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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 -2.60 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 -3.54. 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 * 1.0626||+||0.528 * 1.0185||+||0.404 * 1.0581||+||0.892 * 0.9783||+||0.115 * 0.9963|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.0204||+||4.679 * -0.0433||-||0.327 * 0.958|
|This Year (Mar14) TTM:||Last Year (Mar13) TTM:|
|Accounts Receivable was €778 Mil.|
Revenue was 2184.19144307 + 2202.64317181 + 2198.68035191 + 2344.53781513 = €8,930 Mil.
Gross Profit was 1331.3995649 + 1369.30983847 + 1409.09090909 + 1540.10695187 = €5,650 Mil.
Total Current Assets was €1,660 Mil.
Total Assets was €22,973 Mil.
Property, Plant and Equipment(Net PPE) was €19,938 Mil.
Depreciation, Depletion and Amortization(DDA) was €825 Mil.
Selling, General & Admin. Expense(SGA) was €2,639 Mil.
Total Current Liabilities was €1,604 Mil.
Long-Term Debt was €6,542 Mil.
Net Income was 288.614938361 + 298.825256975 + 339.442815249 + 408.708938121 = €1,336 Mil.
Non Operating Income was 5.07614213198 + -5.87371512482 + 3.66568914956 + 6.87547746371 = €10 Mil.
Cash Flow from Operations was 434.372733865 + 563.876651982 + 674.486803519 + 647.82276547 = €2,321 Mil.
|Accounts Receivable was €748 Mil.
Revenue was 2272.2392638 + 2173.68421053 + 2231.30300694 + 2450.77298617 = €9,128 Mil.
Gross Profit was 1470.09202454 + 1378.94736842 + 1446.41480339 + 1586.65581774 = €5,882 Mil.
Total Current Assets was €1,969 Mil.
Total Assets was €23,456 Mil.
Property, Plant and Equipment(Net PPE) was €20,160 Mil.
Depreciation, Depletion and Amortization(DDA) was €831 Mil.
Selling, General & Admin. Expense(SGA) was €2,643 Mil.
Total Current Liabilities was €1,897 Mil.
Long-Term Debt was €6,784 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)|
|=||(778.100072516 / 8930.05278191)||/||(748.466257669 / 9127.99946744)|
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)|
|=||(1369.30983847 / 9127.99946744)||/||(1331.3995649 / 8930.05278191)|
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 - (1659.89847716 + 19937.6359681) / 22973.168963)||/||(1 - (1968.55828221 + 20159.5092025) / 23455.5214724)|
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))|
|=||(831.440417401 / (831.440417401 + 20159.5092025))||/||(825.462572963 / (825.462572963 + 19937.6359681))|
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)|
|=||(2638.59710918 / 8930.05278191)||/||(2643.11185311 / 9127.99946744)|
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)|
|=||((6541.6968818 + 1604.06091371) / 22973.168963)||/||((6783.74233129 + 1897.2392638) / 23455.5214724)|
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|
|=||(1335.59194871 - 9.74359362044||-||2320.55895484)||/||22973.168963|
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 -2.60 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