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Xilinx Inc (NAS:XLNX)
Beneish M-Score
-2.79 (As of Today)

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.

Xilinx Inc has a M-score of -2.79 suggests that the company is not a manipulator.

XLNX' s Beneish M-Score Range Over the Past 10 Years
Min: -3.8   Max: -1.3
Current: -2.79

-3.8
-1.3

During the past 13 years, the highest Beneish M-Score of Xilinx Inc was -1.30. The lowest was -3.80. And the median was -2.68.


Definition

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 Xilinx 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 * 1.1908+0.528 * 0.9965+0.404 * 0.5759+0.892 * 0.91+0.115 * 0.907
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9751+4.679 * -0.0466-0.327 * 1.0145
=-2.79

* All numbers are in millions except for per share data and ratio. All numbers are in their own currency.

This Year (Dec15) TTM:Last Year (Dec14) TTM:
Accounts Receivable was $203 Mil.
Revenue was 566.235 + 527.572 + 549.008 + 566.899 = $2,210 Mil.
Gross Profit was 387.721 + 369.932 + 389.054 + 396.521 = $1,543 Mil.
Total Current Assets was $4,008 Mil.
Total Assets was $4,898 Mil.
Property, Plant and Equipment(Net PPE) was $280 Mil.
Depreciation, Depletion and Amortization(DDA) was $70 Mil.
Selling, General & Admin. Expense(SGA) was $331 Mil.
Total Current Liabilities was $933 Mil.
Long-Term Debt was $996 Mil.
Net Income was 130.819 + 127.298 + 147.715 + 134.623 = $540 Mil.
Non Operating Income was -3.827 + -3.475 + -4.64 + 7.214 = $-5 Mil.
Cash Flow from Operations was 290.285 + 133.73 + 183.153 + 166.039 = $773 Mil.
Accounts Receivable was $187 Mil.
Revenue was 593.549 + 604.262 + 612.633 + 617.823 = $2,428 Mil.
Gross Profit was 413.911 + 434.645 + 423.444 + 417.878 = $1,690 Mil.
Total Current Assets was $3,515 Mil.
Total Assets was $4,915 Mil.
Property, Plant and Equipment(Net PPE) was $338 Mil.
Depreciation, Depletion and Amortization(DDA) was $75 Mil.
Selling, General & Admin. Expense(SGA) was $373 Mil.
Total Current Liabilities was $913 Mil.
Long-Term Debt was $995 Mil.



1. DSRI = Days Sales in Receivables Index

Measured as the ratio of days’ sales in 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)
=(203.176 / 2209.714) / (187.496 / 2428.267)
=0.09194674 / 0.07721391
=1.1908

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)
=(369.932 / 2428.267) / (387.721 / 2209.714)
=0.69591935 / 0.69838359
=0.9965

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 plant, property and equipment to total assets.

AQI=(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) / (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
=(1 - (4008.294 + 280.241) / 4898.157) / (1 - (3515.14 + 337.914) / 4915.204)
=0.12445947 / 0.21609479
=0.5759

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.

SGI=Sales_t / Sales_t-1
=Revenue_t / Revenue_t-1
=2209.714 / 2428.267
=0.91

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))
=(75.253 / (75.253 + 337.914)) / (70.418 / (70.418 + 280.241))
=0.18213701 / 0.20081618
=0.907

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)
=(330.572 / 2209.714) / (372.559 / 2428.267)
=0.14959945 / 0.15342588
=0.9751

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)
=((995.584 + 932.909) / 4898.157) / ((994.595 + 913.015) / 4915.204)
=0.39371809 / 0.38810393
=1.0145

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
=(540.455 - -4.728 - 773.207) / 4898.157
=-0.0466

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.

Xilinx Inc has a M-score of -2.79 suggests that the company will not be a manipulator.


Related Terms

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


Historical Data

* All numbers are in millions except for per share data and ratio. All numbers are in their own currency.

Xilinx Inc Annual Data

Mar06Mar07Mar08Mar09Mar10Mar11Mar12Mar13Mar14Mar15
DSRI 0.82920.87931.36770.87621.20860.84370.79351.10151.06380.9228
GMI 1.02321.01530.9730.98980.99960.96861.00760.98350.95930.9803
AQI 0.89980.91190.86730.8211.19840.95981.32011.20470.73390.4215
SGI 1.09731.06750.99930.99121.00461.29230.94570.96781.09860.9978
DEPI 0.95811.07091.00510.97261.02731.12810.86560.92440.95750.8777
SGAI 0.94951.11870.96790.94930.94850.82831.10161.03440.94240.9362
LVGI 1.10733.76961.04270.4871.07441.360.92040.98931.4221.0154
TATA -0.0412-0.0618-0.0621-0.0339-0.0608-0.0203-0.0665-0.0348-0.032-0.03
M-score -2.80-3.77-2.51-2.66-2.50-2.56-2.90-2.52-2.75-2.95

Xilinx Inc Quarterly Data

Sep13Dec13Mar14Jun14Sep14Dec14Mar15Jun15Sep15Dec15
DSRI 1.23570.85291.06380.940.95990.85570.92280.93541.05271.1908
GMI 0.97160.96520.95930.97040.97690.98410.98030.97480.99010.9965
AQI 0.87410.79310.73390.70750.74030.63610.42150.42970.46640.5759
SGI 1.01051.04621.09861.11611.09091.05720.99780.95760.92380.91
DEPI 0.94890.95490.95750.95680.96150.95470.87770.87890.89480.907
SGAI 0.98410.9690.94240.93770.94170.94920.93620.94660.96140.9751
LVGI 1.0721.05291.4221.29491.32121.35551.01541.04121.01591.0145
TATA -0.0314-0.0354-0.032-0.026-0.0106-0.0272-0.03-0.0452-0.0395-0.0466
M-score -2.49-2.86-2.75-2.78-2.70-2.96-2.95-3.05-2.92-2.79
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