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GuruFocus has detected 5 Warning Signs with Xilinx Inc $XLNX.
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Xilinx Inc (NAS:XLNX)
Beneish M-Score
-2.97 (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 -2.97 suggests that the company is not a manipulator.

XLNX' s Beneish M-Score Range Over the Past 10 Years
Min: -3.77   Max: -0.89
Current: -2.97

-3.77
-0.89

During the past 13 years, the highest Beneish M-Score of Xilinx Inc was -0.89. The lowest was -3.77. And the median was -2.53.


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 * 0.7476+0.528 * 0.9971+0.404 * 0.9137+0.892 * 1.0612+0.115 * 1.1384
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9523+4.679 * -0.0646-0.327 * 0.9927
=-2.97

* All numbers are in millions except for per share data and ratio. All numbers are in their local exchange's currency.

This Year (Mar17) TTM:Last Year (Mar16) TTM:
Accounts Receivable was $244 Mil.
Revenue was 609.453 + 585.688 + 579.209 + 574.981 = $2,349 Mil.
Gross Profit was 423.641 + 407.455 + 403.334 + 406.684 = $1,641 Mil.
Total Current Assets was $3,880 Mil.
Total Assets was $4,741 Mil.
Property, Plant and Equipment(Net PPE) was $304 Mil.
Depreciation, Depletion and Amortization(DDA) was $63 Mil.
Selling, General & Admin. Expense(SGA) was $335 Mil.
Total Current Liabilities was $897 Mil.
Long-Term Debt was $995 Mil.
Net Income was 153.425 + 141.846 + 164.192 + 163.049 = $623 Mil.
Non Operating Income was -2.894 + -1.024 + 0.621 + -2.185 = $-5 Mil.
Cash Flow from Operations was 306.318 + 105.584 + 183.593 + 338.636 = $934 Mil.
Accounts Receivable was $307 Mil.
Revenue was 571.066 + 566.235 + 527.572 + 549.008 = $2,214 Mil.
Gross Profit was 395.267 + 387.721 + 369.932 + 389.054 = $1,542 Mil.
Total Current Assets was $3,917 Mil.
Total Assets was $4,819 Mil.
Property, Plant and Equipment(Net PPE) was $283 Mil.
Depreciation, Depletion and Amortization(DDA) was $68 Mil.
Selling, General & Admin. Expense(SGA) was $332 Mil.
Total Current Liabilities was $944 Mil.
Long-Term Debt was $994 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)
=(243.915 / 2349.331) / (307.458 / 2213.881)
=0.10382317 / 0.13887738
=0.7476

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)
=(1541.974 / 2213.881) / (1641.114 / 2349.331)
=0.69650266 / 0.69854525
=0.9971

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 - (3880.116 + 303.825) / 4740.532) / (1 - (3916.658 + 283.346) / 4819.269)
=0.11741108 / 0.1284977
=0.9137

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
=2349.331 / 2213.881
=1.0612

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))
=(68.441 / (68.441 + 283.346)) / (62.626 / (62.626 + 303.825))
=0.19455239 / 0.1708987
=1.1384

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)
=(335.15 / 2349.331) / (331.652 / 2213.881)
=0.14265763 / 0.1498057
=0.9523

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)
=((995.247 + 897.196) / 4740.532) / ((993.639 + 944.397) / 4819.269)
=0.39920477 / 0.40214315
=0.9927

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
=(622.512 - -5.482 - 934.131) / 4740.532
=-0.0646

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 -2.97 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 local exchange's currency.

Xilinx Inc Annual Data

Mar08Mar09Mar10Mar11Mar12Mar13Mar14Mar15Mar16Mar17
DSRI 1.36770.87621.20860.84370.79351.10151.06380.92281.33880.7476
GMI 0.9730.98980.99960.96861.00760.98350.95930.98031.00770.9971
AQI 0.86730.8211.19840.95981.32011.20470.73390.42150.95080.9137
SGI 0.99930.99121.00461.29230.94570.96781.09860.99780.93121.0612
DEPI 1.00510.97261.02731.12810.86560.92440.95750.87771.02421.1384
SGAI 0.96790.94930.94850.82831.10161.03440.94240.93621.0070.9523
LVGI 1.04270.4871.07441.360.92040.98931.4221.01541.0060.9927
TATA -0.0621-0.0329-0.0608-0.0203-0.0665-0.0347-0.032-0.0341-0.0369-0.0646
M-score -2.51-2.66-2.50-2.56-2.90-2.51-2.75-2.96-2.42-2.97

Xilinx Inc Quarterly Data

Dec14Mar15Jun15Sep15Dec15Mar16Jun16Sep16Dec16Mar17
DSRI 0.85570.92280.93541.05271.19081.33880.88960.78671.60410.7476
GMI 0.98410.98030.97480.99010.99651.00771.01431.00921.00070.9971
AQI 0.63610.42150.42970.46640.57590.95080.95281.00821.02790.9137
SGI 1.05720.99780.95760.92380.910.93120.96811.02431.04581.0612
DEPI 0.95470.87770.87890.89480.9071.02421.08631.10471.16121.1384
SGAI 0.94920.93620.94660.96140.97511.0071.00080.96790.95640.9523
LVGI 1.35551.01541.04121.01591.01451.0061.04541.01251.05290.9927
TATA -0.0272-0.0341-0.05-0.0457-0.0531-0.0369-0.0642-0.0661-0.0273-0.0646
M-score -2.96-2.96-3.07-2.94-2.82-2.42-2.93-2.94-1.99-2.97
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