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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 0.90. The lowest was -11.50. And the median was -2.63.
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 * 0.8861||+||0.528 * 0.9368||+||0.404 * 0.9213||+||0.892 * 1.1573||+||0.115 * 0.9869|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.0648||+||4.679 * -0.045||-||0.327 * 0.9914|
|This Year (Sep15) TTM:||Last Year (Sep14) TTM:|
|Accounts Receivable was €894 Mil.|
Revenue was 2618.72939499 + 2730.10781431 + 2796.82158366 + 2588.80778589 = €10,734 Mil.
Gross Profit was 1801.65731088 + 1907.68956607 + 1863.62376421 + 1703.16301703 = €7,276 Mil.
Total Current Assets was €2,229 Mil.
Total Assets was €30,308 Mil.
Property, Plant and Equipment(Net PPE) was €26,407 Mil.
Depreciation, Depletion and Amortization(DDA) was €1,043 Mil.
Selling, General & Admin. Expense(SGA) was €3,368 Mil.
Total Current Liabilities was €1,713 Mil.
Long-Term Debt was €8,989 Mil.
Net Income was 451.750868752 + 492.738127061 + 408.389540793 + 398.215733982 = €1,751 Mil.
Non Operating Income was 1.78205470908 + 3.56410941816 + 1.84791647418 + 1.62206001622 = €9 Mil.
Cash Flow from Operations was 828.655439722 + 794.796400249 + 637.531183591 + 844.282238443 = €3,105 Mil.
|Accounts Receivable was €871 Mil.
Revenue was 2499.41801816 + 2387.57635976 + 2177.7167233 + 2210.39585915 = €9,275 Mil.
Gross Profit was 1638.86086754 + 1540.44307058 + 1327.45282337 + 1382.95545673 = €5,890 Mil.
Total Current Assets was €2,077 Mil.
Total Assets was €25,315 Mil.
Property, Plant and Equipment(Net PPE) was €21,723 Mil.
Depreciation, Depletion and Amortization(DDA) was €847 Mil.
Selling, General & Admin. Expense(SGA) was €2,733 Mil.
Total Current Liabilities was €1,731 Mil.
Long-Term Debt was €7,284 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)|
|=||(893.700436603 / 10734.4665789)||/||(871.420811671 / 9275.10696037)|
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)|
|=||(1907.68956607 / 9275.10696037)||/||(1801.65731088 / 10734.4665789)|
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 - (2229.35044106 + 26407.3777065) / 30308.2954647)||/||(1 - (2076.51121285 + 21722.6662528) / 25314.6581827)|
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))|
|=||(846.508394138 / (846.508394138 + 21722.6662528))||/||(1043.27382237 / (1043.27382237 + 26407.3777065))|
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)|
|=||(3368.48003618 / 10734.4665789)||/||(2733.49827127 / 9275.10696037)|
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)|
|=||((8988.6839526 + 1712.55457543) / 30308.2954647)||/||((7284.08473656 + 1731.2019865) / 25314.6581827)|
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|
|=||(1751.09427059 - 8.81614061763||-||3105.265262)||/||30308.2954647|
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 -2.73 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