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Xencor (Xencor) Piotroski F-Score

: 3 (As of Today)
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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

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

XNCR' s Piotroski F-Score Range Over the Past 10 Years
Min: 2   Med: 4   Max: 6
Current: 3

During the past 13 years, the highest Piotroski F-Score of Xencor was 6. The lowest was 2. And the median was 4.


Xencor Piotroski F-Score Historical Data

The historical data trend for Xencor'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.

Xencor Annual Data
Trend Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23
Piotroski F-Score
Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 6.00 2.00 4.00 4.00 3.00

Xencor Quarterly Data
Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23
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 4.00 3.00 2.00 1.00 3.00

Competitive Comparison

For the Biotechnology subindustry, Xencor'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.


Xencor Piotroski F-Score Distribution

For the Biotechnology industry and Healthcare sector, Xencor's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where Xencor'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 (Dec23) TTM:Last Year (Dec22) TTM:
Net Income was -60.763 + -21.954 + -24.269 + -19.101 = $-126.1 Mil.
Cash Flow from Operations was -30.614 + -38.2 + -27.281 + 181.206 = $85.1 Mil.
Revenue was 18.962 + 45.523 + 59.164 + 44.689 = $168.3 Mil.
Gross Profit was 18.962 + 45.523 + 59.164 + 44.689 = $168.3 Mil.
Average Total Assets from the begining of this year (Dec22)
to the end of this year (Dec23) was
(846.266 + 803.411 + 778.121 + 778.43 + 952.692) / 5 = $831.784 Mil.
Total Assets at the begining of this year (Dec22) was $846.3 Mil.
Long-Term Debt & Capital Lease Obligation was $73.7 Mil.
Total Current Assets was $623.2 Mil.
Total Current Liabilities was $84.7 Mil.
Net Income was 23.594 + -33.975 + -32.759 + -12.042 = $-55.2 Mil.

Revenue was 85.495 + 30.175 + 27.299 + 21.61 = $164.6 Mil.
Gross Profit was 85.495 + 30.175 + 27.299 + 21.61 = $164.6 Mil.
Average Total Assets from the begining of last year (Dec21)
to the end of last year (Dec22) was
(838.211 + 857.922 + 851.325 + 835.269 + 846.266) / 5 = $845.7986 Mil.
Total Assets at the begining of last year (Dec21) was $838.2 Mil.
Long-Term Debt & Capital Lease Obligation was $54.9 Mil.
Total Current Assets was $675.3 Mil.
Total Current Liabilities was $63.8 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.

Xencor's current Net Income (TTM) was -126.1. ==> 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.

Xencor's current Cash Flow from Operations (TTM) was 85.1. ==> 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 (Dec22)
=-126.087/846.266
=-0.14899216

ROA (Last Year)=Net Income/Total Assets (Dec21)
=-55.182/838.211
=-0.06583307

Xencor's return on assets of this year was -0.14899216. Xencor's return on assets of last year was -0.06583307. ==> 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.

Xencor's current Net Income (TTM) was -126.1. Xencor's current Cash Flow from Operations (TTM) was 85.1. ==> 85.1 > -126.1 ==> 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: Dec23)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Dec22 to Dec23
=73.667/831.784
=0.08856506

Gearing (Last Year: Dec22)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Dec21 to Dec22
=54.926/845.7986
=0.06493981

Xencor's gearing of this year was 0.08856506. Xencor's gearing of last year was 0.06493981. ==> Last year is lower than this year ==> Score 0.

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: Dec23)=Total Current Assets/Total Current Liabilities
=623.16/84.709
=7.35647924

Current Ratio (Last Year: Dec22)=Total Current Assets/Total Current Liabilities
=675.342/63.844
=10.57800263

Xencor's current ratio of this year was 7.35647924. Xencor's current ratio of last year was 10.57800263. ==> 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.

Xencor's number of shares in issue this year was 60.852. Xencor's number of shares in issue last year was 59.915. ==> 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
=168.338/168.338
=1

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=164.579/164.579
=1

Xencor's gross margin of this year was 1. Xencor's gross margin of last year was 1. ==> 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 (Dec22)
=168.338/846.266
=0.19891854

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Dec21)
=164.579/838.211
=0.19634555

Xencor's asset turnover of this year was 0.19891854. Xencor's asset turnover of last year was 0.19634555. ==> This year's asset turnover is higher. ==> Score 1.

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+0+0+0+0+1
=3

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

Xencor has an F-score of 3. It is a bad or low score, which usually implies poor business operation.

Xencor  (NAS:XNCR) 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.


Xencor Piotroski F-Score Related Terms

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Xencor (Xencor) Business Description

Traded in Other Exchanges
Address
111 West Lemon Avenue, Monrovia, CA, USA, 91016
Xencor Inc is a clinical-stage biopharmaceutical company based in the United States. It focuses on discovering and developing engineered monoclonal antibody and other protein therapeutics to treat severe and life-threatening diseases with unmet medical needs. The company uses its XmAb technology platform to create antibody product candidates such as XmAb5871 and XmAb7195. It also has a few pre-clinical stage candidates in its portfolio such as XmAb14045 and XmAb13676. It earns its revenue from research and development collaborations and licenses of its internally developed drug candidates.
Executives
Bassil I Dahiyat director, officer: PRESIDENT & CEO C/O XENCOR, INC., 111 WEST LEMON AVENUE, MONROVIA CA 91016
Barbara Klencke director C/O SIERRA ONCOLOGY, INC., 1820 GATEWAY DRIVE, SUITE 110, SAN MATEO CA 94404
Allen Yang officer: SR. VICE PRESIDENT & CMO C/O XENCOR INC., 111 WEST LEMON AVENUE, MONROVIA CA 91016
Celia Eckert officer: VP, GENERAL COUNSEL C/O XENCOR, INC., 111 WEST LEMON AVENUE, MONROVIA CA 91016
John R Desjarlais officer: SR. VICE PRESIDENT & CSO C/O XENCOR, INC., 111 WEST LEMON AVENUE, MONROVIA CA 91016
John J Kuch officer: SR. VICE PRESIDENT & CFO C/O XENCOR, INC., 111 WEST LEMON AVENUE, MONROVIA CA 91016
Nancy Valente director C/O MYOVANT SCIENCES INC., 2000 SIERRA POINT PARKWAY, 9TH FLOOR, BRISBANE CA 94005
Richard J Ranieri director 3005 FIRST AVE, SEATTLE WA 98121
Ellen Feigal director C/O XENCOR INC., 111 WEST LEMON AVENUE, MONROVIA CA 91016
Yujiro S Hata director C/O XENCOR, INC., 111 WEST LEMON AVENUE, MONROVIA CA 91016
Dagmar Rosa-bjorkeson director C/O BAXALTA INCORPORATED, 1200 LAKESIDE DRIVE, BANNOCKBURN IL 60015
Alan Bruce Montgomery director 1111 MAIN STREET, SUITE 660, VANCOUVER WA 98660
Kevin Charles Gorman director 12790 EL CAMINO REAL, SAN DIEGO CA 92130
Kurt A Gustafson director 11388 SORRENTO VALLEY ROAD, SAN DIEGO CA 92121
Stafford John S Iii 10 percent owner 230 SOUTH LASALLE STREET 400, CHICAGO IL 60604