2017 ) | ||||||||||
= | (Accounts Receivable | + | Total Inventories | + | Other Current Assets) | - | (Accounts Payable & Accrued Expense | + | Defer. Rev. | + | Other Current Liabilities) |
= | (0 | + | 0 | + | 0.995) | - | (4.711 | + | 0 | + | 0) |
= | -3.716 |
Working Capital | (Q: Mar. 2018 ) | ||||||||||
= | (Accounts Receivable | + | Total Inventories | + | Other Current Assets) | - | (Accounts Payable & Accrued Expense | + | Defer. Rev. | + | Other Current Liabilities) |
= | (0 | + | 0 | + | 0.653) | - | (2.646 | + | 0 | + | 0) |
= | -1.993 |
When net working capital is negative, 0 is used.
So ROC (Joel Greenblatt) % of Anthera Pharmaceuticals for the quarter that ended in Mar. 2018 can be restated as:
ROC (Joel Greenblatt) % | (Q: Mar. 2018 ) | ||||||
= | EBIT | / | Average of (Net fixed Assets | + | Net Working Capital) | ||
= | EBIT | / | Average of (Property, Plant and Equipment | + | Net Working Capital) | ||
Q: Dec. 2017 | Q: Mar. 2018 | ||||||
= | EBIT | / | ( ( (Property, Plant and Equipment + Net Working Capital) | + | (Property, Plant and Equipment + Net Working Capital) ) | / | count ) |
= | -43.884 | / | ( ( (0.482 + max(-3.716, 0)) | + | (0.072 + max(-1.993, 0)) ) | / | 2 ) |
= | -43.884 | / | ( ( 0.482 | + | 0.072 ) | / | 2 ) |
= | -43.884 | / | 0.277 | ||||
= | -15,842.60 % |
Note: The EBIT data used here is four times the quarterly (Mar. 2018) EBIT data.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Anthera Pharmaceuticals (OTCPK:ANTH) ROC (Joel Greenblatt) % Explanation
The way Joel Greenblatt defines Return on Capital is a more accurate measure of how efficiently the company generates returns onthe capital actually invested in the business. EBIT is used instead of net income because the tax and interest payment may be affected by factors other than the core business operation. Intangible assets are not included in the calculation because they don't need to be replaced.
Joel Greenblatt uses his definition of Return on Capital and Earnings Yield (Joel Greenblatt) % to rank companies.
Thank you for viewing the detailed overview of Anthera Pharmaceuticals's ROC (Joel Greenblatt) % provided by GuruFocus.com. Please click on the following links to see related term pages.
Christopher S Henney | director | 10505 ROSELLE STREET, SAN DIEGO CA 92121 |
Shanahan William R Jr | officer: Chief Medical Officer | 10301 STELLA LINK HOUSTON TX 77025 |
Brian Mueller | director | C/O BIOMARIN PHARMACEUTICAL INC., 105 DIGITAL DRIVE, NOVATO CA 94949 |
Paul F Truex | director | PENINSULA PHARMACEUTICALS, INC., 1751 HARBOR BAY PARKWAY, ALAMEDA CA 94502 |
Charles V Olson | officer: Chief Technology Officer | 25801 INDUSTRIAL BLVD., SUITE B, HAYWARD CA 94545 |
Klara Dickinson | officer: Chief Regulatory Officer | C/O CYMABAY THERAPEUTICS, INC., 7575 GATEWAY BLVD., SUITE 110, NEWARK CA 94560 |
Steven B Engle | director | C/O XOMA LTD., 2910 SEVENTH STREET, BERKELEY CA 94710 |
James Pennington | officer: Interim Chief Medical Officer | 25801 INDUSTRIAL BLVD, SUITE B, HAYWARD CA 94545 |
Hislop Colin | officer: Chief Medical Officer | C/O PENINSULA PHARMACEUTICALS, INC., 1751 HARBOR BAY PARKWAY, ALAMEDA CA 94502 |
Sanford S Zweifach | director | 21720 23RD DRIVE SE, SUITE 150, BOTHELL WA 98021 |
Daniel K Spiegelman | director | MYRIAD GENETICS, 320 WAKARA WAY, SALT LAKE CITY UT 84003 |
Christopher P. Lowe | officer: CFO and Chief Business Officer | 2511 N LOOP 1604,, SUITE 204, SAN ANTONIO TX 78258 |
James Healy | director | 3000 SAND HILL ROAD, 4-250, MENLO PARK CA 94025 |
Orbimed Capital Gp Iv Llc | director | 601 LEXINGTON AVENUE, 54TH FLOOR, NEW YORK NY 10022 |
Samuel D Isaly | director | 601 LEXINGTON AVENUE, 54TH FLOOR, NEW YORK NY 10022 |
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