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The zones of discrimination for M-Score is as such:
An M-Score of less than -2.22 suggests that the company is not an accounting manipulator.
An M-Score of greater than -2.22 signals that the company is likely an accounting manipulator.
During the past 13 years, the highest Beneish M-Score of Citrix Systems Inc was -0.11. The lowest was -3.47. And the median was -2.71.
The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Z-Score) or business trend (F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.
The M-Score Variables:
The M-score of Citrix Systems Inc for today is based on a combination of the following eight different indices:
|M||=||-4.84||+||0.92 * DSRI||+||0.528 * GMI||+||0.404 * AQI||+||0.892 * SGI||+||0.115 * DEPI|
|=||-4.84||+||0.92 * 0.9419||+||0.528 * 1.0061||+||0.404 * 0.9098||+||0.892 * 1.069||+||0.115 * 0.8763|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.9196||+||4.679 * -0.1264||-||0.327 * 1.0047|
|This Year (Jun16) TTM:||Last Year (Jun15) TTM:|
|Accounts Receivable was $504 Mil.|
Revenue was 842.98 + 825.678 + 904.763 + 813.27 = $3,387 Mil.
Gross Profit was 698.658 + 686.586 + 702.01 + 667.016 = $2,754 Mil.
Total Current Assets was $2,002 Mil.
Total Assets was $5,714 Mil.
Property, Plant and Equipment(Net PPE) was $366 Mil.
Depreciation, Depletion and Amortization(DDA) was $391 Mil.
Selling, General & Admin. Expense(SGA) was $1,553 Mil.
Total Current Liabilities was $1,627 Mil.
Long-Term Debt was $1,329 Mil.
Net Income was 120.898 + 83.463 + 131.274 + 55.925 = $392 Mil.
Non Operating Income was -0.272 + -1.003 + 7.75 + -2.369 = $4 Mil.
Cash Flow from Operations was 228.362 + 339.965 + 281.735 + 259.795 = $1,110 Mil.
|Accounts Receivable was $501 Mil.
Revenue was 796.759 + 760.802 + 851.483 + 758.994 = $3,168 Mil.
Gross Profit was 664.008 + 628.196 + 676.831 + 623.009 = $2,592 Mil.
Total Current Assets was $1,589 Mil.
Total Assets was $5,502 Mil.
Property, Plant and Equipment(Net PPE) was $371 Mil.
Depreciation, Depletion and Amortization(DDA) was $307 Mil.
Selling, General & Admin. Expense(SGA) was $1,579 Mil.
Total Current Liabilities was $1,524 Mil.
Long-Term Debt was $1,309 Mil.
1. DSRI = Days Sales in Receivables Index
A large increase in DSR could be indicative of revenue inflation.
|DSRI||=||(Receivables_t / Revenue_t)||/||(Receivables_t-1 / Revenue_t-1)|
|=||(504.42 / 3386.691)||/||(500.976 / 3168.038)|
2. GMI = Gross Margin Index
Measured as the ratio of gross margin in year t-1 to gross margin in year t.
Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.
|=||(GrossProfit_t-1 / Revenue_t-1)||/||(GrossProfit_t / Revenue_t)|
|=||(2592.044 / 3168.038)||/||(2754.27 / 3386.691)|
3. AQI = Asset Quality Index
AQI is the ratio of asset quality in year t to year t-1.
|AQI||=||(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t)||/||(1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)|
|=||(1 - (2001.791 + 365.804) / 5714.214)||/||(1 - (1589.283 + 370.767) / 5501.975)|
4. SGI = Sales Growth Index
Ratio of sales in year t to sales in year t-1.
Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.
5. DEPI = Depreciation Index
Measured as the ratio of the rate of depreciation in year t-1 to the corresponding rate in year t.
DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.
|DEPI||=||(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1))||/||(Depreciation_t / (Depreciaton_t + PPE_t))|
|=||(306.655 / (306.655 + 370.767))||/||(390.938 / (390.938 + 365.804))|
6. SGAI = Sales, General and Administrative expenses Index
The ratio of SGA expenses in year t relative to year t-1.
SGA expenses index > 1 means that the company is becoming less efficient in generate sales.
|SGAI||=||(SGA_t / Sales_t)||/||(SGA_t-1 /Sales_t-1)|
|=||(1552.578 / 3386.691)||/||(1579.31 / 3168.038)|
7. LVGI = Leverage Index
The ratio of total debt to total assets in year t relative to yeat t-1.
An LVGI > 1 indicates an increase$sgai= in leverage
|LVGI||=||((LTD_t + CurrentLiabilities_t) / TotalAssets_t)||/||((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)|
|=||((1329.478 + 1626.683) / 5714.214)||/||((1308.852 + 1524.318) / 5501.975)|
8. TATA = Total Accruals to Total Assets
Total accruals calculated as the change in working capital accounts other than cash less depreciation.
|=||(NetIncome_t - NonOperatingIncome_t||-||CashFlowsfromOperations_t)||/||TotalAssets_t|
|=||(391.56 - 4.106||-||1109.857)||/||5714.214|
An M-Score of less than -2.22 suggests that the company will not be a manipulator. An M-Score of greater than -2.22 signals that the company is likely to be a manipulator.
Citrix Systems Inc has a M-score of -3.10 suggests that the company will not be a manipulator.
Altman Z-Score, Piotroski F-Score, Accounts Receivable, Revenue, Gross Profit, Total Current Assets, Total Assets, Property, Plant and Equipment, Depreciation, Depletion and Amortization, Selling, General & Admin. Expense, Total Current Liabilities, Long-Term Debt, Net Income, Non Operating Income, Cash Flow from Operations
Citrix Systems Inc Annual Data
Citrix Systems Inc Quarterly Data