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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. Alpine Immune Sciences's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2023 was 266.15%.
The historical rank and industry rank for Alpine Immune Sciences's ROC (Joel Greenblatt) % or its related term are showing as below:
During the past 12 years, Alpine Immune Sciences's highest ROC (Joel Greenblatt) % was -239.15%. The lowest was -16218.04%. And the median was -833.23%.
Alpine Immune Sciences's 5-Year average Growth Rate of ROC (Joel Greenblatt) % was 26.00% per year.
The historical data trend for Alpine Immune Sciences'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.
Alpine Immune Sciences Annual Data | |||||||||||||||||||||
Trend | Dec14 | Dec15 | Dec16 | Dec17 | Dec18 | Dec19 | Dec20 | Dec21 | Dec22 | Dec23 | |||||||||||
ROC (Joel Greenblatt) % | Get a 7-Day Free Trial | -652.07 | -239.15 | -456.36 | -539.95 | -340.30 |
Alpine Immune Sciences Quarterly Data | ||||||||||||||||||||
Mar19 | Jun19 | Sep19 | Dec19 | Mar20 | Jun20 | Sep20 | Dec20 | Mar21 | Jun21 | Sep21 | Dec21 | Mar22 | Jun22 | Sep22 | Dec22 | Mar23 | Jun23 | Sep23 | Dec23 | |
ROC (Joel Greenblatt) % | Get a 7-Day Free Trial | -736.82 | -540.18 | -544.48 | -499.37 | 266.15 |
For the Biotechnology subindustry, Alpine Immune Sciences'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, Alpine Immune Sciences's ROC (Joel Greenblatt) % distribution charts can be found below:
* The bar in red indicates where Alpine Immune Sciences'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: Sep. 2023 ) | ||||||||||
= | (Accounts Receivable | + | Total Inventories | + | Other Current Assets) | - | (Accounts Payable & Accrued Expense | + | Defer. Rev. | + | Other Current Liabilities) |
= | (0.219 | + | 0 | + | 3.084) | - | (16.593 | + | 30.092 | + | 4.263) |
= | -47.645 |
Working Capital | (Q: Dec. 2023 ) | ||||||||||
= | (Accounts Receivable | + | Total Inventories | + | Other Current Assets) | - | (Accounts Payable & Accrued Expense | + | Defer. Rev. | + | Other Current Liabilities) |
= | (0.167 | + | 0 | + | 1.873) | - | (16.81 | + | 16.288 | + | 7.97) |
= | -39.028 |
When net working capital is negative, 0 is used.
So ROC (Joel Greenblatt) % of Alpine Immune Sciences for the quarter that ended in Dec. 2023 can be restated as:
ROC (Joel Greenblatt) % | (Q: Dec. 2023 ) | ||||||
= | EBIT | / | Average of (Net fixed Assets | + | Net Working Capital) | ||
= | EBIT | / | Average of (Property, Plant and Equipment | + | Net Working Capital) | ||
Q: Sep. 2023 | Q: Dec. 2023 | ||||||
= | EBIT | / | ( ( (Property, Plant and Equipment + Net Working Capital) | + | (Property, Plant and Equipment + Net Working Capital) ) | / | count ) |
= | 24.252 | / | ( ( (9.23 + max(-47.645, 0)) | + | (8.994 + max(-39.028, 0)) ) | / | 2 ) |
= | 24.252 | / | ( ( 9.23 | + | 8.994 ) | / | 2 ) |
= | 24.252 | / | 9.112 | ||||
= | 266.15 % |
Note: The EBIT data used here is four times the quarterly (Dec. 2023) 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.
Alpine Immune Sciences (NAS:ALPN) 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 Alpine Immune Sciences's ROC (Joel Greenblatt) % provided by GuruFocus.com. Please click on the following links to see related term pages.
Mitchell Gold | director, officer: Executive Chairman and CEO | ALPINE IMMUNE SCIENCES, INC., 188 EAST BLAINE STREET, SUITE 200, SEATTLE WA 98102 |
Peter A. Thompson | director | C/O ANTHERA PHARMACEUTICALS, INC., 25801 INDUSTRIAL BOULEVARD, SUITE B, HAYWARD CA 94545 |
Orbimed Advisors Llc | director | 601 LEXINGTON AVENUE, 54TH FLOOR, NEW YORK NY 10022 |
James Paul Rickey | officer: Senior VP and CFO | ALPINE IMMUNE SCIENCES, INC., 188 EAST BLAINE STREET, SUITE 200, SEATTLE WA 98102 |
Xiangmin Cui | director, 10 percent owner | NO. 14 EAST HUSHAN ROAD, TAI'AN CITY, SHANDONG F4 000000 |
Wolfgang Dummer | officer: Chief Medical Officer | 5491 OPTICAL CT., SAN JOSE CA 95138 |
Remy Durand | officer: Chief Business Officer | C/O ALPINE IMMUNE SCIENCES, INC., 185 EAST BLAINE STREET, SUITE 200, SEATTLE WA 98012 |
Jorn Drappa | director | C/O VIELA BIO, INC., ONE MEDIMMUNE WAY, FIRST FLOOR, AREA TWO, GAITHERSBURG MD 20878 |
Andrew Seth Sandler | officer: Chief Medical Officer | 1301 2ND AVE, SEATTLE WA 98101 |
Frazier Life Sciences Viii, L.p. | 10 percent owner | 601 UNION STREET, SUITE 3200, SEATTLE WA 98101 |
Robert E Conway | director | C/O ARCA BIOPHARMA, INC, 8001 ARISTA PLACE, STE 430, BROOMFIELD CO 80021 |
Christopher Peetz | director | C/O TOBIRA THERAPEUTICS, INC., 701 GATEWAY BOULEVARD, #200, SOUTH SAN FRANCISCO CA 94080 |
Decheng Capital China Life Sciences Usd Fund Iii, L.p. | 10 percent owner | UGLAND HOUSE, PO BOX 309, GRAND CAYMAN E9 KY1-1104 |
Alpine Immunosciences, L.p. | 10 percent owner | 600 STEWART STREET, SUITE 1503, SEATTLE WA 98101 |
Orbimed Genesis Gp Llc | director, 10 percent owner | 601 LEXINGTON AVENUE, 54TH FLOOR, NEW YORK NY 10022 |
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