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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 CSX Corp was -1.14. The lowest was -3.80. 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 * 0||+||0.528 * 0.9976||+||0.404 * 0.9656||+||0.892 * 1.0674||+||0.115 * 0.7441|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.0281||+||4.679 * -0.082||-||0.327 * 0.9762|
|This Year (Dec14) TTM:||Last Year (Dec13) TTM:|
|Accounts Receivable was €0 Mil.|
Revenue was 2588.80778589 + 2498.83630721 + 2387.04930096 + 2177.87418655 = €9,653 Mil.
Gross Profit was 1703.16301703 + 1638.47944143 + 1540.10301692 + 1327.54880694 = €6,209 Mil.
Total Current Assets was €2,086 Mil.
Total Assets was €26,807 Mil.
Property, Plant and Equipment(Net PPE) was €23,182 Mil.
Depreciation, Depletion and Amortization(DDA) was €1,319 Mil.
Selling, General & Admin. Expense(SGA) was €2,903 Mil.
Total Current Liabilities was €1,709 Mil.
Long-Term Debt was €7,716 Mil.
Net Income was 398.215733982 + 394.879751746 + 389.256806475 + 287.780187997 = €1,470 Mil.
Non Operating Income was 5.67721005677 + -20.1706749418 + -8.83002207506 + 5.06146059291 = €-18 Mil.
Cash Flow from Operations was 844.282238443 + 1785.88052754 + 622.516556291 + 433.116413594 = €3,686 Mil.
|Accounts Receivable was €767 Mil.
Revenue was 2209.91253644 + 2235.95505618 + 2309.3252464 + 2288.03088803 = €9,043 Mil.
Gross Profit was 1382.65306122 + 1429.21348315 + 1510.99317665 + 1480.30888031 = €5,803 Mil.
Total Current Assets was €1,897 Mil.
Total Assets was €23,165 Mil.
Property, Plant and Equipment(Net PPE) was €19,891 Mil.
Depreciation, Depletion and Amortization(DDA) was €830 Mil.
Selling, General & Admin. Expense(SGA) was €2,645 Mil.
Total Current Liabilities was €1,767 Mil.
Long-Term Debt was €6,576 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)|
|=||(0 / 9652.56758061)||/||(766.763848397 / 9043.22372705)|
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)|
|=||(1638.47944143 / 9043.22372705)||/||(1703.16301703 / 9652.56758061)|
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 - (2085.96918086 + 23182.4817518) / 26806.9748581)||/||(1 - (1896.50145773 + 19891.3994169) / 23164.7230321)|
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))|
|=||(830.044772213 / (830.044772213 + 19891.3994169))||/||(1318.97067674 / (1318.97067674 + 23182.4817518))|
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)|
|=||(2902.56878468 / 9652.56758061)||/||(2644.94241367 / 9043.22372705)|
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)|
|=||((7716.13949716 + 1708.84022709) / 26806.9748581)||/||((6575.80174927 + 1766.7638484) / 23164.7230321)|
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|
|=||(1470.1324802 - -18.2620263672||-||3685.79573587)||/||26806.9748581|
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 -3.77 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