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

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 6 indicating the company's financial situation is typical for a stable company.

XLNX' s 10-Year Piotroski F-Score Range
Min: 3   Max: 9
Current: 6

3
9

During the past 13 years, the highest Piotroski F-Score of Xilinx Inc was 9. The lowest was 3. 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 (Dec13) TTM:Last Year (Dec12) TTM:
Net Income was 175.877 + 141.461 + 157.023 + 130.62 = $605 Mil.
Cash Flow from Operations was 216.39 + 254.943 + 144.209 + 173.653 = $789 Mil.
Revenue was 586.816 + 598.937 + 578.955 + 532.168 = $2,297 Mil.
Gross Profit was 406.024 + 416.121 + 399.255 + 351.579 = $1,573 Mil.
Total Assets at the begining of this year (Dec12) was $4,613 Mil.
Total Assets was $5,002 Mil.
Long-Term Debt was $0 Mil.
Total Current Assets was $2,948 Mil.
Total Current Liabilities was $1,432 Mil.
Net Income was 103.648 + 123.437 + 129.831 + 122.405 = $479 Mil.

Revenue was 509.767 + 543.933 + 582.784 + 558.973 = $2,195 Mil.
Gross Profit was 339.274 + 356.22 + 384.373 + 371.396 = $1,451 Mil.
Total Assets at the begining of last year (Dec11) was $4,345 Mil.
Total Assets was $4,613 Mil.
Long-Term Debt was $919 Mil.
Total Current Assets was $2,264 Mil.
Total Current Liabilities was $336 Mil.

Profitability

Q1. 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 was 605. ==> Positive ==> Score 1.

Q2. 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 was 789. ==> 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/Total Assets at the beginning of this year (Dec12)
=604.981/4612.907
=0.13114962

ROA (Last Year)=Net Income/Total Assets at the beginning of last year (Dec11)
=479.321/4345.1
=0.110313

Xilinx Inc's return on assets of this year was 0.13114962. Xilinx Inc's return on assets of last year was 0.110313. ==> 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 was 605. Xilinx Inc's current cash flow from operations was 789. ==> 789 > 605 ==> CFROA > ROA ==> Score 1.

Funding

Q5. Change in Gearing or Leverage

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

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

Gearing (This Year)=Long-Term Debt/Total Assets
=0/5001.801
=0

Gearing (Last Year)=Long-Term Debt/Total Assets
=918.883/4612.907
=0.19919825

Xilinx Inc's gearing of this year was 0. Xilinx Inc's gearing of last year was 0.19919825. ==> This year is lower. ==> Score 1.

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)=Total Current Assets/Total Current Liabilities
=2947.826/1432.077
=2.05842703

Current Ratio (Last Year)=Total Current Assets/Total Current Liabilities
=2263.571/335.542
=6.74601391

Xilinx Inc's current ratio of this year was 2.05842703. Xilinx Inc's current ratio of last year was 6.74601391. ==> Last year's current ratio is higher ==> Score 0.

Q7. Change in Shares in Issue

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

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

Xilinx Inc's number of shares in issue this year was 288.2. Xilinx Inc's number of shares in issue last year was 271.2. ==> There is more 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)=Gross Profit/Revenue
=1572.979/2296.876
=0.6848341

Gross Margin (Last Year)=Gross Profit/Revenue
=1451.263/2195.457
=0.66103003

Xilinx Inc's gross margin of this year was 0.6848341. Xilinx Inc's gross margin of last year was 0.66103003. ==> This year's gross margin is higher. ==> Score 1.

Q9. Change in asset turnover

Compare this year’s asset turnover (total sales 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/Total Assets at the beginning of this year (Dec12)
=2296.876/4612.907
=0.49792376

Asset Turnover (Last Year)=Revenue/Total Assets at the beginning of last year (Dec11)
=2195.457/4345.1
=0.50527192

Xilinx Inc's asset turnover of this year was 0.49792376. Xilinx Inc's asset turnover of last year was 0.50527192. ==> Last year's asset turnover is higher ==> Score 0.

Evaluation

Piotroski F-Score=Q1+Q2+Q3+Q4+Q5+Q6+Q7+Q8+Q9
=1+1+1+1+1+0+0+1+0
=6

Good or high score = 8 or 9

Bad or low score = 0 or 1

Xilinx Inc has an F-score of 6 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


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

Mar04Mar05Mar06Mar07Mar08Mar09Mar10Mar11Mar12Mar13
Q1 1111111111
Q2 1111111111
Q3 1010101100
Q4 1011111111
Q5 0000011011
Q6 0101010110
Q7 0011110100
Q8 1100111101
Q9 1011011100
F-score 6466687855

Xilinx Inc Quarterly Data

Sep11Dec11Mar12Jun12Sep12Dec12Mar13Jun13Sep13Dec13
Q1 1111111111
Q2 1111111111
Q3 0000000001
Q4 1111111111
Q5 1111111111
Q6 1011010000
Q7 0001000000
Q8 0001111111
Q9 0000000000
F-score 5457565556
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