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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. Kite Pharma's annualized ROC (Joel Greenblatt) % for the quarter that ended in Jun. 2017 was -849.65%.
The historical rank and industry rank for Kite Pharma's ROC (Joel Greenblatt) % or its related term are showing as below:
Kite Pharma's 5-Year average Growth Rate of ROC (Joel Greenblatt) % was 0.00% per year.
The historical data trend for Kite Pharma'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.
Kite Pharma Annual Data | |||||||||||
Trend | Dec12 | Dec13 | Dec14 | Dec15 | Dec16 | ||||||
ROC (Joel Greenblatt) % | -15,129.41 | -4,372.51 | -2,848.18 | -627.50 | -724.46 |
Kite Pharma Quarterly Data | |||||||||||||||||||
Dec12 | Mar13 | Jun13 | Sep13 | Dec13 | Mar14 | Jun14 | Sep14 | Dec14 | Mar15 | Jun15 | Sep15 | Dec15 | Mar16 | Jun16 | Sep16 | Dec16 | Mar17 | Jun17 | |
ROC (Joel Greenblatt) % | Get a 7-Day Free Trial | -639.34 | -688.65 | -779.95 | -798.29 | -849.65 |
For the Biotechnology subindustry, Kite Pharma'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, Kite Pharma's ROC (Joel Greenblatt) % distribution charts can be found below:
* The bar in red indicates where Kite Pharma'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: Mar. 2017 ) | ||||||||||
= | (Accounts Receivable | + | Total Inventories | + | Other Current Assets) | - | (Accounts Payable & Accrued Expense | + | Defer. Rev. | + | Other Current Liabilities) |
= | (0 | + | 0 | + | 15.2) | - | (38.915 | + | 40.677 | + | 0) |
= | -64.392 |
Working Capital | (Q: Jun. 2017 ) | ||||||||||
= | (Accounts Receivable | + | Total Inventories | + | Other Current Assets) | - | (Accounts Payable & Accrued Expense | + | Defer. Rev. | + | Other Current Liabilities) |
= | (0 | + | 0 | + | 17.169) | - | (45.213 | + | 43.351 | + | 0) |
= | -71.395 |
When net working capital is negative, 0 is used.
So ROC (Joel Greenblatt) % of Kite Pharma for the quarter that ended in Jun. 2017 can be restated as:
ROC (Joel Greenblatt) % | (Q: Jun. 2017 ) | ||||||
= | EBIT | / | Average of (Net fixed Assets | + | Net Working Capital) | ||
= | EBIT | / | Average of (Property, Plant and Equipment | + | Net Working Capital) | ||
Q: Mar. 2017 | Q: Jun. 2017 | ||||||
= | EBIT | / | ( ( (Property, Plant and Equipment + Net Working Capital) | + | (Property, Plant and Equipment + Net Working Capital) ) | / | count ) |
= | -407.676 | / | ( ( (46.241 + max(-64.392, 0)) | + | (49.722 + max(-71.395, 0)) ) | / | 2 ) |
= | -407.676 | / | ( ( 46.241 | + | 49.722 ) | / | 2 ) |
= | -407.676 | / | 47.9815 | ||||
= | -849.65 % |
Note: The EBIT data used here is four times the quarterly (Jun. 2017) 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.
Kite Pharma (NAS:KITE) 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 Kite Pharma's ROC (Joel Greenblatt) % provided by GuruFocus.com. Please click on the following links to see related term pages.
Jonathan M Peacock | director | ONE AMGEN CENTER DRIVE, THOUSAND OAKS CA 91320-1799 |
David Bonderman | director | 301 COMMERCE STREET, SUITE 3300, FORT WORTH TX 76102 |
Franz B Humer | director | 388 GREENWICH STREET, 17TH FLOOR, NEW YORK NY 10013 |
Shawn Tomasello | officer: Chief Commercial Officer | C/O PHARMACYCLICS, INC, 995 EAST ARQUES AVENUE, SUNNYVALE CA 94085 |
Ian T Clark | director | SOLAZYME, INC., 225 GATEWAY BLVD., SOUTH SAN FRANCISCO CA 94080 |
Farah Champsi | director | ONE EMBARCADERO CENTER SUITE 3700, SAN FRANCISCO CA 94111 |
Helen Susan Kim | officer: EVP, Business Development | 3832 BAY CENTER PLACE, HAYWARD CA 94545 |
Timothy L. Moore | officer: EVP, Technical Operations | C/O KITE PHARMA, INC., 2225 COLORADO AVE., SANTA MONICA CA 90404 |
Ran Nussbaum | director | C/O KITE PHARMA, INC., 2225 COLORADO AVENUE, SANTA MONICA CA 90404 |
Cynthia M Butitta | officer: Chief Operating Officer | 3165 PORTER DRIVE, PALO ALTO CA 94304 |
Owen N. Witte | director | C/O ALLOGENE THERAPEUTICS, INC., 210 EAST GRAND AVENUE, SOUTH SAN FRANCISCO CA 94080 |
David D Chang | officer: EVP, R&D, Chief Medical Off. | C/O ALLOGENE THERAPEUTICS, INC., 210 EAST GRAND AVENUE, SOUTH SAN FRANCISCO CA 94080 |
Joshua A Kazam | director | 689 5TH AVENUE, 12TH FLOOR, NEW YORK NY 10022 |
Arie Belldegrun | director, officer: Chairman, President and CEO | UCLA SCHOOL OF MEDICINE, 10833 LE CONTE 66-118 CHS BOX 951738, LOS ANGELES CA 9095-1738 |
Margo R Roberts | officer: Chief Scientific Officer | 2225 COLORADO AVENUE, SANTA MONICA CA 90404 |
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