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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.
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.
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|
|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
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)|
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.
|=||(GrossProfit_t-1 / Revenue_t-1)||/||(GrossProfit_t / Revenue_t)|
|=||(434.645 / 2296.876)||/||(413.911 / 2428.267)|
3. AQI = Asset Quality Index
AQI is the ratio of asset quality in year t to year t-1.
|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)|
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.
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))|
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)|
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)|
8. TATA = Total Accruals to Total Assets
Total accruals calculated as the change in working capital accounts other than cash less depreciation.
|=||(NetIncome_t - NonOperatingIncome_t||-||CashFlowsfromOperations_t)||/||TotalAssets_t|
|=||(669.62 - -9.291||-||523.375)||/||4915.205|
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.
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
Xilinx Inc Annual Data
Xilinx Inc Quarterly Data