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ROIC % measures how well a company generates cash flow relative to the capital it has invested in its business. It is also called ROC %. VIA Pharmaceuticals's annualized return on invested capital (ROIC %) for the quarter that ended in Dec. 2010 was -26.59%.
As of today (2024-09-22), VIA Pharmaceuticals's WACC % is 0.00%. VIA Pharmaceuticals's ROIC % is 0.00% (calculated using TTM income statement data). VIA Pharmaceuticals earns returns that do not match up to its cost of capital. It will destroy value as it grows.
The historical data trend for VIA Pharmaceuticals's ROIC % 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.
VIA Pharmaceuticals Annual Data | |||||||||||||||||||||
Trend | Dec01 | Dec02 | Dec03 | Dec04 | Dec05 | Dec06 | Dec07 | Dec08 | Dec09 | Dec10 | |||||||||||
ROIC % | Get a 7-Day Free Trial | -188.00 | -411.94 | -5,335.33 | -251.55 | -48.75 |
VIA Pharmaceuticals Quarterly Data | ||||||||||||||||||||
Mar06 | Jun06 | Sep06 | Dec06 | Mar07 | Jun07 | Sep07 | Dec07 | Mar08 | Jun08 | Sep08 | Dec08 | Mar09 | Jun09 | Sep09 | Dec09 | Mar10 | Jun10 | Sep10 | Dec10 | |
ROIC % | Get a 7-Day Free Trial | -116.06 | -92.39 | -50.00 | -40.32 | -26.59 |
For the Biotechnology subindustry, VIA Pharmaceuticals's ROIC %, along with its competitors' market caps and ROIC % 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 Biotechnology industry and Healthcare sector, VIA Pharmaceuticals's ROIC % distribution charts can be found below:
* The bar in red indicates where VIA Pharmaceuticals's ROIC % falls into.
VIA Pharmaceuticals's annualized Return on Invested Capital (ROIC %) for the fiscal year that ended in Dec. 2010 is calculated as:
ROIC % (A: Dec. 2010 ) | ||||||
= | NOPAT | / | Average Invested Capital | |||
= | Operating Income * ( 1 - Tax Rate % ) | / | ( (Invested Capital (A: Dec. 2009 ) | + | Invested Capital (A: Dec. 2010 )) | / count ) |
= | -5.914 * ( 1 - 0% ) | / | ( (10.206 | + | 14.057) | / 2 ) |
= | -5.914 | / | 12.1315 | |||
= | -48.75 % |
where
Invested Capital | (A: Dec. 2009 ) | |||||||||||
= | Total Assets | - | Accounts Payable & Accrued Expense | - | Excess Cash | |||||||
= | Total Assets | - | Accounts Payable & Accrued Expense | - | ( Cash, Cash Equivalents, Marketable Securities | - | max(0, Total Current Liabilities | - | Total Current Assets | + | Cash, Cash Equivalents, Marketable Securities | )) |
= | 2.556 | - | 3.722 | - | ( 2.19 | - | max(0, 13.717 | - | 2.345 | + | 2.19 | )) |
= | 10.206 |
Invested Capital | (A: Dec. 2010 ) | |||||||||||
= | Total Assets | - | Accounts Payable & Accrued Expense | - | Excess Cash | |||||||
= | Total Assets | - | Accounts Payable & Accrued Expense | - | ( Cash, Cash Equivalents, Marketable Securities | - | max(0, Total Current Liabilities | - | Total Current Assets | + | Cash, Cash Equivalents, Marketable Securities | )) |
= | 0.5 | - | 4.988 | - | ( 0.084 | - | max(0, 18.989 | - | 0.444 | + | 0.084 | )) |
= | 14.057 |
VIA Pharmaceuticals's annualized Return on Invested Capital (ROIC %) for the quarter that ended in Dec. 2010 is calculated as:
ROIC % (Q: Dec. 2010 ) | ||||||
= | NOPAT | / | Average Invested Capital | |||
= | Operating Income * ( 1 - Tax Rate % ) | / | ( (Invested Capital (Q: Sep. 2010 ) | + | Invested Capital (Q: Dec. 2010 )) | / count ) |
= | -3.54 * ( 1 - 0% ) | / | ( (12.572 | + | 14.057) | / 2 ) |
= | -3.54 | / | 13.3145 | |||
= | -26.59 % |
where
Invested Capital | (Q: Sep. 2010 ) | |||||||||||
= | Total Assets | - | Accounts Payable & Accrued Expense | - | Excess Cash | |||||||
= | Total Assets | - | Accounts Payable & Accrued Expense | - | ( Cash, Cash Equivalents, Marketable Securities | - | max(0, Total Current Liabilities | - | Total Current Assets | + | Cash, Cash Equivalents, Marketable Securities | )) |
= | 0.49 | - | 4.595 | - | ( 0.278 | - | max(0, 17.103 | - | 0.426 | + | 0.278 | )) |
= | 12.572 |
Invested Capital | (Q: Dec. 2010 ) | |||||||||||
= | Total Assets | - | Accounts Payable & Accrued Expense | - | Excess Cash | |||||||
= | Total Assets | - | Accounts Payable & Accrued Expense | - | ( Cash, Cash Equivalents, Marketable Securities | - | max(0, Total Current Liabilities | - | Total Current Assets | + | Cash, Cash Equivalents, Marketable Securities | )) |
= | 0.5 | - | 4.988 | - | ( 0.084 | - | max(0, 18.989 | - | 0.444 | + | 0.084 | )) |
= | 14.057 |
Note: The Operating Income data used here is four times the quarterly (Dec. 2010) data.
* 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.
VIA Pharmaceuticals (GREY:VIAP) ROIC % Explanation
ROIC % measures how well a company generates cash flow relative to the capital it has invested in its business. It is also called ROC %. The reason book values of debt and equity are used is because the book values are the capital the company received when issuing the debt or receiving the equity investments.
There are four key components to this definition. The first is the use of operating income or EBIT rather than net income in the numerator. The second is the tax adjustment to this operating income or EBIT, computed as a hypothetical tax based on an effective or marginal tax rate. The third is the use of book values for invested capital, rather than market values. The final is the timing difference; the capital invested is from the end of the prior year whereas the operating income or EBIT is the current year's number.
Why is ROIC % important?
Because it costs money to raise capital. A firm that generates higher returns on investment than it costs the company to raise the capital needed for that investment is earning excess returns. A firm that expects to continue generating positive excess returns on new investments in the future will see its value increase as growth increases, whereas a firm that earns returns that do not match up to its cost of capital will destroy value as it grows.
As of today, VIA Pharmaceuticals's WACC % is 0.00%. VIA Pharmaceuticals's ROIC % is 0.00% (calculated using TTM income statement data).
Be Aware
Like ROE % and ROA %, ROIC % is calculated with only 12 months of data. Fluctuations in the company's earnings or business cycles can affect the ratio drastically. It is important to look at the ratio from a long term perspective.
Thank you for viewing the detailed overview of VIA Pharmaceuticals's ROIC % provided by GuruFocus.com. Please click on the following links to see related term pages.
Fred B Craves | director | 750 BATTERY ST, STE 600, SAN FRANCISCO CA 94111 |
Bay City Capital Fund Iv, L.p. | 10 percent owner | 750 BATTERY STREET, SUITE 400, SAN FRANCISCO CA 94111 |
Bay City Capital Management Iv Llc | 10 percent owner | 750 BATTERY STREET, SUITE 400, SAN FRANCISCO CA 94111 |
Bay City Capital Fund Iv Co Invesment Fund Lp | 10 percent owner | 750 BATTERY ST STE 400, SAN FRANCISCO CA 94111 |
Bay City Capital Llc | 10 percent owner | 750 BATTERY STREET STE 400, SAN FRANCISCO CA 94111 |
Douglas B Given | director | C/O NEORX CORP, 410 WEST HARRISON ST, SEATTLE WA 98119 |
Karen Steil Wright | officer: V.P. ? Finance, Controller | 750 BATTERY STREET, SUITE 330, SAN FRANCISCO CA 94111 |
Lawrence Kenneth Cohen | director, officer: CEO and President | 750 BATTERY STREET, SUITE 330 SAN FRANCISCO CA 94111 |
Richard L Anderson | director | 14031 216TH WAY NE, WOODINVILLE WA 98072 |
Mark Bagnall | director | 3876 BAY CENTER PLACE, HAYWARD CA 94545 |
Rebecca Taub | officer: SVP, Research & Development | 750 BATTERY STREET, SUITE 330, SAN FRANCISCO CA 94111 |
Adeoye Y Olukotun | officer: Chief Medical Officer | 3621 SOUTH STATE ST, 695 KMS PL, ANN ARBOR MI 48108 |
Deerfield Special Situations Fund International Ltd | 10 percent owner, other: Possible Member of 10% Group | BISON COURT, ROAD TOWN, TORTOLA D8 - |
Deerfield Special Situations Fund, L.p. | 10 percent owner, other: Possible Member of 10% Group | 780 3RD AVENUE, 37TH FLOOR, NEW YORK NY 10017 |
James E Flynn | 10 percent owner, other: Possible Member of 10% Group | 780 THIRD AVENUE, 37TH FLOOR, NEW YORK NY 10017 |
From GuruFocus
By gurufocus • 08-12-2009
By gurufocus 10qk • 11-12-2009
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