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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 -2.66.
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 * 0.9354||+||0.528 * 0.9748||+||0.404 * 0.4297||+||0.892 * 0.9576||+||0.115 * 0.8789|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.9466||+||4.679 * -0.0452||-||0.327 * 1.0412|
|This Year (Jun15) TTM:||Last Year (Jun14) TTM:|
|Accounts Receivable was $252 Mil.|
Revenue was 549.008 + 566.899 + 593.549 + 604.262 = $2,314 Mil.
Gross Profit was 389.054 + 396.521 + 413.911 + 434.645 = $1,634 Mil.
Total Current Assets was $3,980 Mil.
Total Assets was $4,916 Mil.
Property, Plant and Equipment(Net PPE) was $294 Mil.
Depreciation, Depletion and Amortization(DDA) was $74 Mil.
Selling, General & Admin. Expense(SGA) was $343 Mil.
Total Current Liabilities was $957 Mil.
Long-Term Debt was $995 Mil.
Net Income was 147.715 + 134.623 + 168.466 + 171.516 = $622 Mil.
Non Operating Income was -4.64 + 7.214 + -1.523 + -0.278 = $1 Mil.
Cash Flow from Operations was 183.153 + 166.039 + 290.741 + 203.881 = $844 Mil.
|Accounts Receivable was $281 Mil.
Revenue was 612.633 + 617.823 + 586.816 + 598.937 = $2,416 Mil.
Gross Profit was 423.444 + 417.878 + 406.024 + 416.121 = $1,663 Mil.
Total Current Assets was $3,169 Mil.
Total Assets was $5,054 Mil.
Property, Plant and Equipment(Net PPE) was $351 Mil.
Depreciation, Depletion and Amortization(DDA) was $75 Mil.
Selling, General & Admin. Expense(SGA) was $379 Mil.
Total Current Liabilities was $934 Mil.
Long-Term Debt was $994 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)|
|=||(251.988 / 2313.718)||/||(281.335 / 2416.209)|
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)|
|=||(396.521 / 2416.209)||/||(389.054 / 2313.718)|
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 - (3979.726 + 294.487) / 4915.549)||/||(1 - (3168.699 + 350.736) / 5054.219)|
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))|
|=||(75.027 / (75.027 + 350.736))||/||(73.848 / (73.848 + 294.487))|
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)|
|=||(343.3 / 2313.718)||/||(378.733 / 2416.209)|
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)|
|=||((995.086 + 957.163) / 4915.549)||/||((994.11 + 933.848) / 5054.219)|
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|
|=||(622.32 - 0.773||-||843.814)||/||4915.549|
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 -3.05 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