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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.
Citrix Systems Inc has a M-score of -3.31 suggests that the company is not a manipulator.
During the past 13 years, the highest Beneish M-Score of Citrix Systems Inc was -1.08. The lowest was -3.47. And the median was -2.70.
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 * 0.9373||+||0.528 * 1.0245||+||0.404 * 0.9674||+||0.892 * 1.0944||+||0.115 * 0.9403|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.977||+||4.679 * -0.1174||-||0.327 * 1.9399|
|This Year (Jun14) TTM:||Last Year (Jun13) TTM:|
|Accounts Receivable was $506 Mil.|
Revenue was 781.56 + 750.819 + 802.42 + 712.731 = $3,048 Mil.
Gross Profit was 606.304 + 616.493 + 665.712 + 588.798 = $2,477 Mil.
Total Current Assets was $1,542 Mil.
Total Assets was $5,249 Mil.
Property, Plant and Equipment(Net PPE) was $340 Mil.
Depreciation, Depletion and Amortization(DDA) was $306 Mil.
Selling, General & Admin. Expense(SGA) was $1,517 Mil.
Total Current Liabilities was $1,476 Mil.
Long-Term Debt was $1,277 Mil.
Net Income was 53.024 + 55.939 + 138.644 + 76.73 = $324 Mil.
Non Operating Income was 1.452 + -5.285 + -0.968 + 1.359 = $-3 Mil.
Cash Flow from Operations was 203.54 + 287.876 + 247.014 + 205.629 = $944 Mil.
|Accounts Receivable was $494 Mil.
Revenue was 730.384 + 672.899 + 739.996 + 641.422 = $2,785 Mil.
Gross Profit was 603.144 + 557.985 + 622.628 + 535.354 = $2,319 Mil.
Total Current Assets was $1,371 Mil.
Total Assets was $4,996 Mil.
Property, Plant and Equipment(Net PPE) was $311 Mil.
Depreciation, Depletion and Amortization(DDA) was $250 Mil.
Selling, General & Admin. Expense(SGA) was $1,419 Mil.
Total Current Liabilities was $1,351 Mil.
Long-Term Debt was $0 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)|
|=||(506.409 / 3047.53)||/||(493.671 / 2784.701)|
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)|
|=||(616.493 / 2784.701)||/||(606.304 / 3047.53)|
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 - (1541.57 + 339.832) / 5249.216)||/||(1 - (1371.358 + 311.316) / 4996.011)|
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))|
|=||(250.014 / (250.014 + 311.316))||/||(305.809 / (305.809 + 339.832))|
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)|
|=||(1517.448 / 3047.53)||/||(1419.243 / 2784.701)|
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)|
|=||((1277.289 + 1475.595) / 5249.216)||/||((0 + 1350.622) / 4996.011)|
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|
|=||(324.337 - -3.442||-||944.059)||/||5249.216|
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 -3.31 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