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GuruFocus has detected 4 Warning Signs with Xilinx Inc $XLNX.
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Xilinx Inc (NAS:XLNX)
Beneish M-Score
-2.93 (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 -2.93 suggests that the company is not a manipulator.

XLNX' s Beneish M-Score Range Over the Past 10 Years
Min: -3.77   Max: -1.31
Current: -2.93

-3.77
-1.31

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.


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 * 0.7867+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
=-2.93

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

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

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)
=(227.758 / 2291.491) / (282.627 / 2237.028)
=0.09939293 / 0.12634039
=0.7867

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)
=(1569.418 / 2237.028) / (1593.006 / 2291.491)
=0.70156386 / 0.69518318
=1.0092

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 - (4019.194 + 292.488) / 4945.72) / (1 - (3981.161 + 287.377) / 4890.35)
=0.12819933 / 0.12715082
=1.0082

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
=2291.491 / 2237.028
=1.0243

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))
=0.19966302 / 0.18074489
=1.1047

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)
=0.14458752 / 0.14938481
=0.9679

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)
=0.40282466 / 0.39786007
=1.0125

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
=(603.094 - -11.23 - 924.993) / 4945.72
=-0.0628

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.


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 0.91190.86730.8211.19840.95981.32011.20470.73390.42150.9525
SGI 1.06750.99930.99121.00461.29230.94570.96781.09860.99780.9312
DEPI 1.07091.00510.97261.02731.12810.86560.92440.95750.87771.0242
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 -0.0626-0.0621-0.0339-0.0608-0.0203-0.0665-0.0348-0.032-0.03-0.0335
M-score -3.77-2.51-2.66-2.50-2.56-2.90-2.52-2.75-2.95-2.40

Xilinx Inc Quarterly Data

Jun14Sep14Dec14Mar15Jun15Sep15Dec15Mar16Jun16Sep16
DSRI 0.940.95990.85570.92280.93541.05271.19081.33880.88960.7867
GMI 0.97040.97690.98410.98030.97480.99010.99651.00771.01431.0092
AQI 0.70750.74030.63610.42150.42970.46640.57590.95250.95281.0082
SGI 1.11611.09091.05720.99780.95760.92380.910.93120.96811.0243
DEPI 0.95680.96150.95470.87770.87890.89480.9071.02421.08631.1047
SGAI 0.93770.94170.94920.93620.94660.96140.97511.0071.00080.9679
LVGI 1.29491.32121.35551.01541.04121.01591.01451.00721.04541.0125
TATA -0.026-0.0106-0.0272-0.03-0.046-0.0416-0.0466-0.0335-0.0609-0.0628
M-score -2.78-2.70-2.96-2.95-3.05-2.93-2.79-2.40-2.91-2.93
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