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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.
CSX Corp has a M-score of -2.50 suggests that the company is not a manipulator.
During the past 13 years, the highest Beneish M-Score of CSX Corp was -1.14. The lowest was -4.35. And the median was -2.62.
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 CSX Corp 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 * 1.0927||+||0.528 * 1.0173||+||0.404 * 1.0308||+||0.892 * 1.0476||+||0.115 * 0.9954|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.0145||+||4.679 * -0.0364||-||0.327 * 0.9983|
|This Year (Sep14) TTM:||Last Year (Sep13) TTM:|
|Accounts Receivable was $1,123 Mil.|
Revenue was 3221 + 3244 + 3012 + 3000 = $12,477 Mil.
Gross Profit was 2112 + 2093 + 1836 + 1865 = $7,906 Mil.
Total Current Assets was $2,676 Mil.
Total Assets was $32,623 Mil.
Property, Plant and Equipment(Net PPE) was $27,994 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,142 Mil.
Selling, General & Admin. Expense(SGA) was $3,687 Mil.
Total Current Liabilities was $2,231 Mil.
Long-Term Debt was $9,387 Mil.
Net Income was 509 + 529 + 398 + 407 = $1,843 Mil.
Non Operating Income was -26 + -12 + 7 + -8 = $-39 Mil.
Cash Flow from Operations was 857 + 846 + 599 + 768 = $3,070 Mil.
|Accounts Receivable was $981 Mil.
Revenue was 2999 + 3069 + 2958 + 2884 = $11,910 Mil.
Gross Profit was 1922 + 2016 + 1912 + 1827 = $7,677 Mil.
Total Current Assets was $2,200 Mil.
Total Assets was $30,943 Mil.
Property, Plant and Equipment(Net PPE) was $26,946 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,094 Mil.
Selling, General & Admin. Expense(SGA) was $3,469 Mil.
Total Current Liabilities was $2,251 Mil.
Long-Term Debt was $8,787 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)|
|=||(1123 / 12477)||/||(981 / 11910)|
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)|
|=||(2093 / 11910)||/||(2112 / 12477)|
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 - (2676 + 27994) / 32623)||/||(1 - (2200 + 26946) / 30943)|
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))|
|=||(1094 / (1094 + 26946))||/||(1142 / (1142 + 27994))|
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)|
|=||(3687 / 12477)||/||(3469 / 11910)|
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)|
|=||((9387 + 2231) / 32623)||/||((8787 + 2251) / 30943)|
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|
|=||(1843 - -39||-||3070)||/||32623|
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.
CSX Corp has a M-score of -2.50 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
CSX Corp Annual Data
CSX Corp Quarterly Data