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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. Progenics Pharmaceuticals's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2020 was -214.16%.
The historical rank and industry rank for Progenics Pharmaceuticals's ROC (Joel Greenblatt) % or its related term are showing as below:
Progenics Pharmaceuticals's 5-Year average Growth Rate of ROC (Joel Greenblatt) % was 0.00% per year.
The historical data trend for Progenics 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.
Progenics Pharmaceuticals Annual Data | |||||||||||||||||||||
Trend | Dec10 | Dec11 | Dec12 | Dec13 | Dec14 | Dec15 | Dec16 | Dec17 | Dec18 | Dec19 | |||||||||||
ROC (Joel Greenblatt) % | Get a 7-Day Free Trial | -1,520.63 | 237.31 | -1,256.47 | -1,213.89 | -357.93 |
Progenics Pharmaceuticals Quarterly Data | ||||||||||||||||||||
Jun15 | Sep15 | Dec15 | Mar16 | Jun16 | Sep16 | Dec16 | Mar17 | Jun17 | Sep17 | Dec17 | Mar18 | Jun18 | Sep18 | Dec18 | Mar19 | Jun19 | Sep19 | Dec19 | Mar20 | |
ROC (Joel Greenblatt) % | Get a 7-Day Free Trial | -595.22 | -361.26 | -339.77 | -160.37 | -214.16 |
For the Biotechnology subindustry, Progenics 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, Progenics Pharmaceuticals's ROC (Joel Greenblatt) % distribution charts can be found below:
* The bar in red indicates where Progenics 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. 2019 ) | ||||||||||
= | (Accounts Receivable | + | Total Inventories | + | Other Current Assets) | - | (Accounts Payable & Accrued Expense | + | Defer. Rev. | + | Other Current Liabilities) |
= | (15.976 | + | 0 | + | 5.707) | - | (14.352 | + | 0 | + | 0) |
= | 7.331 |
Working Capital | (Q: Mar. 2020 ) | ||||||||||
= | (Accounts Receivable | + | Total Inventories | + | Other Current Assets) | - | (Accounts Payable & Accrued Expense | + | Defer. Rev. | + | Other Current Liabilities) |
= | (6.19 | + | 0 | + | 4.825) | - | (11.243 | + | 0 | + | 0) |
= | -0.228 |
When net working capital is negative, 0 is used.
So ROC (Joel Greenblatt) % of Progenics Pharmaceuticals for the quarter that ended in Mar. 2020 can be restated as:
ROC (Joel Greenblatt) % | (Q: Mar. 2020 ) | ||||||
= | EBIT | / | Average of (Net fixed Assets | + | Net Working Capital) | ||
= | EBIT | / | Average of (Property, Plant and Equipment | + | Net Working Capital) | ||
Q: Dec. 2019 | Q: Mar. 2020 | ||||||
= | EBIT | / | ( ( (Property, Plant and Equipment + Net Working Capital) | + | (Property, Plant and Equipment + Net Working Capital) ) | / | count ) |
= | -64.744 | / | ( ( (25.181 + max(7.331, 0)) | + | (27.952 + max(-0.228, 0)) ) | / | 2 ) |
= | -64.744 | / | ( ( 32.512 | + | 27.952 ) | / | 2 ) |
= | -64.744 | / | 30.232 | ||||
= | -214.16 % |
Note: The EBIT data used here is four times the quarterly (Mar. 2020) 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.
Progenics Pharmaceuticals (NAS:PGNX) 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 Progenics Pharmaceuticals's ROC (Joel Greenblatt) % provided by GuruFocus.com. Please click on the following links to see related term pages.
Asha Das | officer: Chief Medical Officer | C/O PROGENICS PHARMACEUTICALS, INC., 1 WORLD TRADE CENTER, 47TH FL, SUITE J, NEW YORK NY 10007 |
Ann L. Macdougall | director | C/O OPIANT PHARMACEUTICALS, INC., 401 WILSHIRE BOULEVARD, 12TH FLOOR, SANTA MONICA CA 90401 |
Karen Jean Ferrante | director | 150 ADIRONDACK DRIVE, EAST GREENWICH RI 02818 |
Heinz Christoph Maeusli | director | SCHUETZENWEG 3, ENGELBURG V8 9032 |
Gerard Ber | director | C/O Y-MABS THERAPEUTICS, INC., 230 PARK AVENUE, 33RD FLOOR, NEW YORK NY 10169 |
Eric J Ende | director | C/O MATINAS BIOPHARMA HOLDINGS, INC., 1545 ROUTE 206 SOUTH, SUITE 302, BEDMINSTER NJ 07921 |
Bradley L Campbell | director | C/O AMICUS THERAPEUTICS, INC., 1 CEDAR BROOK DRIVE, CRANBURY NJ 08512 |
Balaji Venkataraman | 10 percent owner, other: See Explanation of Responses | FIRST HORIZON PHARMACEUTICAL CORP, 660 HEMBREE PKWY STE 106, ROSWELL GA 30076 |
Virinder Nohria | 10 percent owner, other: See Explanation of Responses | 1055 POWERS PLACE, SUITE B, ALPHARETTA GA 30009 |
Nicole Williams | director | |
David A Scheinberg | director | 325 CENTRAL PARK W, APT 38, NEW YORK NY 10025 |
Michael D Kishbauch | director | 18 CHERRYVILLE RD, FLEMINGTON NJ 08822 |
Broadfin Healthcare Master Fund Ltd | 10 percent owner | C/O 20 GENESIS CLOSE, ANSBACHER HOUSE, 2ND FLOOR, PO BOX 1344, GRAND CAYMAN E9 KY1-1108 |
Kevin Kotler | 10 percent owner | C/O BROADFIN CAPITAL, LLC, 300 PARK AVENUE, 25TH FLOOR, NEW YORK NY 10022 |
Broadfin Capital, Llc | 10 percent owner | 300 PARK AVENUE, 25TH FLOOR, NEW YORK NY 10022 |
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