Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Dyax has an F-score of 4 indicating the company's financial situation is typical for a stable company.
The historical rank and industry rank for Dyax's Piotroski F-Score or its related term are showing as below:
Dyax Piotroski F-Score Historical Data
The historical data trend for Dyax's Piotroski F-Score 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.
* 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.
*Note: If the latest quarterly/semi-annual/annual total assets data is 0, then we will use previous quarterly/semi-annual/annual data for all the items in the balance sheet.
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.
Dyax's current Net Income (TTM) was -29.67.
==> Negative ==> Score 0.
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.
Dyax's current ratio of this year was 11.65503469. Dyax's current ratio of last year was 11.59645906.
==> 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.
Dyax's number of shares in issue this year was 146.793. Dyax's number of shares in issue last year was 136.283.
==> There is larger number of shares in issue this year. ==> Score 0.
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.
Dyax's gross margin of this year was 0.85582482. Dyax's gross margin of last year was 0.94222234.
==> Last year's gross margin is higher ==> Score 0.
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
Dyax's asset turnover of this year was 0.4604883. Dyax's asset turnover of last year was 1.02710967.
==> Last year's asset turnover is higher ==> Score 0.
Evaluation
Piotroski F-Score
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4
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Dyax has an F-score of 4 indicating the company's financial situation is typical for a stable company.
Dyax (NAS:DYAX) Piotroski F-Score 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.
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.
Dyax Piotroski F-Score Related Terms
Thank you for viewing the detailed overview of Dyax's Piotroski F-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Dyax Corp was incorporated in the state of Delaware in the year 1989, and merged with Protein Engineering Corporation in 1995. It is a biopharmaceutical company focused on Hereditary Angioedema and Other Plasma-Kallikrein-Mediated Disorders and Licensing and Funded Research Portfolio. The Company develops and commercializes treatments for hereditary angioedema and to identify other disorders that are mediated by plasma kallikrein. It is engaged in identifying and developing treatments for patients who experience PKM angioedema. Plasma kallikrein, an enzyme found in blood, produces bradykinin, a protein that causes blood vessels to enlarge or dilate, which can cause swelling known as angioedema. Excess plasma kallikrein activity plays a role in HAE and could potentially play a role in a number of inflammatory diseases, including Crohn's disease, psoriasis, rheumatoid arthritis, and various mast cell disorders. It also develops KALBITOR for the treatment of acute attacks of HAE. KALBITOR is currently distributed through a limited network of wholesale, hospital and specialty pharmacy arrangements. Its portfolio of product candidates being developed by licensees using its phage display technology. For KALBITOR as a treatment for HAE, its competitors include: Manufacturers of corticosteroids. Other competitors for the treatment of HAE are companies that are developing small molecule plasma kallikrein inhibitors. The preclinical study and clinical testing, manufacture, labeling, storage, record keeping, advertising, promotion, export, and marketing, among other things, of its products and product candidates, including KALBITOR and those of its licensees, are subject to extensive regulation by governmental authorities in the United States and other countries.
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