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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 17.29. The lowest was -12.93. 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 * 0.989||+||0.528 * 0.9406||+||0.404 * 0.917||+||0.892 * 1.178||+||0.115 * 1.057|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.055||+||4.679 * -0.041||-||0.327 * 1.0039|
|This Year (Jun15) TTM:||Last Year (Jun14) TTM:|
|Accounts Receivable was €911 Mil.|
Revenue was 2730.10781431 + 2796.82158366 + 2588.80778589 + 2499.41801816 = €10,615 Mil.
Gross Profit was 1907.68956607 + 1863.62376421 + 1703.16301703 + 1638.86086754 = €7,113 Mil.
Total Current Assets was €2,378 Mil.
Total Assets was €30,096 Mil.
Property, Plant and Equipment(Net PPE) was €26,063 Mil.
Depreciation, Depletion and Amortization(DDA) was €1,000 Mil.
Selling, General & Admin. Expense(SGA) was €3,304 Mil.
Total Current Liabilities was €1,584 Mil.
Long-Term Debt was €9,006 Mil.
Net Income was 492.738127061 + 408.389540793 + 398.215733982 + 394.971676884 = €1,694 Mil.
Non Operating Income was 3.56410941816 + 1.84791647418 + 1.62206001622 + -20.1753705284 = €-13 Mil.
Cash Flow from Operations was 794.796400249 + 637.531183591 + 844.282238443 + 665.011251649 = €2,942 Mil.
|Accounts Receivable was €782 Mil.
Revenue was 2387.57635976 + 2177.7167233 + 2210.39585915 + 2235.78758145 = €9,011 Mil.
Gross Profit was 1540.44307058 + 1327.45282337 + 1382.95545673 + 1429.10643397 = €5,680 Mil.
Total Current Assets was €1,746 Mil.
Total Assets was €23,534 Mil.
Property, Plant and Equipment(Net PPE) was €20,376 Mil.
Depreciation, Depletion and Amortization(DDA) was €828 Mil.
Selling, General & Admin. Expense(SGA) was €2,658 Mil.
Total Current Liabilities was €2,059 Mil.
Long-Term Debt was €6,190 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)|
|=||(910.62995634 / 10615.155202)||/||(781.629498786 / 9011.47652367)|
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)|
|=||(1863.62376421 / 9011.47652367)||/||(1907.68956607 / 10615.155202)|
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 - (2378.15200927 + 26062.5501203) / 30096.2309543)||/||(1 - (1745.78641348 + 20376.0947965) / 23533.5246927)|
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))|
|=||(828.174534875 / (828.174534875 + 20376.0947965))||/||(999.992516061 / (999.992516061 + 26062.5501203))|
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)|
|=||(3303.6173656 / 10615.155202)||/||(2658.41699041 / 9011.47652367)|
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)|
|=||((9005.61347233 + 1584.24663637) / 30096.2309543)||/||((6189.74019283 + 2058.58541253) / 23533.5246927)|
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|
|=||(1694.31507872 - -13.1412846199||-||2941.62107393)||/||30096.2309543|
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 -2.59 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