Market Cap : 34.58 B | Enterprise Value : 35.84 B | PE Ratio : At Loss | PB Ratio : 3.30 |
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Warning Sign:
Piotroski F-Score of 3 is low, which usually implies poor business operation.
The zones of discrimination were as such:
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Illumina has an F-score of 3. It is a bad or low score, which usually implies poor business operation.
The historical rank and industry rank for Illumina's Piotroski F-Score or its related term are showing as below:
During the past 13 years, the highest Piotroski F-Score of Illumina was 9. The lowest was 2. And the median was 6.
The historical data trend for Illumina'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 the Diagnostics & Research subindustry, Illumina's Piotroski F-Score, along with its competitors' market caps and Piotroski F-Score 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 Medical Diagnostics & Research industry and Healthcare sector, Illumina's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where Illumina's Piotroski F-Score falls into.
How is the Piotroski F-Score calculated?
* 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.
This Year (Jun22) TTM: | Last Year (Jun21) TTM: |
Net Income was 317 + 112 + 86 + -535 = $-20 Mil. Cash Flow from Operations was -272 + 282 + 172 + 125 = $307 Mil. Revenue was 1108 + 1199 + 1223 + 1162 = $4,692 Mil. Gross Profit was 770 + 817 + 815 + 767 = $3,169 Mil. Average Total Assets from the begining of this year (Jun21) to the end of this year (Jun22) was (8675 + 15063 + 15217 + 15274 + 15448) / 5 = $13935.4 Mil. Total Assets at the begining of this year (Jun21) was $8,675 Mil. Long-Term Debt & Capital Lease Obligation was $1,270 Mil. Total Current Assets was $2,891 Mil. Total Current Liabilities was $2,881 Mil. |
Net Income was 179 + 257 + 147 + 185 = $768 Mil. Revenue was 794 + 953 + 1093 + 1126 = $3,966 Mil. Gross Profit was 526 + 630 + 764 + 802 = $2,722 Mil. Average Total Assets from the begining of last year (Jun20) to the end of last year (Jun21) was (7248 + 7404 + 7585 + 8755 + 8675) / 5 = $7933.4 Mil. Total Assets at the begining of last year (Jun20) was $7,248 Mil. Long-Term Debt & Capital Lease Obligation was $2,383 Mil. Total Current Assets was $5,310 Mil. Total Current Liabilities was $874 Mil. |
*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.
Illumina's current Net Income (TTM) was -20.
==> 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.
Score 1 if positive, 0 if negative.
Illumina's current Cash Flow from Operations (TTM) was 307.
==> Positive ==> Score 1.
Question 3. 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 (Jun21) |
= | -20 | / | 8675 | |
= | -0.00230548 |
ROA (Last Year) | = | Net Income | / | Total Assets (Jun20) |
= | 768 | / | 7248 | |
= | 0.10596026 |
Illumina's return on assets of this year was -0.00230548. Illumina's return on assets of last year was 0.10596026.
==> Last year is higher ==> Score 0.
Question 4. 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.
Illumina's current Net Income (TTM) was -20. Illumina's current Cash Flow from Operations (TTM) was 307.
==> 307 > -20 ==> CFROA > ROA ==> Score 1.
Funding
Question 5. Change in Gearing or Leverage
Compare this year's gearing (long-term debt divided by average total assets) to last year's gearing.
Score 0 if this year's gearing is higher, 1 otherwise.
Gearing (This Year: Jun22) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from Jun21 to Jun22 |
= | 1270 | / | 13935.4 | |
= | 0.09113481 |
Gearing (Last Year: Jun21) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from Jun20 to Jun21 |
= | 2383 | / | 7933.4 | |
= | 0.30037563 |
Illumina's gearing of this year was 0.09113481. Illumina's gearing of last year was 0.30037563.
==> This year is lower or equal to last year. ==> Score 1.
Question 6. 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: Jun22) | = | Total Current Assets | / | Total Current Liabilities |
= | 2891 | / | 2881 | |
= | 1.00347102 |
Current Ratio (Last Year: Jun21) | = | Total Current Assets | / | Total Current Liabilities |
= | 5310 | / | 874 | |
= | 6.07551487 |
Illumina's current ratio of this year was 1.00347102. Illumina's current ratio of last year was 6.07551487.
==> Last year's current ratio is higher ==> Score 0.
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.
Illumina's number of shares in issue this year was 157. Illumina's number of shares in issue last year was 147.
==> 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.
Gross Margin (This Year: TTM) | = | Gross Profit | / | Revenue |
= | 3169 | / | 4692 | |
= | 0.67540494 |
Gross Margin (Last Year: TTM) | = | Gross Profit | / | Revenue |
= | 2722 | / | 3966 | |
= | 0.68633384 |
Illumina's gross margin of this year was 0.67540494. Illumina's gross margin of last year was 0.68633384.
==> 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
Asset Turnover (This Year) | = | Revenue | / | Total Assets at the Beginning of This Year (Jun21) |
= | 4692 | / | 8675 | |
= | 0.54086455 |
Asset Turnover (Last Year) | = | Revenue | / | Total Assets at the Beginning of Last Year (Jun20) |
= | 3966 | / | 7248 | |
= | 0.54718543 |
Illumina's asset turnover of this year was 0.54086455. Illumina's asset turnover of last year was 0.54718543.
==> Last year's asset turnover is higher ==> Score 0.
Evaluation
Piotroski F-Score | = | Que. 1 | + | Que. 2 | + | Que. 3 | + | Que. 4 | + | Que. 5 | + | Que. 6 | + | Que. 7 | + | Que. 8 | + | Que. 9 |
= | 0 | + | 1 | + | 0 | + | 1 | + | 1 | + | 0 | + | 0 | + | 0 | + | 0 | |
= | 3 |
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Illumina has an F-score of 3. It is a bad or low score, which usually implies poor business operation.
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.
Thank you for viewing the detailed overview of Illumina's Piotroski F-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Frank John Edward | officer: Chief Public Affairs Officer | 5200 ILLUMINA WAY SAN DIEGO CA 92122 |
Rollins Carissa | officer: SVP, Chief Information Officer | 5200 ILLUMINA WAY SAN DIEGO CA 92122 |
Pegels Kevin Carl | officer: Chief of Global Operations | 5200 ILLUMINA WAY SAN DIEGO CA 92122 |
Torres Jose | officer: VP, Chief Accounting Officer | 1300 W. 120TH AVENUE WESTMINSTER CO 80234 |
Reeves Kathryne Gambrell | officer: SVP, Chief Marketing Officer | 5200 ILLUMINA WAY SAN DIEGO CA 92122 |
Aravanis Alexander | officer: SVP, Chief Technology Officer | 5200 ILLUMINA WAY SAN DIEGO CA 92122 |
Gottlieb Scott | director | MOLECULAR INSIGHT PHARMACEUTICALS 160 SECOND STREET CAMBRIDGE MA 02142 |
Febbo Phillip G. | officer: SVP Chief Medical Officer | C/O GENOMIC HEALTH, INC. 301 PENOBSCOT DRIVE REDWOOD CITY CA 94063 |
Tousi Susan H | officer: SVP Product Development | 5200 ILLUMINA WAY SAN DIEGO CA 92122 |
Goswami Joydeep | officer: SVP Corp Business Development | SUMITOMO FUDOSAN MITA TWIN BLDG EAST WING 4-2-8 SHIBAURA MINATO-KU TOKYO M0 1080023 |
Siegel Susan E | director | 3000 SAND HILL ROAD BLDG 3 STE 290 MENLO PARK CA 94025 |
Ragusa Robert P | officer: SVP, Global Quality & Ops | |
Hoyt Aimee L | officer: SVP, Chief People Officer | 5200 ILLUMINA WAY SAN DIEGO CA 92122 |
Guthart Gary S | director | C/O INTUITIVE SURGICAL INC 1266 KIFER RD SUNNYVALE CA 94086 |
Mcginnis Karen K | officer: VP, Chief Accounting Officer | INSIGHT ENTERPRISES INC 1305 WEST AUTO DRIVE TEMPE AZ 85284 |
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