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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 -2.14. The lowest was -3.77. And the median was -2.55.
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 * 1.3388||+||0.528 * 1.0077||+||0.404 * 0.9525||+||0.892 * 0.9312||+||0.115 * 1.0242|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.007||+||4.679 * -0.0347||-||0.327 * 1.0072|
|This Year (Mar16) TTM:||Last Year (Mar15) TTM:|
|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 $3,919 Mil.
Total Assets was $4,823 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 $946 Mil.
Long-Term Debt was $996 Mil.
Net Income was 145.035 + 130.819 + 127.298 + 147.715 = $551 Mil.
Non Operating Income was 0 + -3.827 + -3.475 + -4.64 = $-12 Mil.
Cash Flow from Operations was 122.934 + 290.285 + 133.73 + 183.153 = $730 Mil.
|Accounts Receivable was $247 Mil.
Revenue was 566.899 + 593.549 + 604.262 + 612.633 = $2,377 Mil.
Gross Profit was 396.521 + 413.911 + 434.645 + 423.444 = $1,669 Mil.
Total Current Assets was $3,935 Mil.
Total Assets was $4,898 Mil.
Property, Plant and Equipment(Net PPE) was $301 Mil.
Depreciation, Depletion and Amortization(DDA) was $75 Mil.
Selling, General & Admin. Expense(SGA) was $354 Mil.
Total Current Liabilities was $963 Mil.
Long-Term Debt was $995 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)|
|=||(307.458 / 2213.881)||/||(246.615 / 2377.343)|
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)|
|=||(387.721 / 2377.343)||/||(395.267 / 2213.881)|
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 - (3918.933 + 283.346) / 4823.154)||/||(1 - (3935.051 + 301.038) / 4898.065)|
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))|
|=||(74.914 / (74.914 + 301.038))||/||(68.441 / (68.441 + 283.346))|
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)|
|=||(331.651 / 2213.881)||/||(353.67 / 2377.343)|
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)|
|=||((995.835 + 946.086) / 4823.154)||/||((994.839 + 963.206) / 4898.065)|
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|
|=||(550.867 - -11.942||-||730.102)||/||4823.154|
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 -2.41 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