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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 -2.93 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 -2.69.
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 * 1.0093||+||0.528 * 1.0148||+||0.404 * 0.9624||+||0.892 * 1.1224||+||0.115 * 0.9646|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.9874||+||4.679 * -0.117||-||0.327 * 1.0224|
|This Year (Mar14) TTM:||Last Year (Mar13) TTM:|
|Accounts Receivable was $511 Mil.|
Revenue was 750.819 + 802.42 + 712.731 + 730.384 = $2,996 Mil.
Gross Profit was 616.493 + 665.712 + 588.798 + 603.144 = $2,474 Mil.
Total Current Assets was $1,539 Mil.
Total Assets was $5,269 Mil.
Property, Plant and Equipment(Net PPE) was $337 Mil.
Depreciation, Depletion and Amortization(DDA) was $273 Mil.
Selling, General & Admin. Expense(SGA) was $1,505 Mil.
Total Current Liabilities was $1,450 Mil.
Long-Term Debt was $0 Mil.
Net Income was 55.939 + 138.644 + 76.73 + 64.461 = $336 Mil.
Non Operating Income was -3.132 + 1.164 + 3.438 + 1.375 = $3 Mil.
Cash Flow from Operations was 287.876 + 229.694 + 222.948 + 208.902 = $949 Mil.
|Accounts Receivable was $451 Mil.
Revenue was 672.899 + 739.996 + 641.422 + 615.21 = $2,670 Mil.
Gross Profit was 557.985 + 622.628 + 535.354 + 520.852 = $2,237 Mil.
Total Current Assets was $1,301 Mil.
Total Assets was $4,848 Mil.
Property, Plant and Equipment(Net PPE) was $302 Mil.
Depreciation, Depletion and Amortization(DDA) was $230 Mil.
Selling, General & Admin. Expense(SGA) was $1,358 Mil.
Total Current Liabilities was $1,304 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)|
|=||(510.862 / 2996.354)||/||(450.939 / 2669.527)|
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)|
|=||(665.712 / 2669.527)||/||(616.493 / 2996.354)|
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 - (1538.901 + 336.74) / 5269.473)||/||(1 - (1301.475 + 302.378) / 4848.339)|
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))|
|=||(229.862 / (229.862 + 302.378))||/||(272.995 / (272.995 + 336.74))|
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)|
|=||(1505.333 / 2996.354)||/||(1358.242 / 2669.527)|
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)|
|=||((0 + 1449.536) / 5269.473)||/||((0 + 1304.45) / 4848.339)|
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|
|=||(335.774 - 2.845||-||949.42)||/||5269.473|
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 -2.93 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