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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 -1.08. The lowest was -3.47. And the median was -2.72.
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 * 0.9648||+||0.528 * 0.9923||+||0.404 * 0.9295||+||0.892 * 1.0415||+||0.115 * 0.9456|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.9432||+||4.679 * -0.1193||-||0.327 * 1.009|
|This Year (Sep15) TTM:||Last Year (Sep14) TTM:|
|Accounts Receivable was $468 Mil.|
Revenue was 813.27 + 796.759 + 760.802 + 851.483 = $3,222 Mil.
Gross Profit was 667.016 + 664.008 + 628.196 + 676.831 = $2,636 Mil.
Total Current Assets was $1,737 Mil.
Total Assets was $5,405 Mil.
Property, Plant and Equipment(Net PPE) was $371 Mil.
Depreciation, Depletion and Amortization(DDA) was $375 Mil.
Selling, General & Admin. Expense(SGA) was $1,539 Mil.
Total Current Liabilities was $1,548 Mil.
Long-Term Debt was $1,317 Mil.
Net Income was 55.925 + 103.275 + 28.887 + 95.228 = $283 Mil.
Non Operating Income was -2.369 + -3.262 + -7.849 + -1.692 = $-15 Mil.
Cash Flow from Operations was 259.795 + 201.147 + 291.871 + 190.431 = $943 Mil.
|Accounts Receivable was $466 Mil.
Revenue was 758.994 + 781.56 + 750.819 + 802.42 = $3,094 Mil.
Gross Profit was 623.009 + 606.304 + 616.493 + 665.712 = $2,512 Mil.
Total Current Assets was $1,445 Mil.
Total Assets was $5,231 Mil.
Property, Plant and Equipment(Net PPE) was $354 Mil.
Depreciation, Depletion and Amortization(DDA) was $320 Mil.
Selling, General & Admin. Expense(SGA) was $1,567 Mil.
Total Current Liabilities was $1,462 Mil.
Long-Term Debt was $1,285 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)|
|=||(467.815 / 3222.314)||/||(465.558 / 3093.793)|
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)|
|=||(664.008 / 3093.793)||/||(667.016 / 3222.314)|
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 - (1737.138 + 371.101) / 5405.483)||/||(1 - (1444.71 + 353.72) / 5231.477)|
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))|
|=||(320.178 / (320.178 + 353.72))||/||(374.76 / (374.76 + 371.101))|
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)|
|=||(1539.241 / 3222.314)||/||(1566.907 / 3093.793)|
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)|
|=||((1316.892 + 1547.542) / 5405.483)||/||((1285.092 + 1462.447) / 5231.477)|
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|
|=||(283.315 - -15.172||-||943.244)||/||5405.483|
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 -3.07 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