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MaxLinear (MaxLinear) Beneish M-Score

: -2.52 (As of Today)
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The zones of discrimination for M-Score is as such:

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.

Good Sign:

Beneish M-Score -2.52 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for MaxLinear's Beneish M-Score or its related term are showing as below:

MXL' s Beneish M-Score Range Over the Past 10 Years
Min: -3.37   Med: -2.93   Max: -1.58
Current: -2.52

During the past 13 years, the highest Beneish M-Score of MaxLinear was -1.58. The lowest was -3.37. And the median was -2.93.


MaxLinear Beneish M-Score Historical Data

The historical data trend for MaxLinear'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.

* Premium members only.

MaxLinear Annual Data
Trend Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23
Beneish M-Score
Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -3.20 -2.60 -2.59 -3.16 -2.52

MaxLinear Quarterly Data
Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23
Beneish M-Score Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -3.16 -2.75 -2.73 -2.86 -2.52

Competitive Comparison

For the Semiconductors subindustry, MaxLinear'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.


MaxLinear Beneish M-Score Distribution

For the Semiconductors industry and Technology sector, MaxLinear's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where MaxLinear's Beneish M-Score falls into.



MaxLinear 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 MaxLinear 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 * 1.6126+0.528 * 1.0426+0.404 * 1.0606+0.892 * 0.6188+0.115 * 1.0146
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.2711+4.679 * -0.067905-0.327 * 0.833
=-2.52

* 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 (Dec23) TTM:Last Year (Dec22) TTM:
Total Receivables was $170.6 Mil.
Revenue was 125.353 + 135.53 + 183.938 + 248.442 = $693.3 Mil.
Gross Profit was 68.539 + 73.944 + 102.873 + 140.307 = $385.7 Mil.
Total Current Assets was $488.0 Mil.
Total Assets was $1,080.3 Mil.
Property, Plant and Equipment(Net PPE) was $97.7 Mil.
Depreciation, Depletion and Amortization(DDA) was $71.5 Mil.
Selling, General, & Admin. Expense(SGA) was $132.2 Mil.
Total Current Liabilities was $222.1 Mil.
Long-Term Debt & Capital Lease Obligation was $148.6 Mil.
Net Income was -38.5 + -39.829 + -4.351 + 9.533 = $-73.1 Mil.
Non Operating Income was -10.408 + -22.775 + -2.571 + -7.41 = $-43.2 Mil.
Cash Flow from Operations was -16.573 + -12.792 + 30.578 + 42.159 = $43.4 Mil.
Total Receivables was $171.0 Mil.
Revenue was 290.586 + 285.73 + 280.009 + 263.927 = $1,120.3 Mil.
Gross Profit was 163.34 + 167.488 + 164.351 + 154.59 = $649.8 Mil.
Total Current Assets was $563.1 Mil.
Total Assets was $1,180.0 Mil.
Property, Plant and Equipment(Net PPE) was $107.5 Mil.
Depreciation, Depletion and Amortization(DDA) was $80.7 Mil.
Selling, General, & Admin. Expense(SGA) was $168.0 Mil.
Total Current Liabilities was $341.1 Mil.
Long-Term Debt & Capital Lease Obligation was $145.1 Mil.




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)
=(170.619 / 693.263) / (170.971 / 1120.252)
=0.24611 / 0.152618
=1.6126

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)
=(649.769 / 1120.252) / (385.663 / 693.263)
=0.58002 / 0.556301
=1.0426

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 - (488.025 + 97.695) / 1080.257) / (1 - (563.124 + 107.533) / 1180.025)
=0.457796 / 0.431659
=1.0606

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
=693.263 / 1120.252
=0.6188

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))
=(80.731 / (80.731 + 107.533)) / (71.516 / (71.516 + 97.695))
=0.428818 / 0.422644
=1.0146

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)
=(132.156 / 693.263) / (168.008 / 1120.252)
=0.190629 / 0.149973
=1.2711

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)
=((148.618 + 222.129) / 1080.257) / ((145.11 + 341.086) / 1180.025)
=0.343203 / 0.412022
=0.833

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
=(-73.147 - -43.164 - 43.372) / 1080.257
=-0.067905

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.

MaxLinear has a M-score of -2.52 suggests that the company is unlikely to be a manipulator.


MaxLinear Beneish M-Score Related Terms

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MaxLinear (MaxLinear) Business Description

Traded in Other Exchanges
Address
5966 La Place Court, Suite 100, Carlsbad, CA, USA, 92008
MaxLinear Inc is a provider of radio frequency and mixed-signal integrated circuits for cable and satellite broadband communications, the connected home, and for data center, metro, and long-haul fiber networks. The company's radio frequency receiver products capture and process digital and analog broadband signals to be decoded for various applications. MaxLinear's product options include both radio frequency receivers and radio frequency receiver systems-on-chips. The company's products enable the distribution and display of broadband video and data content in a wide range of electronic devices. Customers for MaxLinear include original equipment manufacturers, module makers, and original design manufacturers.
Executives
James Lougheed officer: VP, Component Products 48720 KATO ROAD, FREMONT CA 94538
Michael Bollesen officer: Vice President of Sales C/O MAXLINEAR, INC., 5966 LA PLACE COURT, SUITE 100, CARLSBAD CA 92008
Michelle Marie Sayer officer: General Counsel C/O MAXLINEAR, INC., 5966 LA PLACE COURT, SUITE 100, CARLSBAD CA 92008
William Torgerson officer: Vice President, Global Sales 2051 PALOMAR AIRPORT ROAD, SUITE 100, CARLSBAD CA 92011
Daniel A Artusi director 5966 LA PLACE COURT, SUITE 100, CARLSBAD CA 92008
William Kelly Jones officer: VP of Worldwide Operations C/O MAXLINEAR, INC., 5966 LAPLACE COURT, SUITE 100, CARLSBAD CA 92008
Kishore Seendripu director, 10 percent owner, officer: President and CEO 5966 LA PLACE COURT, SUITE 100, CARLSBAD CA 92011
Steven G Litchfield officer: See remarks C/O MAXLINEAR, INC., 5966 LA PLACE COURT, SUITE 100, SAN DIEGO CA 92008
Brendan Walsh officer: VP, Business Development 2051 PALOMAR AIRPORT RD, SUITE 100, CARLSBAD CA 92011
Curtis Ling director, officer: Chief Technical Officer 2051 PALOMAR AIRPORT RD, SUITE 100, CARLSBAD CA 92011
Kwong Connie H. officer: Corporate Controller & PAO C/O MAXLINEAR, INC., 5966 LA PLACE COURT, SUITE 100, CARLSBAD CA 92008
Donald E Schrock director C/O INTEGRATED DEVICE TECHNOLOGY, INC., 6024 SILVER CREEK VALLEY ROAD, SAN JOSE CA 95138
Tsu-jae King Liu director 2200 MISSION COLLEGE BLVD, SANTA CLARA CA 95054
Madhukar Reddy officer: VP, ICs and RF Systems Enginee 2051 PALOMAR AIRPORT RD, SUITE 100, CARLSBAD CA 92011
Greg Dougherty director 40919 ENCYCLOPEDIA CIRCLE, FREMONT CA 94538