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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 -2.68.
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 * 1.1908||+||0.528 * 0.9965||+||0.404 * 0.5759||+||0.892 * 0.91||+||0.115 * 0.907|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.9751||+||4.679 * -0.0466||-||0.327 * 1.0145|
|This Year (Dec15) TTM:||Last Year (Dec14) TTM:|
|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.
Net Income was 130.819 + 127.298 + 147.715 + 134.623 = $540 Mil.
Non Operating Income was -3.827 + -3.475 + -4.64 + 7.214 = $-5 Mil.
Cash Flow from Operations was 290.285 + 133.73 + 183.153 + 166.039 = $773 Mil.
|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 $75 Mil.
Selling, General & Admin. Expense(SGA) was $373 Mil.
Total Current Liabilities was $913 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)|
|=||(203.176 / 2209.714)||/||(187.496 / 2428.267)|
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)|
|=||(369.932 / 2428.267)||/||(387.721 / 2209.714)|
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 - (4008.294 + 280.241) / 4898.157)||/||(1 - (3515.14 + 337.914) / 4915.204)|
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))|
|=||(75.253 / (75.253 + 337.914))||/||(70.418 / (70.418 + 280.241))|
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)|
|=||(330.572 / 2209.714)||/||(372.559 / 2428.267)|
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)|
|=||((995.584 + 932.909) / 4898.157)||/||((994.595 + 913.015) / 4915.204)|
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|
|=||(540.455 - -4.728||-||773.207)||/||4898.157|
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 -2.79 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