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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: 8
Current: 6

3
8

During the past 13 years, the highest Piotroski F-Score of Xilinx Inc was 8. 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 (Mar14) TTM:Last Year (Mar13) TTM:
Net Income was 156.027 + 175.877 + 141.461 + 157.023 = $630 Mil.
Cash Flow from Operations was 189.375 + 216.39 + 254.943 + 144.209 = $805 Mil.
Revenue was 617.823 + 586.816 + 598.937 + 578.955 = $2,383 Mil.
Gross Profit was 417.878 + 406.024 + 416.121 + 399.255 = $1,639 Mil.
Total Assets at the begining of this year (Mar13) was $4,729 Mil.
Total Assets was $5,037 Mil.
Long-Term Debt was $994 Mil.
Total Current Assets was $3,067 Mil.
Total Current Liabilities was $989 Mil.
Net Income was 130.62 + 103.648 + 123.437 + 129.831 = $488 Mil.

Revenue was 532.168 + 509.767 + 543.933 + 582.784 = $2,169 Mil.
Gross Profit was 351.579 + 339.274 + 356.22 + 384.373 = $1,431 Mil.
Total Assets at the begining of last year (Mar12) was $4,464 Mil.
Total Assets was $4,729 Mil.
Long-Term Debt was $923 Mil.
Total Current Assets was $2,298 Mil.
Total Current Liabilities was $387 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 630. ==> 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 805. ==> 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 (Mar13)
=630.388/4729.451
=0.13328989

ROA (Last Year)=Net Income/Total Assets at the beginning of last year (Mar12)
=487.536/4464.122
=0.10921207

Xilinx Inc's return on assets of this year was 0.13328989. Xilinx Inc's return on assets of last year was 0.10921207. ==> 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 630. Xilinx Inc's current cash flow from operations was 805. ==> 805 > 630 ==> 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
=993.87/5037.349
=0.19730021

Gearing (Last Year)=Long-Term Debt/Total Assets
=922.666/4729.451
=0.19508945

Xilinx Inc's gearing of this year was 0.19730021. Xilinx Inc's gearing of last year was 0.19508945. ==> Last year is lower ==> 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)=Total Current Assets/Total Current Liabilities
=3067.147/989.36
=3.10013241

Current Ratio (Last Year)=Total Current Assets/Total Current Liabilities
=2297.639/386.788
=5.9403058

Xilinx Inc's current ratio of this year was 3.10013241. Xilinx Inc's current ratio of last year was 5.9403058. ==> 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 294.5. Xilinx Inc's number of shares in issue last year was 274.7. ==> 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
=1639.278/2382.531
=0.68804058

Gross Margin (Last Year)=Gross Profit/Revenue
=1431.446/2168.652
=0.66006256

Xilinx Inc's gross margin of this year was 0.68804058. Xilinx Inc's gross margin of last year was 0.66006256. ==> 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 (Mar13)
=2382.531/4729.451
=0.50376481

Asset Turnover (Last Year)=Revenue/Total Assets at the beginning of last year (Mar12)
=2168.652/4464.122
=0.48579586

Xilinx Inc's asset turnover of this year was 0.50376481. Xilinx Inc's asset turnover of last year was 0.48579586. ==> 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+0+0+1+1
=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

Mar05Mar06Mar07Mar08Mar09Mar10Mar11Mar12Mar13Mar14
Q1 1111111111
Q2 1111111110
Q3 0101011001
Q4 0111111110
Q5 0000110110
Q6 1010101100
Q7 0111101000
Q8 1001111011
Q9 0110111001
F-score 4666878554

Xilinx Inc Quarterly Data

Dec11Mar12Jun12Sep12Dec12Mar13Jun13Sep13Dec13Mar14
Q1 1111111111
Q2 1111111111
Q3 0000000011
Q4 1111111111
Q5 1111111110
Q6 0110100000
Q7 0010000000
Q8 0011111111
Q9 0000000001
F-score 4575655566
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