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Xilinx Inc (NAS:XLNX)
Beneish M-Score
-2.91 (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 -2.91 suggests that the company is not a manipulator.

XLNX' s 10-Year Beneish M-Score Range
Min: -3.8   Max: -2.14
Current: -2.91

-3.8
-2.14

During the past 13 years, the highest Beneish M-Score of Xilinx Inc was -2.14. The lowest was -3.80. And the median was -2.64.


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 * 0.9228+0.528 * 0.9803+0.404 * 0.4215+0.892 * 0.9978+0.115 * 0.8777
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9362+4.679 * -0.023-0.327 * 1.0154
=-2.91

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

This Year (Mar15) TTM:Last Year (Mar14) TTM:
Accounts Receivable was $247 Mil.
Revenue was 566.899 + 593.549 + 604.262 + 612.633 = $2,377 Mil.
Gross Profit was 396.521 + 413.911 + 434.645 + 423.444 = $1,669 Mil.
Total Current Assets was $3,935 Mil.
Total Assets was $4,898 Mil.
Property, Plant and Equipment(Net PPE) was $301 Mil.
Depreciation, Depletion and Amortization(DDA) was $75 Mil.
Selling, General & Admin. Expense(SGA) was $354 Mil.
Total Current Liabilities was $963 Mil.
Long-Term Debt was $995 Mil.
Net Income was 134.623 + 168.466 + 171.516 + 173.611 = $648 Mil.
Non Operating Income was -27.343 + -1.523 + -0.278 + -0.858 = $-30 Mil.
Cash Flow from Operations was 166.039 + 290.741 + 203.881 + 130.119 = $791 Mil.
Accounts Receivable was $268 Mil.
Revenue was 617.823 + 586.816 + 598.937 + 578.955 = $2,383 Mil.
Gross Profit was 417.878 + 406.024 + 416.121 + 399.255 = $1,639 Mil.
Total Current Assets was $3,067 Mil.
Total Assets was $5,037 Mil.
Property, Plant and Equipment(Net PPE) was $355 Mil.
Depreciation, Depletion and Amortization(DDA) was $75 Mil.
Selling, General & Admin. Expense(SGA) was $379 Mil.
Total Current Liabilities was $989 Mil.
Long-Term Debt was $994 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)
=(246.615 / 2377.343) / (267.833 / 2382.531)
=0.10373556 / 0.11241533
=0.9228

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)
=(413.911 / 2382.531) / (396.521 / 2377.343)
=0.68804058 / 0.70184277
=0.9803

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 - (3935.051 + 301.038) / 4898.065) / (1 - (3067.147 + 355.089) / 5037.349)
=0.13515051 / 0.32062758
=0.4215

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
=2377.343 / 2382.531
=0.9978

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))
=(75.272 / (75.272 + 355.089)) / (74.914 / (74.914 + 301.038))
=0.17490432 / 0.1992648
=0.8777

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)
=(353.67 / 2377.343) / (378.607 / 2382.531)
=0.14876692 / 0.15890958
=0.9362

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)
=((994.839 + 963.206) / 4898.065) / ((993.87 + 989.36) / 5037.349)
=0.39975888 / 0.3937051
=1.0154

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
=(648.216 - -30.002 - 790.78) / 4898.065
=-0.023

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 -2.91 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 -0.0412-0.0618-0.0621-0.0339-0.0608-0.0203-0.0665-0.0348-0.0366-0.023
M-score -2.80-3.77-2.51-2.66-2.50-2.56-2.90-2.52-2.77-2.91

Xilinx Inc Quarterly Data

Dec12Mar13Jun13Sep13Dec13Mar14Jun14Sep14Dec14Mar15
DSRI 1.13721.10151.06031.23570.85291.06380.940.95990.85570.9228
GMI 0.97810.98350.98070.97160.96520.95930.97040.97690.98410.9803
AQI 1.16141.20471.070.87410.79310.73390.70750.74030.63610.4215
SGI 0.96730.96780.98041.01051.04621.09861.11611.09091.05720.9978
DEPI 0.90770.92440.94640.94890.95490.95750.95680.96150.95470.8777
SGAI 1.03191.03441.0110.98410.9690.94240.93770.94170.94920.9362
LVGI 0.91920.98931.04121.0721.05291.4221.29491.32121.35551.0154
TATA -0.0454-0.0347-0.0249-0.0314-0.0354-0.0366-0.0306-0.0152-0.0319-0.023
M-score -2.53-2.51-2.56-2.49-2.86-2.77-2.80-2.72-2.98-2.91
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