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Xilinx Inc (NAS:XLNX)
Beneish M-Score
-2.40 (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 -2.40 suggests that the company is not a manipulator.

XLNX' s Beneish M-Score Range Over the Past 10 Years
Min: -3.77   Max: -2.14
Current: -2.4

-3.77
-2.14

During the past 13 years, the highest Beneish M-Score of Xilinx Inc was -2.14. The lowest was -3.77. And the median was -2.55.


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 * 1.3388+0.528 * 1.0077+0.404 * 0.9525+0.892 * 0.9312+0.115 * 1.0242
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.007+4.679 * -0.0335-0.327 * 1.0072
=-2.40

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

This Year (Mar16) TTM:Last Year (Mar15) TTM:
Accounts Receivable was $307 Mil.
Revenue was 571.066 + 566.235 + 527.572 + 549.008 = $2,214 Mil.
Gross Profit was 395.267 + 387.721 + 369.932 + 389.054 = $1,542 Mil.
Total Current Assets was $3,919 Mil.
Total Assets was $4,823 Mil.
Property, Plant and Equipment(Net PPE) was $283 Mil.
Depreciation, Depletion and Amortization(DDA) was $68 Mil.
Selling, General & Admin. Expense(SGA) was $332 Mil.
Total Current Liabilities was $946 Mil.
Long-Term Debt was $996 Mil.
Net Income was 145.034 + 130.819 + 127.298 + 147.715 = $551 Mil.
Non Operating Income was -5.839 + -3.827 + -3.475 + -4.64 = $-18 Mil.
Cash Flow from Operations was 122.934 + 290.285 + 133.73 + 183.153 = $730 Mil.
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.



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)
=(307.458 / 2213.881) / (246.615 / 2377.343)
=0.13887738 / 0.10373556
=1.3388

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)
=(1668.521 / 2377.343) / (1541.974 / 2213.881)
=0.70184277 / 0.69650266
=1.0077

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 - (3918.933 + 283.346) / 4823.154) / (1 - (3935.051 + 301.038) / 4898.065)
=0.12872801 / 0.13515051
=0.9525

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
=2213.881 / 2377.343
=0.9312

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))
=(74.914 / (74.914 + 301.038)) / (68.441 / (68.441 + 283.346))
=0.1992648 / 0.19455239
=1.0242

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)
=(331.652 / 2213.881) / (353.67 / 2377.343)
=0.1498057 / 0.14876692
=1.007

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)
=((995.835 + 946.086) / 4823.154) / ((994.839 + 963.206) / 4898.065)
=0.40262471 / 0.39975888
=1.0072

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
=(550.866 - -17.781 - 730.102) / 4823.154
=-0.0335

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 -2.40 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

Mar07Mar08Mar09Mar10Mar11Mar12Mar13Mar14Mar15Mar16
DSRI 0.87931.36770.87621.20860.84370.79351.10151.06380.92281.3388
GMI 1.01530.9730.98980.99960.96861.00760.98350.95930.98031.0077
AQI 0.91190.86730.8211.19840.95981.32011.20470.73390.42150.9525
SGI 1.06750.99930.99121.00461.29230.94570.96781.09860.99780.9312
DEPI 1.07091.00510.97031.02971.12810.86560.92440.95750.87771.0242
SGAI 1.11870.96790.94930.94850.82831.10161.03440.94240.93621.007
LVGI 3.76961.04270.4871.07441.360.92040.98931.4221.01541.0072
TATA -0.0626-0.0621-0.0416-0.0608-0.0203-0.0665-0.0348-0.032-0.03-0.0335
M-score -3.77-2.51-2.70-2.50-2.56-2.90-2.52-2.75-2.95-2.40

Xilinx Inc Quarterly Data

Dec13Mar14Jun14Sep14Dec14Mar15Jun15Sep15Dec15Mar16
DSRI 0.85291.06380.940.95990.85570.92280.93541.05271.19081.3388
GMI 0.96520.95930.97040.97690.98410.98030.97480.99010.99651.0077
AQI 0.79310.73390.70750.74030.63610.42150.42970.46640.57590.9525
SGI 1.04621.09861.11611.09091.05720.99780.95760.92380.910.9312
DEPI 0.95490.95750.95680.96150.95470.87770.87890.89480.9071.0242
SGAI 0.9690.94240.93770.94170.94920.93620.94660.96140.97511.007
LVGI 1.05291.4221.29491.32121.35551.01541.04121.01591.01451.0072
TATA -0.0354-0.032-0.026-0.0106-0.0272-0.03-0.0452-0.0395-0.0466-0.0335
M-score -2.86-2.75-2.78-2.70-2.96-2.95-3.05-2.92-2.79-2.40
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