Xilinx Beneish M-Score Historical Data
The historical data trend for Xilinx's Beneish M-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.
Xilinx Beneish M-Score Chart
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Xilinx Annual Data
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Mar12 |
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Mar17 |
Mar18 |
Mar19 |
Mar20 |
Mar21 |
| Beneish M-Score |
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-2.96 |
-2.32 |
-2.40 |
-2.86 |
-2.93 |
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Xilinx Quarterly Data
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Mar17 |
Jun17 |
Sep17 |
Dec17 |
Mar18 |
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Dec18 |
Mar19 |
Jun19 |
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Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
| Beneish M-Score |
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-3.10 |
-2.93 |
-3.05 |
-2.57 |
-2.08 |
Competitive Comparison of Xilinx's Beneish M-Score
For the Semiconductors subindustry, Xilinx's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Xilinx's Beneish M-Score Distribution in the Semiconductors Industry
For the Semiconductors industry and Technology sector, Xilinx's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Xilinx's Beneish M-Score falls into.
Xilinx Beneish M-Score Calculation
The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski 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 Xilinx 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 * 1.3533 | + | 0.528 * 1.0111 | + | 0.404 * 0.9422 | + | 0.892 * 1.2043 | + | 0.115 * 0.9497 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9117 | + | 4.679 * -0.037327 | - | 0.327 * 0.7571 |
| = | -2.08 |
* 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 (Dec21) TTM: | Last Year (Dec20) TTM: |
Total Receivables was $439 Mil.
Revenue was 1011.059 + 935.77 + 878.606 + 850.987 = $3,676 Mil.
Gross Profit was 725.521 + 632.293 + 586.099 + 570.404 = $2,514 Mil.
Total Current Assets was $4,530 Mil.
Total Assets was $6,345 Mil.
Property, Plant and Equipment(Net PPE) was $328 Mil.
Depreciation, Depletion and Amortization(DDA) was $194 Mil.
Selling, General, & Admin. Expense(SGA) was $505 Mil.
Total Current Liabilities was $684 Mil.
Long-Term Debt & Capital Lease Obligation was $1,494 Mil.
Net Income was 300.062 + 234.545 + 206.341 + 187.883 = $929 Mil.
Non Operating Income was 33.815 + -0.069 + 9.559 + 8.077 = $51 Mil.
Cash Flow from Operations was 362.263 + 122.117 + 389.897 + 240.03 = $1,114 Mil.
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Total Receivables was $270 Mil.
Revenue was 803.404 + 766.535 + 726.673 + 756.169 = $3,053 Mil.
Gross Profit was 547 + 541.719 + 493.873 + 528.435 = $2,111 Mil.
Total Current Assets was $3,967 Mil.
Total Assets was $5,749 Mil.
Property, Plant and Equipment(Net PPE) was $352 Mil.
Depreciation, Depletion and Amortization(DDA) was $192 Mil.
Selling, General, & Admin. Expense(SGA) was $460 Mil.
Total Current Liabilities was $1,114 Mil.
Long-Term Debt & Capital Lease Obligation was $1,492 Mil.
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1. DSRI = Days Sales in Receivables Index
Measured as the ratio of Revenue in Total Receivables in year t to year t-1.
A large increase in DSR could be indicative of revenue inflation.
| DSRI | = | (Receivables_t / Revenue_t) | / | (Receivables_t-1 / Revenue_t-1) |
| = | (439.397 / 3676.422) | / | (269.605 / 3052.781) |
| = | 0.119518 | / | 0.088315 |
| | = | 1.3533 |
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.
| GMI | = | GrossMargin_t-1 | / | GrossMargin_t |
| = | (GrossProfit_t-1 / Revenue_t-1) | / | (GrossProfit_t / Revenue_t) |
| = | (2111.027 / 3052.781) | / | (2514.317 / 3676.422) |
| = | 0.691509 | / | 0.683903 |
| | = | 1.0111 |
3. AQI = Asset Quality Index
AQI is the ratio of asset quality in year t to year t-1.
Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.
| AQI | = | (1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) | / | (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1) |
| = | (1 - (4529.861 + 328.202) / 6345.441) | / | (1 - (3967.249 + 351.513) / 5748.965) |
| = | 0.234401 | / | 0.248776 |
| | = | 0.9422 |
4. SGI = Sales Growth Index
Ratio of Revenue 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.
| SGI | = | Sales_t | / | Sales_t-1 |
| = | Revenue_t | / | Revenue_t-1 |
| = | 3676.422 | / | 3052.781 |
| | = | 1.2043 |
5. DEPI = Depreciation Index
Measured as the ratio of the rate of Depreciation, Depletion and Amortization 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)) |
| = | (191.649 / (191.649 + 351.513)) | / | (194.029 / (194.029 + 328.202)) |
| = | 0.352839 | / | 0.371539 |
| | = | 0.9497 |
Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.
6. SGAI = Sales, General and Administrative expenses Index
The ratio of Selling, General, & Admin. Expense(SGA) to Sales 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) |
| = | (504.549 / 3676.422) | / | (459.552 / 3052.781) |
| = | 0.137239 | / | 0.150536 |
| | = | 0.9117 |
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 in leverage
| LVGI | = | ((LTD_t + CurrentLiabilities_t) / TotalAssets_t) | / | ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1) |
| = | ((1493.623 + 684.477) / 6345.441) | / | ((1492.377 + 1114.092) / 5748.965) |
| = | 0.343254 | / | 0.453381 |
| | = | 0.7571 |
8. TATA = Total Accruals to Total Assets
Total accruals calculated as the change in working capital accounts other than cash less depreciation.
| TATA | = | (IncomefromContinuingOperations_t | - | CashFlowsfromOperations_t) | / | TotalAssets_t |
| = | (NetIncome_t - NonOperatingIncome_t | - | CashFlowsfromOperations_t) | / | TotalAssets_t |
| = | (928.831 - 51.382 | - | 1114.307) | / | 6345.441 |
| | = | -0.037327 |
An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.
Xilinx has a M-score of -2.08 suggests that the company is unlikely to be a manipulator.
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