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PDL BioPharma Piotroski F-Score

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The zones of discrimination were as such:

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

PDL BioPharma 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 PDL BioPharma's Piotroski F-Score or its related term are showing as below:


PDL BioPharma Piotroski F-Score Historical Data

The historical data trend for PDL BioPharma'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.

* Premium members only.

PDL BioPharma Annual Data
Trend Dec10 Dec11 Dec12 Dec13 Dec14 Dec15 Dec16 Dec17 Dec18 Dec19
Piotroski F-Score
Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 5.00 4.00 7.00 3.00 3.00

PDL BioPharma Quarterly Data
Sep15 Dec15 Mar16 Jun16 Sep16 Dec16 Mar17 Jun17 Sep17 Dec17 Mar18 Jun18 Sep18 Dec18 Mar19 Jun19 Sep19 Dec19 Mar20 Jun20
Piotroski F-Score Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 3.00 3.00 3.00 4.00 4.00

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 (Jun20) TTM:Last Year (Jun19) TTM:
Net Income was -17.784 + -54.888 + -31.723 + -49.971 = $-154.37 Mil.
Cash Flow from Operations was -5.124 + -19.144 + -19.019 + -13.064 = $-56.35 Mil.
Revenue was 44.165 + -5.795 + 5.995 + 5.211 = $49.58 Mil.
Gross Profit was 29.132 + -19.223 + 3.135 + 2.572 = $15.62 Mil.
Average Total Assets from the begining of this year (Jun19)
to the end of this year (Jun20) was
(890.461 + 865.145 + 716.119 + 659.803 + 520.656) / 5 = $730.4368 Mil.
Total Assets at the begining of this year (Jun19) was $890.46 Mil.
Long-Term Debt & Capital Lease Obligation was $13.51 Mil.
Total Current Assets was $495.55 Mil.
Total Current Liabilities was $36.24 Mil.
Net Income was 25.556 + 16.279 + 6.68 + -4.419 = $44.10 Mil.

Revenue was 67.144 + 45.036 + 6.696 + 7.458 = $126.33 Mil.
Gross Profit was 55.218 + 33.592 + 2.896 + 2.529 = $94.24 Mil.
Average Total Assets from the begining of last year (Jun18)
to the end of last year (Jun19) was
(945.995 + 984.427 + 963.736 + 923.533 + 890.461) / 5 = $941.6304 Mil.
Total Assets at the begining of last year (Jun18) was $946.00 Mil.
Long-Term Debt & Capital Lease Obligation was $128.52 Mil.
Total Current Assets was $399.70 Mil.
Total Current Liabilities was $38.34 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.

PDL BioPharma's current Net Income (TTM) was -154.37. ==> 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.

PDL BioPharma's current Cash Flow from Operations (TTM) was -56.35. ==> Negative ==> Score 0.

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 (Jun19)
=-154.366/890.461
=-0.17335515

ROA (Last Year)=Net Income/Total Assets (Jun18)
=44.096/945.995
=0.04661335

PDL BioPharma's return on assets of this year was -0.17335515. PDL BioPharma's return on assets of last year was 0.04661335. ==> 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.

PDL BioPharma's current Net Income (TTM) was -154.37. PDL BioPharma's current Cash Flow from Operations (TTM) was -56.35. ==> -56.35 > -154.37 ==> 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: Jun20)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Jun19 to Jun20
=13.507/730.4368
=0.01849168

Gearing (Last Year: Jun19)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Jun18 to Jun19
=128.52/941.6304
=0.13648667

PDL BioPharma's gearing of this year was 0.01849168. PDL BioPharma's gearing of last year was 0.13648667. ==> 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: Jun20)=Total Current Assets/Total Current Liabilities
=495.548/36.235
=13.67594867

Current Ratio (Last Year: Jun19)=Total Current Assets/Total Current Liabilities
=399.703/38.336
=10.42630947

PDL BioPharma's current ratio of this year was 13.67594867. PDL BioPharma's current ratio of last year was 10.42630947. ==> 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.

PDL BioPharma's number of shares in issue this year was 115.908. PDL BioPharma's number of shares in issue last year was 118.285. ==> There is smaller number of shares in issue this year, or the same. ==> Score 1.

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
=15.616/49.576
=0.31499112

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=94.235/126.334
=0.74591955

PDL BioPharma's gross margin of this year was 0.31499112. PDL BioPharma's gross margin of last year was 0.74591955. ==> 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 (Jun19)
=49.576/890.461
=0.05567453

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Jun18)
=126.334/945.995
=0.13354616

PDL BioPharma's asset turnover of this year was 0.05567453. PDL BioPharma's asset turnover of last year was 0.13354616. ==> 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+0+0+1+1+1+1+0+0
=4

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

PDL BioPharma has an F-score of 4 indicating the company's financial situation is typical for a stable company.

PDL BioPharma  (NAS:PDLI) 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.

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.


PDL BioPharma Piotroski F-Score Related Terms

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PDL BioPharma Business Description

PDL BioPharma logo
Traded in Other Exchanges
N/A
Address
932 Southwood Boulevard, Incline Villiage, NV, USA, 89451
PDL BioPharma Inc acquires and manages a portfolio of companies, products, royalty agreements and debt facilities in the biotech, pharmaceutical and medical device industries. The operating segments of the company are Medical Devices, Strategic Positions, Pharmaceutical and Income Generating Assets, of which key revenue is derived from the Pharmaceutical segment. The Pharmaceutical segment consists of revenue derived from branded prescription medicine products sold under the name Tekturna and Tekturna HCT in the U.S, and Rasilez and Rasilez HCT in the rest of the world (collectively, the Noden Products). Geographically, the company operates in Europe, North America, Asia and Other countries, of which prime revenue is generated from Asia and North America.
Executives
Gryska David W director 749 N MARY AVE SUNNYVALE CA 94085
Hernday Natasha director 932 SOUTHWOOD BLVD INCLINE VILLAGE NV 89451
Mclaughlin John Peter director C/O PDL BIOPHARMA, INC. 932 SOUTHWOOD BOULEVARD INCLINE VILLAGE NV 89451
Bazaar Alan Lee director 9 BEDFORD ROAD KATONAH NY 10536
Monnet Dominique officer: President and CEO C/O ALEXION PHARMACEUTICALS, INC. 352 KNOTTER DRIVE CHESHIRE CT 06410
Imbrogno Edward officer: VP Finance, CAO and Acting CFO 932 SOUTHWOOD BLVD. INCLINE VILLAGE NV 89451
Jene Jill M. officer: VP, Business Development 932 SOUTHWOOD BLVD. INCLINE VILLAGE NV 89451
Stone Christopher Lewis officer: VP, Gen. Counsel & Secretary 932 SOUTHWOOD BLVD. INCLINE VILLAGE NV 89451
Selick Harold E director
Saks Samuel R director 3180 PORTER DRIVE PALO ALTO CA 94304
Sandman Paul W director C/O PDL BIOPHARMA, INC. 932 SOUTHWOOD BLVD INCLINE VILLAGE NV 89451
Yanai Shlomo director ONE MEADOWLANDS PLAZA EAST RUTHERFORD NJ 07073
Garcia Peter S officer: Vice President, CFO ALX ONCOLOGY HOLDINGS INC. 866 MALCOLM ROAD, SUITE 100 BURLINGAME CA 94010
Lindell Jody S director 2536 FILLMORE ST. SAN FRANCISCO CA 94115
Edick Paul R director C/O NEWLINK GENETICS CORP. 2503 SOUTH LOOP DR., SUITE 5100 AMES IA 50010

PDL BioPharma Headlines

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