Switch to:
Xilinx Inc (NAS:XLNX)
Beneish M-Score
-2.66 (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 -2.66 suggests that the company is not a manipulator.

XLNX' s 10-Year Beneish M-Score Range
Min: -3.8   Max: -1.3
Current: -2.66

-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 -2.65.


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 * 0.8557+0.528 * 0.9841+0.404 * 0.6361+0.892 * 1.0572+0.115 * 1.1721
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9492+4.679 * 0.0316-0.327 * 1.3555
=-2.66

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

This Year (Dec14) TTM:Last Year (Dec13) TTM:
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 $59 Mil.
Selling, General & Admin. Expense(SGA) was $373 Mil.
Total Current Liabilities was $913 Mil.
Long-Term Debt was $995 Mil.
Net Income was 168.466 + 171.516 + 173.611 + 156.027 = $670 Mil.
Non Operating Income was 0 + -0.278 + -0.858 + -8.155 = $-9 Mil.
Cash Flow from Operations was 0 + 203.881 + 130.119 + 189.375 = $523 Mil.
Accounts Receivable was $207 Mil.
Revenue was 586.816 + 598.937 + 578.955 + 532.168 = $2,297 Mil.
Gross Profit was 406.024 + 416.121 + 399.255 + 351.579 = $1,573 Mil.
Total Current Assets was $2,948 Mil.
Total Assets was $5,002 Mil.
Property, Plant and Equipment(Net PPE) was $355 Mil.
Depreciation, Depletion and Amortization(DDA) was $75 Mil.
Selling, General & Admin. Expense(SGA) was $371 Mil.
Total Current Liabilities was $1,432 Mil.
Long-Term Debt was $0 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)
=(187.496 / 2428.267) / (207.248 / 2296.876)
=0.07721391 / 0.09023038
=0.8557

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)
=(434.645 / 2296.876) / (413.911 / 2428.267)
=0.6848341 / 0.69591935
=0.9841

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 - (3515.141 + 337.914) / 4915.205) / (1 - (2947.826 + 354.8) / 5001.801)
=0.21609475 / 0.33971264
=0.6361

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
=2428.267 / 2296.876
=1.0572

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))
=(74.68 / (74.68 + 354.8)) / (58.865 / (58.865 + 337.914))
=0.1738847 / 0.14835715
=1.1721

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)
=(372.559 / 2428.267) / (371.252 / 2296.876)
=0.15342588 / 0.16163345
=0.9492

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)
=((994.595 + 913.016) / 4915.205) / ((0 + 1432.077) / 5001.801)
=0.38810406 / 0.28631227
=1.3555

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
=(669.62 - -9.291 - 523.375) / 4915.205
=0.0316

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 -2.66 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

Mar05Mar06Mar07Mar08Mar09Mar10Mar11Mar12Mar13Mar14
DSRI 0.76180.82920.87931.36770.87621.20860.84370.79351.10151.0638
GMI 0.97981.02321.01530.9730.98980.99960.96861.00760.98350.9593
AQI 0.92290.89980.91190.86730.8211.19840.95981.32011.20470.7339
SGI 1.12551.09731.06750.99930.99121.00461.29230.94570.96781.0986
DEPI 1.13130.95811.07091.00510.97261.02731.12810.86560.92440.9575
SGAI 1.01160.94951.11870.96790.94930.94850.82831.10161.03440.9424
LVGI 0.75671.10733.76961.04270.4871.07441.360.92040.98931.422
TATA 0.0156-0.0412-0.0618-0.0621-0.0339-0.0608-0.0203-0.0665-0.0348-0.032
M-score -2.46-2.80-3.77-2.51-2.66-2.50-2.56-2.90-2.52-2.75

Xilinx Inc Quarterly Data

Sep12Dec12Mar13Jun13Sep13Dec13Mar14Jun14Sep14Dec14
DSRI 1.08731.13721.10151.06031.23570.85291.06380.940.95990.8557
GMI 0.98080.97810.98350.98070.97160.96520.95930.97040.97690.9841
AQI 1.22431.16141.20471.070.87410.79310.73390.70750.74030.6361
SGI 0.94460.96730.96780.98041.01051.04621.09861.11611.09091.0572
DEPI 0.89110.90770.92440.94640.94890.95490.95750.95680.96151.1721
SGAI 1.06991.03191.03441.0110.98410.9690.94240.93770.94170.9492
LVGI 0.93120.91920.98931.04121.0721.05291.4221.29491.32121.3555
TATA -0.0536-0.0454-0.0347-0.0249-0.0314-0.0354-0.032-0.026-0.01060.0316
M-score -2.62-2.53-2.51-2.56-2.49-2.86-2.75-2.78-2.70-2.66
Get WordPress Plugins for easy affiliate links on Stock Tickers and Guru Names | Earn affiliate commissions by embedding GuruFocus Charts
GuruFocus Affiliate Program: Earn up to $400 per referral. ( Learn More)
Free 7-day Trial
FEEDBACK