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Xilinx Inc (NAS:XLNX)
Piotroski F-Score
7 (As of Today)

Good Sign:

Piotroski F-Score of 7 is 7, indicating very healthy situation.

The zones of discrimination were as such:

Good or high score = 8 or 9
Bad or low score = 0 or 1

Xilinx Inc has an F-score of 7 indicating the company's financial situation is typical for a stable company.

XLNX' s 10-Year Piotroski F-Score Range
Min: 4   Max: 9
Current: 7

4
9

During the past 13 years, the highest Piotroski F-Score of Xilinx Inc was 9. The lowest was 4. And the median was 6.


Definition

How is the Piotroski F-Score calculated?

* All numbers are in millions except for per share data and ratio. All numbers are in their own currency.

This Year (Jun14) TTM:Last Year (Jun13) TTM:
Net Income was 141.461 + 175.877 + 156.027 + 173.611 = $647 Mil.
Cash Flow from Operations was 254.943 + 216.39 + 189.375 + 130.119 = $791 Mil.
Revenue was 598.937 + 586.816 + 617.823 + 612.633 = $2,416 Mil.
Gross Profit was 416.121 + 406.024 + 417.878 + 423.444 = $1,663 Mil.
Average Total Assets from the begining of this year (Jun13)
to the end of this year (Jun14) was
(4760.923 + 5000.052 + 5001.801 + 5037.349 + 5054.219) / 5 = $4,971 Mil.
Total Assets was $5,054 Mil.
Long-Term Debt was $994 Mil.
Total Current Assets was $3,169 Mil.
Total Current Liabilities was $934 Mil.
Net Income was 123.437 + 103.648 + 130.62 + 157.023 = $515 Mil.

Revenue was 543.933 + 509.767 + 532.168 + 578.955 = $2,165 Mil.
Gross Profit was 356.22 + 339.274 + 351.579 + 399.255 = $1,446 Mil.
Average Total Assets from the begining of last year (Jun12)
to the end of last year (Jun13) was
(4493.231 + 4548.634 + 4612.907 + 4729.451 + 4760.923) / 5 = $4,629 Mil.
Total Assets was $4,761 Mil.
Long-Term Debt was $0 Mil.
Total Current Assets was $2,355 Mil.
Total Current Liabilities was $1,402 Mil.

Profitability

Q1. Return on Assets (ROA)

Net income before extraordinary items for the year divided by average total assets throughout the year.

Score 1 if positive, 0 if negative.

Xilinx Inc's current net income (ttm) was 647. ==> Positive ==> Score 1.

Q2. Cash Flow Return on Assets (CFROA)

Net cash flow from operating activities (operating cash flow) divided by average total assets throughout the year.

Score 1 if positive, 0 if negative.

Xilinx Inc's current cash flow from operations (ttm) was 791. ==> Positive ==> Score 1.

Q3. Change in Return on Assets

Compare this year’s return on assets (1) to last year’s return on assets.

Score 1 if it’s higher, 0 if it’s lower.

ROA (This Year)=Net Income (TTM)/Average Total Assets from Jun13 to Jun14
=646.976/4970.8688
=0.13015351

ROA (Last Year)=Net Income (TTM)/Average Total Assets from Jun12 to Jun13
=514.728/4629.0292
=0.11119567

Xilinx Inc's return on assets of this year was 0.13015351. Xilinx Inc's return on assets of last year was 0.11119567. ==> This year is higher. ==> Score 1.

Q4. Quality of Earnings (Accrual)

Compare Cash flow return on assets (2) to return on assets (1)

Score 1 if CFROA > ROA, 0 if CFROA =< ROA.

Xilinx Inc's current net income (ttm) was 647. Xilinx Inc's current cash flow from operations (ttm) was 791. ==> 791 > 647 ==> CFROA > ROA ==> Score 1.

Funding

Q5. Change in Gearing or Leverage

Compare this year’s gearing (long-term debt divided by total assets) to last year’s gearing.

Score 0 if this year's gearing is higher, 1 otherwise.

Gearing (This Year: Jun14)=Long-Term Debt/Total Assets
=994.11/5054.219
=0.19668914

Gearing (Last Year: Jun13)=Long-Term Debt/Total Assets
=0/4760.923
=0

Xilinx Inc's gearing of this year was 0.19668914. Xilinx Inc's gearing of last year was 0. ==> Last year is lower than this year ==> Score 0.

Q6. Change in Working Capital (Liquidity)

Compare this year’s current ratio (current assets divided by current liabilities) to last year’s current ratio.

Score 1 if this year'’s current ratio is higher, 0 if it’s lower

Current Ratio (This Year: Jun14)=Total Current Assets/Total Current Liabilities
=3168.699/933.848
=3.39316356

Current Ratio (Last Year: Jun13)=Total Current Assets/Total Current Liabilities
=2354.584/1402.476
=1.6788765

Xilinx Inc's current ratio of this year was 3.39316356. Xilinx Inc's current ratio of last year was 1.6788765. ==> This year's current ratio is higher. ==> Score 1.

Q7. Change in Shares in Issue

Compare the number of shares in issue this year, to the number in issue last year.

Score 0 if there is larger number of shares in issue this year, 1 otherwise.

Xilinx Inc's number of shares in issue this year was 281.6. Xilinx Inc's number of shares in issue last year was 280.3. ==> There is larger number of shares in issue this year. ==> Score 0.

Efficiency

Q8. Change in Gross Margin

Compare this year’s gross margin (gross profit divided by sales) to last year’s.

Score 1 if this year’s gross margin is higher, 0 if it’s lower.

Gross Margin (This Year: TTM)=Gross Profit/Revenue
=1663.467/2416.209
=0.68846155

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=1446.328/2164.823
=0.66810451

Xilinx Inc's gross margin of this year was 0.68846155. Xilinx Inc's gross margin of last year was 0.66810451. ==> This year's gross margin is higher. ==> Score 1.

Q9. Change in asset turnover

Compare this year’s asset turnover (total sales for the year divided by average total assets throughout the year) to last year’s asset turnover ratio.

Score 1 if this year’s asset turnover ratio is higher, 0 if it’s lower

Asset Turnover (This Year)=Revenue (TTM)/Average Total Assets from Jun13 to Jun14
=2416.209/4970.8688
=0.48607378

Asset Turnover (Last Year)=Revenue (TTM)/Average Total Assets from Jun12 to Jun13
=2164.823/4629.0292
=0.46766242

Xilinx Inc's asset turnover of this year was 0.48607378. Xilinx Inc's asset turnover of last year was 0.46766242. ==> This year's asset turnover is higher. ==> Score 1.

Evaluation

Piotroski F-Score=Q1+Q2+Q3+Q4+Q5+Q6+Q7+Q8+Q9
=1+1+1+1+0+1+0+1+1
=7

Good or high score = 8 or 9

Bad or low score = 0 or 1

Xilinx Inc has an F-score of 7 indicating the company's financial situation is typical for a stable company.


Explanation

The developer of the system is Joseph D. Piotroski is relatively unknown accounting professor who shuns publicity and rarely gives interviews.

He graduated from the University of Illinois with a B.S. in accounting in 1989, received an M.B.A. from Indiana University in 1994. Five years later, in 1999, after earning a Ph.D. in accounting from the University of Michigan, he became an associate professor of accounting at the University of Chicago.

In 2000, he wrote a research paper called "Value Investing: The Use of Historical Financial Statement Information to Separate Winners from Losers" (pdf).

He wanted to see if he can develop a system (using a simple nine-point scoring system) that can increase the returns of a strategy of investing in low price to book (referred to in the paper as high book to market) value companies.

What he found was something that exceeded his most optimistic expectations.

Buying only those companies that scored highest (8 or 9) on his nine-point scale, or F-Score as he called it, over the 20 year period from 1976 to 1996 led to an average out-performance over the market of 13.4%.

Even more impressive were the results of a strategy of investing in the highest F-Score companies (8 or 9) and shorting companies with the lowest F-Score (0 or 1).

Over the same period from 1976 to 1996 (20 years) this strategy led to an average yearly return of 23%, substantially outperforming the average S&P 500 index return of 15.83% over the same period.


Related Terms

Net Income, Cash Flow from Operations, Revenue, Gross Profit, Total Assets, Long-Term Debt, Total Current Assets, Total Current Liabilities, Altman Z-Score, Beneish M-Score


Historical Data

* All numbers are in millions except for per share data and ratio. All numbers are in their own currency.

Xilinx Inc Annual Data

Mar05Mar06Mar07Mar08Mar09Mar10Mar11Mar12Mar13Mar14
Q1 1111111111
Q2 1111111111
Q3 1101011001
Q4 0111111111
Q5 1100110110
Q6 1010101100
Q7 0111101000
Q8 1001111011
Q9 1110011001
F-score 7766778556

Xilinx Inc Quarterly Data

Mar12Jun12Sep12Dec12Mar13Jun13Sep13Dec13Mar14Jun14
Q1 1111111111
Q2 1111111111
Q3 0000000111
Q4 1111111111
Q5 1111111100
Q6 1101000001
Q7 0100000000
Q8 0111111111
Q9 0000000011
F-score 5756555667
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