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GuruFocus has detected 5 Warning Signs with Xilinx Inc $XLNX.
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Xilinx Inc (NAS:XLNX)
Beneish M-Score
-1.99 (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 -1.99 signals that the company is a manipulator.

XLNX' s Beneish M-Score Range Over the Past 10 Years
Min: -3.77   Max: 0.35
Current: -1.99

-3.77
0.35

During the past 13 years, the highest Beneish M-Score of Xilinx Inc was 0.35. The lowest was -3.77. And the median was -2.57.


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 * 1.6041+0.528 * 1.0007+0.404 * 1.0279+0.892 * 1.0458+0.115 * 1.1612
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9564+4.679 * -0.0265-0.327 * 1.0529
=-1.99

* All numbers are in millions except for per share data and ratio. All numbers are in their local exchange's currency.

This Year (Dec16) TTM:Last Year (Dec15) TTM:
Accounts Receivable was $341 Mil.
Revenue was 585.688 + 579.209 + 574.981 + 571.066 = $2,311 Mil.
Gross Profit was 407.455 + 403.334 + 406.684 + 395.267 = $1,613 Mil.
Total Current Assets was $3,916 Mil.
Total Assets was $4,836 Mil.
Property, Plant and Equipment(Net PPE) was $302 Mil.
Depreciation, Depletion and Amortization(DDA) was $63 Mil.
Selling, General & Admin. Expense(SGA) was $331 Mil.
Total Current Liabilities was $1,010 Mil.
Long-Term Debt was $995 Mil.
Net Income was 141.846 + 164.192 + 163.049 + 145.034 = $614 Mil.
Non Operating Income was -1.024 + 0.621 + -2.185 + -5.839 = $-8 Mil.
Cash Flow from Operations was 105.584 + 183.593 + 338.636 + 122.934 = $751 Mil.
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.



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)
=(340.852 / 2310.944) / (203.176 / 2209.714)
=0.1474947 / 0.09194674
=1.6041

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)
=(1543.228 / 2209.714) / (1612.74 / 2310.944)
=0.69838359 / 0.69787065
=1.0007

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 - (3916.052 + 301.504) / 4836.288) / (1 - (4008.294 + 280.241) / 4898.157)
=0.12793531 / 0.12445947
=1.0279

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
=2310.944 / 2209.714
=1.0458

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))
=(70.418 / (70.418 + 280.241)) / (63.042 / (63.042 + 301.504))
=0.20081618 / 0.17293291
=1.1612

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)
=(330.631 / 2310.944) / (330.572 / 2209.714)
=0.14307184 / 0.14959945
=0.9564

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)
=((994.842 + 1010.042) / 4836.288) / ((995.584 + 932.909) / 4898.157)
=0.41455017 / 0.39371809
=1.0529

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
=(614.121 - -8.427 - 750.747) / 4836.288
=-0.0265

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 -1.99 signals that the company is likely to 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 local exchange's 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 0.91190.86730.83371.18030.95981.32011.20470.73390.42150.9525
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 3.76961.04270.76460.68431.360.92040.98931.4221.01541.0072
TATA -0.0626-0.0621-0.0414-0.0608-0.0203-0.0665-0.0348-0.032-0.03-0.0335
M-score -3.77-2.51-2.79-2.38-2.56-2.90-2.52-2.75-2.95-2.40

Xilinx Inc Quarterly Data

Sep14Dec14Mar15Jun15Sep15Dec15Mar16Jun16Sep16Dec16
DSRI 0.95990.85570.92280.93541.05271.19081.33880.88960.78671.6041
GMI 0.97690.98410.98030.97480.99010.99651.00771.01431.00921.0007
AQI 0.74030.63610.42150.42970.46640.57590.95250.95281.00821.0279
SGI 1.09091.05720.99780.95760.92380.910.93120.96811.02431.0458
DEPI 0.96150.95470.87770.87890.89480.9071.02421.08631.10471.1612
SGAI 0.94170.94920.93620.94660.96140.97511.0071.00080.96790.9564
LVGI 1.32121.35551.01541.04121.01591.01451.00721.04541.01251.0529
TATA -0.0106-0.0272-0.03-0.0452-0.0395-0.0466-0.0335-0.0617-0.0649-0.0265
M-score -2.70-2.96-2.95-3.05-2.92-2.79-2.40-2.92-2.94-1.99
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