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ZLDPF (Zealand Pharma AS) Piotroski F-Score : 3 (As of Mar. 05, 2025)


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What is Zealand Pharma AS Piotroski F-Score?

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

Zealand Pharma AS 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 Zealand Pharma AS's Piotroski F-Score or its related term are showing as below:

ZLDPF' s Piotroski F-Score Range Over the Past 10 Years
Min: 1   Med: 3   Max: 5
Current: 3

During the past 13 years, the highest Piotroski F-Score of Zealand Pharma AS was 5. The lowest was 1. And the median was 3.


Zealand Pharma AS Piotroski F-Score Historical Data

The historical data trend for Zealand Pharma AS'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.

Zealand Pharma AS Piotroski F-Score Chart

Zealand Pharma AS Annual Data
Trend Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24
Piotroski F-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only 3.00 1.00 4.00 4.00 3.00

Zealand Pharma AS Quarterly Data
Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24
Piotroski F-Score Get a 7-Day Free Trial 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 5.00 4.00 3.00 3.00

Competitive Comparison of Zealand Pharma AS's Piotroski F-Score

For the Biotechnology subindustry, Zealand Pharma AS'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.


Zealand Pharma AS's Piotroski F-Score Distribution in the Biotechnology Industry

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

* The bar in red indicates where Zealand Pharma AS'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 (Dec24) TTM:Last Year (Dec23) TTM:
Net Income was -33.331 + -42.222 + -39.654 + -40.864 = $-156.07 Mil.
Cash Flow from Operations was -32.607 + -33.363 + -43.962 + -25.34 = $-135.27 Mil.
Revenue was 2.2 + 4.923 + 0.657 + 1.272 = $9.05 Mil.
Gross Profit was 1.529 + 3.554 + 1.643 + 1.214 = $7.94 Mil.
Average Total Assets from the begining of this year (Dec23)
to the end of this year (Dec24) was
(289.693 + 522.873 + 1464.695 + 1433.443 + 1334.663) / 5 = $1009.0734 Mil.
Total Assets at the begining of this year (Dec23) was $289.69 Mil.
Long-Term Debt & Capital Lease Obligation was $52.75 Mil.
Total Current Assets was $1,197.36 Mil.
Total Current Liabilities was $56.65 Mil.
Net Income was -27.852 + -46.494 + 10.611 + -38.736 = $-102.47 Mil.

Revenue was 1.96 + 1.514 + 42.291 + 3.4 = $49.17 Mil.
Gross Profit was 1.96 + 1.514 + 41.552 + 1.349 = $46.38 Mil.
Average Total Assets from the begining of last year (Dec22)
to the end of last year (Dec23) was
(219.255 + 192.818 + 298.269 + 311.333 + 289.693) / 5 = $262.2736 Mil.
Total Assets at the begining of last year (Dec22) was $219.26 Mil.
Long-Term Debt & Capital Lease Obligation was $15.01 Mil.
Total Current Assets was $260.40 Mil.
Total Current Liabilities was $41.64 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.

Zealand Pharma AS's current Net Income (TTM) was -156.07. ==> 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.

Zealand Pharma AS's current Cash Flow from Operations (TTM) was -135.27. ==> 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 (Dec23)
=-156.071/289.693
=-0.53874619

ROA (Last Year)=Net Income/Total Assets (Dec22)
=-102.471/219.255
=-0.46735992

Zealand Pharma AS's return on assets of this year was -0.53874619. Zealand Pharma AS's return on assets of last year was -0.46735992. ==> 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.

Zealand Pharma AS's current Net Income (TTM) was -156.07. Zealand Pharma AS's current Cash Flow from Operations (TTM) was -135.27. ==> -135.27 > -156.07 ==> 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: Dec24)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Dec23 to Dec24
=52.754/1009.0734
=0.05227965

Gearing (Last Year: Dec23)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Dec22 to Dec23
=15.008/262.2736
=0.05722269

Zealand Pharma AS's gearing of this year was 0.05227965. Zealand Pharma AS's gearing of last year was 0.05722269. ==> 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: Dec24)=Total Current Assets/Total Current Liabilities
=1197.358/56.651
=21.13569046

Current Ratio (Last Year: Dec23)=Total Current Assets/Total Current Liabilities
=260.401/41.637
=6.2540769

Zealand Pharma AS's current ratio of this year was 21.13569046. Zealand Pharma AS's current ratio of last year was 6.2540769. ==> 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.

Zealand Pharma AS's number of shares in issue this year was 70.739. Zealand Pharma AS's number of shares in issue last year was 58.374. ==> 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
=7.94/9.052
=0.87715422

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=46.375/49.165
=0.94325231

Zealand Pharma AS's gross margin of this year was 0.87715422. Zealand Pharma AS's gross margin of last year was 0.94325231. ==> 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 (Dec23)
=9.052/289.693
=0.03124687

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Dec22)
=49.165/219.255
=0.22423662

Zealand Pharma AS's asset turnover of this year was 0.03124687. Zealand Pharma AS's asset turnover of last year was 0.22423662. ==> 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+0+0+0
=3

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

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

Zealand Pharma AS  (OTCPK:ZLDPF) 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.


Zealand Pharma AS Piotroski F-Score Related Terms

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Zealand Pharma AS Business Description

Traded in Other Exchanges
Address
Sydmarken 11, Soborg, DNK, DK-2860
Zealand Pharma AS is a biotechnology company. It is focused on the discovery, design, and development of peptide-based medicines. The company's product pipeline includes three product candidates in clinical development: glepaglutide, which is being developed to treat short bowel syndrome or SBS; dasiglucagon formulated for use in a dual-hormone artificial pancreas system for diabetes management; and dasiglucagon for use in the treatment of congenital hyperinsulinism. The company has out-licensed a peptide program to Boehringer Ingelheim that has been moved ahead into early clinical development: a once-weekly novel dual-acting GLP-1/glucagon agonist for the treatment of obesity and/or Type 2 diabetes.