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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 = 7, 8, 9
Bad or low score = 0, 1, 2, 3

Xilinx Inc has an F-score of 7. It is a good or high score, which usually indicates a very healthy situation.

XLNX' s 10-Year Piotroski F-Score Range
Min: 4   Max: 8
Current: 7

4
8

During the past 13 years, the highest Piotroski F-Score of Xilinx Inc was 8. 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 (Mar15) TTM:Last Year (Mar14) TTM:
Net Income was 173.611 + 171.516 + 168.466 + 134.623 = $648 Mil.
Cash Flow from Operations was 130.119 + 203.881 + 290.741 + 166.039 = $791 Mil.
Revenue was 612.633 + 604.262 + 593.549 + 566.899 = $2,377 Mil.
Gross Profit was 423.444 + 434.645 + 413.911 + 396.521 = $1,669 Mil.
Average Total Assets from the begining of this year (Mar14)
to the end of this year (Mar15) was
(5037.349 + 5054.219 + 5017.302 + 4915.204 + 4898.065) / 5 = $4984.4278 Mil.
Total Assets at the begining of this year (Mar14) was $5,037 Mil.
Long-Term Debt was $995 Mil.
Total Current Assets was $3,935 Mil.
Total Current Liabilities was $963 Mil.
Net Income was 157.023 + 141.461 + 175.877 + 156.027 = $630 Mil.

Revenue was 578.955 + 598.937 + 586.816 + 617.823 = $2,383 Mil.
Gross Profit was 399.255 + 416.121 + 406.024 + 417.878 = $1,639 Mil.
Average Total Assets from the begining of last year (Mar13)
to the end of last year (Mar14) was
(4729.451 + 4760.923 + 5000.052 + 5001.801 + 5037.349) / 5 = $4905.9152 Mil.
Total Assets at the begining of last year (Mar13) was $4,729 Mil.
Long-Term Debt was $994 Mil.
Total Current Assets was $3,067 Mil.
Total Current Liabilities was $989 Mil.

Profitability

Question 1. Return on Assets (ROA)

Net income before extraordinary items for the year divided by total assets at the beginning of the year.

Score 1 if positive, 0 if negative.

Xilinx Inc's current net income (TTM) was 648. ==> Positive ==> Score 1.

Question 2. Cash Flow Return on Assets (CFROA)

Net cash flow from operating activities (operating cash flow) divided by total assets at the beginning of the year.

Score 1 if positive, 0 if negative.

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

Question 3. 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)/Total Assets at the Beginning of This Year (Mar14)
=648.216/5037.349
=0.12868197

ROA (Last Year)=Net Income (TTM)/Total Assets at the Beginning of Last Year (Mar13)
=630.388/4729.451
=0.13328989

Xilinx Inc's return on assets of this year was 0.12868197. Xilinx Inc's return on assets of last year was 0.13328989. ==> Last year is higher ==> Score 0.

Question 4. 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 648. Xilinx Inc's current cash flow from operations (TTM) was 791. ==> 791 > 648 ==> CFROA > ROA ==> Score 1.

Funding

Question 5. Change in Gearing or Leverage

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

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

Gearing (This Year: Mar15)=Long-Term Debt/Average Total Assets from Mar14 to Mar15
=994.839/4984.4278
=0.19958941

Gearing (Last Year: Mar14)=Long-Term Debt/Average Total Assets from Mar13 to Mar14
=993.87/4905.9152
=0.20258605

Xilinx Inc's gearing of this year was 0.19958941. Xilinx Inc's gearing of last year was 0.20258605. ==> This year is lower or equal to last year. ==> Score 1.

Question 6. 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: Mar15)=Total Current Assets/Total Current Liabilities
=3935.051/963.206
=4.08536803

Current Ratio (Last Year: Mar14)=Total Current Assets/Total Current Liabilities
=3067.147/989.36
=3.10013241

Xilinx Inc's current ratio of this year was 4.08536803. Xilinx Inc's current ratio of last year was 3.10013241. ==> This year's current ratio is higher. ==> Score 1.

Question 7. 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 271.4. Xilinx Inc's number of shares in issue last year was 293.4. ==> There is smaller number of shares in issue this year, or the same. ==> Score 1.

Efficiency

Question 8. 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
=1668.521/2377.343
=0.70184277

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=1639.278/2382.531
=0.68804058

Xilinx Inc's gross margin of this year was 0.70184277. Xilinx Inc's gross margin of last year was 0.68804058. ==> This year's gross margin is higher. ==> Score 1.

Question 9. Change in asset turnover

Compare this year’s asset turnover (total sales for the year divided by total assets at the beginning of 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)/Total Assets at the Beginning of This Year (Mar14)
=2377.343/5037.349
=0.47194328

Asset Turnover (Last Year)=Revenue (TTM)/Total Assets at the Beginning of Last Year (Mar13)
=2382.531/4729.451
=0.50376481

Xilinx Inc's asset turnover of this year was 0.47194328. Xilinx Inc's asset turnover of last year was 0.50376481. ==> Last year's asset turnover is higher ==> Score 0.

Evaluation

Piotroski F-Score= Que. 1+ Que. 2+ Que. 3+Que. 4+Que. 5+Que. 6+Que. 7+Que. 8+Que. 9
=1+1+0+1+1+1+1+1+0
=7

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

Xilinx Inc has an F-score of 7. It is a good or high score, which usually indicates a very healthy situation.


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


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

Mar06Mar07Mar08Mar09Mar10Mar11Mar12Mar13Mar14Mar15
Question 1 1111111111
Question 2 1111111111
Question 3 1010110010
Question 4 1111111111
Question 5 1011001101
Question 6 0101011001
Question 7 1111010001
Question 8 0011110111
Question 9 1101110010
F-score 7678685567

Xilinx Inc Quarterly Data

Dec12Mar13Jun13Sep13Dec13Mar14Jun14Sep14Dec14Mar15
Question 1 1111111111
Question 2 1111111111
Question 3 0000111110
Question 4 1111111111
Question 5 1111100001
Question 6 1000001111
Question 7 0000000111
Question 8 1111111111
Question 9 0000011000
F-score 6555667777
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