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Xilinx Inc (NAS:XLNX)
Beneish M-Score
-2.74 (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 -2.75 suggests that the company is not a manipulator.

XLNX' s 10-Year Beneish M-Score Range
Min: -3.64   Max: -2.14
Current: -2.74

-3.64
-2.14

During the past 13 years, the highest Beneish M-Score of Xilinx Inc was -2.14. The lowest was -3.64. And the median was -2.65.


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 * 1.0638+0.528 * 0.9593+0.404 * 0.7339+0.892 * 1.0986+0.115 * 0.9575
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9424+4.679 * -0.032-0.327 * 1.422
=-2.75

* All numbers are in millions except for per share data and ratio. All numbers are in their own currency.

This Year (Mar14) TTM:Last Year (Mar13) TTM:
Accounts Receivable was $268 Mil.
Revenue was 617.823 + 586.816 + 598.937 + 578.955 = $2,383 Mil.
Gross Profit was 417.878 + 406.024 + 416.121 + 399.255 = $1,639 Mil.
Total Current Assets was $3,067 Mil.
Total Assets was $5,037 Mil.
Property, Plant and Equipment(Net PPE) was $355 Mil.
Depreciation, Depletion and Amortization(DDA) was $75 Mil.
Selling, General & Admin. Expense(SGA) was $379 Mil.
Total Current Liabilities was $989 Mil.
Long-Term Debt was $994 Mil.
Net Income was 156.027 + 175.877 + 141.461 + 157.023 = $630 Mil.
Non Operating Income was -8.155 + -0.302 + -3.313 + -1.674 = $-13 Mil.
Cash Flow from Operations was 189.375 + 216.39 + 254.943 + 144.209 = $805 Mil.
Accounts Receivable was $229 Mil.
Revenue was 532.168 + 509.767 + 543.933 + 582.784 = $2,169 Mil.
Gross Profit was 351.579 + 339.274 + 356.22 + 384.373 = $1,431 Mil.
Total Current Assets was $2,298 Mil.
Total Assets was $4,729 Mil.
Property, Plant and Equipment(Net PPE) was $366 Mil.
Depreciation, Depletion and Amortization(DDA) was $74 Mil.
Selling, General & Admin. Expense(SGA) was $366 Mil.
Total Current Liabilities was $387 Mil.
Long-Term Debt was $923 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)
=(267.833 / 2382.531) / (229.175 / 2168.652)
=0.11241533 / 0.10567624
=1.0638

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)
=(406.024 / 2168.652) / (417.878 / 2382.531)
=0.66006256 / 0.68804058
=0.9593

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 - (3067.147 + 355.089) / 5037.349) / (1 - (2297.639 + 365.687) / 4729.451)
=0.32062758 / 0.4368636
=0.7339

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
=2382.531 / 2168.652
=1.0986

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))
=(73.56 / (73.56 + 365.687)) / (75.272 / (75.272 + 355.089))
=0.16746842 / 0.17490432
=0.9575

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)
=(378.607 / 2382.531) / (365.684 / 2168.652)
=0.15890958 / 0.16862272
=0.9424

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)
=((993.87 + 989.36) / 5037.349) / ((922.666 + 386.788) / 4729.451)
=0.3937051 / 0.27687231
=1.422

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
=(630.388 - -13.444 - 804.917) / 5037.349
=-0.032

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 -2.75 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 own currency.

Xilinx Inc Annual Data

Mar05Mar06Mar07Mar08Mar09Mar10Mar11Mar12Mar13Mar14
DSRI 0.80370.7861.061.13460.87621.20860.84370.79351.1015
GMI 0.97981.02321.01530.9730.98980.99960.96861.00760.9835
AQI 0.92290.89980.91190.86730.8211.19840.95981.32011.2047
SGI 1.12551.09731.06750.99930.99121.00461.29230.94570.9678
DEPI 1.13130.95811.07091.00510.97261.02731.12810.86560.9244
SGAI 1.01160.94951.11870.96790.94930.94850.82831.10161.0344
LVGI 0.75671.10733.76961.04270.4871.07441.360.92040.9893
TATA 0.0156-0.0412-0.0618-0.0621-0.0339-0.0608-0.0203-0.0665-0.0348
M-score -2.42-2.84-3.60-2.72-2.66-2.50-2.56-2.90-2.52

Xilinx Inc Quarterly Data

Dec11Mar12Jun12Sep12Dec12Mar13Jun13Sep13Dec13Mar14
DSRI 0.58150.79351.14111.08731.13721.10151.06031.23570.85291.0638
GMI 1.01031.00760.99340.98080.97810.98350.98070.97160.96520.9593
AQI 1.49631.32011.30681.22431.16141.20471.070.87410.79310.7339
SGI 0.98230.94570.92380.94460.96730.96780.98041.01051.04621.0986
DEPI 0.89110.86560.88220.89110.90770.92440.94640.94890.95490.9575
SGAI 1.07291.10161.08881.06991.03191.03441.0110.98410.9690.9424
LVGI 0.90440.92040.92240.93120.91920.98931.04121.0721.05291.422
TATA -0.0671-0.0665-0.0544-0.0536-0.0454-0.0347-0.0249-0.0314-0.0354-0.032
M-score -2.98-2.90-2.56-2.62-2.53-2.51-2.56-2.49-2.86-2.75
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