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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
Integrated Device Technology has an F-score of 6 indicating the company's financial situation is typical for a stable company.
The historical rank and industry rank for Integrated Device Technology's Piotroski F-Score or its related term are showing as below:
The historical data trend for Integrated Device Technology'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.
Integrated Device Technology Annual Data | |||||||||||||||||||||
Trend | Mar09 | Mar10 | Mar11 | Mar12 | Mar13 | Mar14 | Mar15 | Mar16 | Mar17 | Mar18 | |||||||||||
Piotroski F-Score | Get a 7-Day Free Trial | 6.00 | 7.00 | 6.00 | 6.00 | 4.00 |
Integrated Device Technology Quarterly Data | ||||||||||||||||||||
Mar14 | Jun14 | Sep14 | Dec14 | Mar15 | Jun15 | Sep15 | Dec15 | Mar16 | Jun16 | Sep16 | Dec16 | Mar17 | Jun17 | Sep17 | Dec17 | Mar18 | Jun18 | Sep18 | Dec18 | |
Piotroski F-Score | Get a 7-Day Free Trial | 4.00 | 4.00 | 6.00 | 6.00 | 6.00 |
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 (Dec18) TTM: | Last Year (Dec17) TTM: |
Net Income was 20.711 + 30.72 + 35.5 + 21.606 = $108.5 Mil. Cash Flow from Operations was 69.124 + 44.293 + 95.329 + 100.011 = $308.8 Mil. Revenue was 224.578 + 228.516 + 235.484 + 240.587 = $929.2 Mil. Gross Profit was 127.1 + 136.607 + 143.584 + 149.276 = $556.6 Mil. Average Total Assets from the begining of this year (Dec17) to the end of this year (Dec18) was (1368.837 + 1310.531 + 1283.721 + 1338.162 + 1377.6) / 5 = $1335.7702 Mil. Total Assets at the begining of this year (Dec17) was $1,368.8 Mil. Long-Term Debt & Capital Lease Obligation was $63.2 Mil. Total Current Assets was $645.3 Mil. Total Current Liabilities was $643.6 Mil. |
Net Income was 30.209 + 16.714 + 18.68 + -68.241 = $-2.6 Mil. Revenue was 175.698 + 196.713 + 204.398 + 217.075 = $793.9 Mil. Gross Profit was 101.672 + 110.038 + 116.762 + 128.385 = $456.9 Mil. Average Total Assets from the begining of last year (Dec16) to the end of last year (Dec17) was (1158.657 + 1183.634 + 1384.002 + 1416.028 + 1368.837) / 5 = $1302.2316 Mil. Total Assets at the begining of last year (Dec16) was $1,158.7 Mil. Long-Term Debt & Capital Lease Obligation was $487.4 Mil. Total Current Assets was $585.0 Mil. Total Current Liabilities was $104.0 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.
Integrated Device Technology's current Net Income (TTM) was 108.5.
==> Positive ==> Score 1.
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.
Integrated Device Technology's current Cash Flow from Operations (TTM) was 308.8.
==> 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 (Dec17) |
= | 108.537 | / | 1368.837 | |
= | 0.0792914 |
ROA (Last Year) | = | Net Income | / | Total Assets (Dec16) |
= | -2.638 | / | 1158.657 | |
= | -0.00227677 |
Integrated Device Technology's return on assets of this year was 0.0792914. Integrated Device Technology's return on assets of last year was -0.00227677.
==> This year is higher. ==> Score 1.
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.
Integrated Device Technology's current Net Income (TTM) was 108.5. Integrated Device Technology's current Cash Flow from Operations (TTM) was 308.8.
==> 308.8 > 108.5 ==> 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: Dec18) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from Dec17 to Dec18 |
= | 63.214 | / | 1335.7702 | |
= | 0.04732401 |
Gearing (Last Year: Dec17) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from Dec16 to Dec17 |
= | 487.351 | / | 1302.2316 | |
= | 0.37424295 |
Integrated Device Technology's gearing of this year was 0.04732401. Integrated Device Technology's gearing of last year was 0.37424295.
==> 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: Dec18) | = | Total Current Assets | / | Total Current Liabilities |
= | 645.279 | / | 643.625 | |
= | 1.00256982 |
Current Ratio (Last Year: Dec17) | = | Total Current Assets | / | Total Current Liabilities |
= | 585.049 | / | 104.049 | |
= | 5.62282194 |
Integrated Device Technology's current ratio of this year was 1.00256982. Integrated Device Technology's current ratio of last year was 5.62282194.
==> 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.
Integrated Device Technology's number of shares in issue this year was 137.182. Integrated Device Technology's number of shares in issue last year was 132.689.
==> 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 |
= | 556.567 | / | 929.165 | |
= | 0.59899695 |
Gross Margin (Last Year: TTM) | = | Gross Profit | / | Revenue |
= | 456.857 | / | 793.884 | |
= | 0.57547072 |
Integrated Device Technology's gross margin of this year was 0.59899695. Integrated Device Technology's gross margin of last year was 0.57547072.
==> This year's gross margin is higher. ==> Score 1.
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 (Dec17) |
= | 929.165 | / | 1368.837 | |
= | 0.67879886 |
Asset Turnover (Last Year) | = | Revenue | / | Total Assets at the Beginning of Last Year (Dec16) |
= | 793.884 | / | 1158.657 | |
= | 0.68517603 |
Integrated Device Technology's asset turnover of this year was 0.67879886. Integrated Device Technology's asset turnover of last year was 0.68517603.
==> 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 |
= | 1 | + | 1 | + | 1 | + | 1 | + | 1 | + | 0 | + | 0 | + | 1 | + | 0 | |
= | 6 |
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Integrated Device Technology has an F-score of 6 indicating the company's financial situation is typical for a stable company.
Integrated Device Technology (NAS:IDTI) 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.
Thank you for viewing the detailed overview of Integrated Device Technology's Piotroski F-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
S Kenneth Kannappan | director | 337 ENCINAL ST SANTA CRUZ CA 95060 |
Robert A. Rango | director | 5300 CALIFORNIA AVENUE, IRVINE CA 92617 |
Gordon W Parnell | director | 2355 W CHANDLER BLVD, CHANDLER AZ 85224-6199 |
Brian C White | officer: SVP, CHIEF FINANCIAL OFFICER | C/O INTEGRATED DEVICE TECHNOLOGY, INC., 6024 SILVER CREEK VALLEY ROAD, SAN JOSE CA 95138 |
Gregory L Waters | officer: President & CEO | ONSEMI C/O H. SPENCER, 5701 NORTH PIMA ROAD, SCOTTSDALE AZ 85250 |
Norman P Taffe | director | 3901 NORTH FIRST STREET, SAN JOSE CA 95134 |
Xianzhi Sean Fan | officer: Sr Vice President&Corporate GM | C/O INTEGRATED DEVICE TECHNOLOGY, INC., 6024 SILVER CREEK VALLEY ROAD, SAN JOSE CA 95138 |
Umesh Padval | director | BESSEMER VENTURE PARTNERS, 535 MIDDLEFIELD ROAD, SUITE 245, MENLO PARK CA 94025 |
Donald E Schrock | director | C/O INTEGRATED DEVICE TECHNOLOGY, INC., 6024 SILVER CREEK VALLEY ROAD, SAN JOSE CA 95138 |
Jeffrey Stephen Mccreary | director | C/O MIPS TECHNOLOGIES, INC., 955 EAST ARQUES AVENUE, SUNNYVALE CA 94085 |
Peter A Feld | director | 201 E LAS OLAS BOULEVARD, SUITE 1000, FORT LAUDERDALE FL 33301 |
Tewksbury Ted L Iii | director, officer: CHIEF EXECUTIVE OFFICER | C/O INTEGRATED DEVICE TECHNOLOGY, INC., 6024 SILVER CREEK VALLEY ROAD, SAN JOSE CA 95138 |
Kelley Steven-waiss | officer: VP HUMAN RESOURCES | 7005 SOUTHFRONT ROAD, LIVERMORE CA 94551 |
Paul E Rolls | officer: SR. VP WORLDWIDE SALES & | C/O ON SEMICONDUCTOR, 5005 E MCDOWELL RD MD A700, PHOENIX AZ 85008 |
Lewis C Eggebrecht | director | C/O INTEGRATED DEVICE TECHNOLOGY, INC., 6024 SILVER CREEK VALLEY ROAD, SAN JOSE CA 95138 |
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