Citrix Systems Beneish M-Score Historical Data
The historical data trend for Citrix Systems's Beneish M-Score can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Citrix Systems Beneish M-Score Chart
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Citrix Systems Annual Data
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Trend |
Dec12 |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
| Beneish M-Score |
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-3.27 |
-2.90 |
-2.46 |
-2.85 |
-2.51 |
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Citrix Systems Quarterly Data
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Sep17 |
Dec17 |
Mar18 |
Jun18 |
Sep18 |
Dec18 |
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
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Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
| Beneish M-Score |
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-2.41 |
-2.63 |
-2.51 |
-2.69 |
-2.67 |
Competitive Comparison of Citrix Systems's Beneish M-Score
For the Software - Application subindustry, Citrix Systems's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Citrix Systems's Beneish M-Score Distribution in the Software Industry
For the Software industry and Technology sector, Citrix Systems's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Citrix Systems's Beneish M-Score falls into.
Citrix Systems Beneish M-Score Calculation
The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski 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 Citrix Systems 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 * 0.9998 | + | 0.528 * 1.0096 | + | 0.404 * 0.953 | + | 0.892 * 1.0472 | + | 0.115 * 0.6021 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9648 | + | 4.679 * -0.042399 | - | 0.327 * 0.9435 |
| = | -2.67 |
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
| This Year (Jun22) TTM: | Last Year (Jun21) TTM: |
Total Receivables was $697 Mil.
Revenue was 859.522 + 825.338 + 850.848 + 778.445 = $3,314 Mil.
Gross Profit was 703.6 + 683.442 + 677.365 + 631.626 = $2,696 Mil.
Total Current Assets was $1,898 Mil.
Total Assets was $7,011 Mil.
Property, Plant and Equipment(Net PPE) was $340 Mil.
Depreciation, Depletion and Amortization(DDA) was $283 Mil.
Selling, General, & Admin. Expense(SGA) was $1,582 Mil.
Total Current Liabilities was $2,307 Mil.
Long-Term Debt & Capital Lease Obligation was $3,367 Mil.
Net Income was 115.457 + 60.232 + 102.898 + 51.787 = $330 Mil.
Non Operating Income was -12.84 + -19.155 + -99.716 + -2.05 = $-134 Mil.
Cash Flow from Operations was 171.482 + 274.909 + 158.866 + 156.145 = $761 Mil.
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Total Receivables was $666 Mil.
Revenue was 812.111 + 775.766 + 809.656 + 767.17 = $3,165 Mil.
Gross Profit was 650.805 + 632.297 + 676.213 + 639.884 = $2,599 Mil.
Total Current Assets was $1,500 Mil.
Total Assets was $6,714 Mil.
Property, Plant and Equipment(Net PPE) was $418 Mil.
Depreciation, Depletion and Amortization(DDA) was $158 Mil.
Selling, General, & Admin. Expense(SGA) was $1,566 Mil.
Total Current Liabilities was $2,092 Mil.
Long-Term Debt & Capital Lease Obligation was $3,667 Mil.
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1. DSRI = Days Sales in Receivables Index
Measured as the ratio of Revenue in Total 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) |
| = | (696.836 / 3314.153) | / | (665.519 / 3164.703) |
| = | 0.210261 | / | 0.210294 |
| | = | 0.9998 |
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) |
| = | (2599.199 / 3164.703) | / | (2696.033 / 3314.153) |
| = | 0.821309 | / | 0.813491 |
| | = | 1.0096 |
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 Property, Plant and Equipment to Total Assets.
| AQI | = | (1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) | / | (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1) |
| = | (1 - (1897.835 + 339.72) / 7011.099) | / | (1 - (1499.618 + 417.656) / 6714.453) |
| = | 0.680855 | / | 0.714456 |
| | = | 0.953 |
4. SGI = Sales Growth Index
Ratio of Revenue 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 |
| = | 3314.153 | / | 3164.703 |
| | = | 1.0472 |
5. DEPI = Depreciation Index
Measured as the ratio of the rate of Depreciation, Depletion and Amortization 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)) |
| = | (157.5 / (157.5 + 417.656)) | / | (283.43 / (283.43 + 339.72)) |
| = | 0.273839 | / | 0.454834 |
| | = | 0.6021 |
Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.
6. SGAI = Sales, General and Administrative expenses Index
The ratio of Selling, General, & Admin. Expense(SGA) to Sales 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) |
| = | (1582.197 / 3314.153) | / | (1566.03 / 3164.703) |
| = | 0.477406 | / | 0.494843 |
| | = | 0.9648 |
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 in leverage
| LVGI | = | ((LTD_t + CurrentLiabilities_t) / TotalAssets_t) | / | ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1) |
| = | ((3366.905 + 2307.273) / 7011.099) | / | ((3667.07 + 2092.374) / 6714.453) |
| = | 0.809314 | / | 0.857768 |
| | = | 0.9435 |
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 |
| = | (330.374 - -133.761 | - | 761.402) | / | 7011.099 |
| | = | -0.042399 |
An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.
Citrix Systems has a M-score of -2.67 suggests that the company is unlikely to be a manipulator.
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