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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 -1.31. The lowest was -3.77. And the median was -2.66.
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 * 0.7867||+||0.528 * 1.0092||+||0.404 * 1.0082||+||0.892 * 1.0243||+||0.115 * 1.1047|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.9679||+||4.679 * -0.0628||-||0.327 * 1.0125|
|This Year (Sep16) TTM:||Last Year (Sep15) TTM:|
|Accounts Receivable was $228 Mil.|
Revenue was 579.209 + 574.981 + 571.066 + 566.235 = $2,291 Mil.
Gross Profit was 403.334 + 406.684 + 395.267 + 387.721 = $1,593 Mil.
Total Current Assets was $4,019 Mil.
Total Assets was $4,946 Mil.
Property, Plant and Equipment(Net PPE) was $292 Mil.
Depreciation, Depletion and Amortization(DDA) was $65 Mil.
Selling, General & Admin. Expense(SGA) was $331 Mil.
Total Current Liabilities was $998 Mil.
Long-Term Debt was $994 Mil.
Net Income was 164.192 + 163.049 + 145.034 + 130.819 = $603 Mil.
Non Operating Income was 0.621 + -2.185 + -5.839 + -3.827 = $-11 Mil.
Cash Flow from Operations was 183.593 + 338.636 + 122.934 + 279.83 = $925 Mil.
|Accounts Receivable was $283 Mil.
Revenue was 527.572 + 549.008 + 566.899 + 593.549 = $2,237 Mil.
Gross Profit was 369.932 + 389.054 + 396.521 + 413.911 = $1,569 Mil.
Total Current Assets was $3,981 Mil.
Total Assets was $4,890 Mil.
Property, Plant and Equipment(Net PPE) was $287 Mil.
Depreciation, Depletion and Amortization(DDA) was $72 Mil.
Selling, General & Admin. Expense(SGA) was $334 Mil.
Total Current Liabilities was $950 Mil.
Long-Term Debt was $995 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)|
|=||(227.758 / 2291.491)||/||(282.627 / 2237.028)|
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)|
|=||(1569.418 / 2237.028)||/||(1593.006 / 2291.491)|
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 - (4019.194 + 292.488) / 4945.72)||/||(1 - (3981.161 + 287.377) / 4890.35)|
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))|
|=||(71.693 / (71.693 + 287.377))||/||(64.529 / (64.529 + 292.488))|
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)|
|=||(331.321 / 2291.491)||/||(334.178 / 2237.028)|
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)|
|=||((994.439 + 997.819) / 4945.72)||/||((995.333 + 950.342) / 4890.35)|
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|
|=||(603.094 - -11.23||-||924.993)||/||4945.72|
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 -2.93 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