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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 -2.56 suggests that the company is not a 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 * 1.089||+||0.528 * 1.0261||+||0.404 * 1.0331||+||0.892 * 0.9973||+||0.115 * 1.0089|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.0146||+||4.679 * -0.0412||-||0.327 * 0.9639|
|This Year (Jun14) TTM:||Last Year (Jun13) TTM:|
|Accounts Receivable was €785 Mil.|
Revenue was 2397.63488544 + 2181.02824041 + 2202.64317181 + 2198.68035191 = €8,980 Mil.
Gross Profit was 1546.93274205 + 1329.47139754 + 1369.30983847 + 1409.09090909 = €5,655 Mil.
Total Current Assets was €1,753 Mil.
Total Assets was €23,633 Mil.
Property, Plant and Equipment(Net PPE) was €20,462 Mil.
Depreciation, Depletion and Amortization(DDA) was €826 Mil.
Selling, General & Admin. Expense(SGA) was €2,653 Mil.
Total Current Liabilities was €2,067 Mil.
Long-Term Debt was €6,216 Mil.
Net Income was 390.983000739 + 288.196958726 + 298.825256975 + 339.442815249 = €1,317 Mil.
Non Operating Income was -8.86917960089 + 5.06879073135 + -5.87371512482 + 3.66568914956 = €-6 Mil.
Cash Flow from Operations was 625.277161863 + 433.743664012 + 563.876651982 + 674.486803519 = €2,297 Mil.
|Accounts Receivable was €723 Mil.
Revenue was 2326.9671505 + 2272.2392638 + 2173.68421053 + 2231.30300694 = €9,004 Mil.
Gross Profit was 1522.53628724 + 1470.09202454 + 1378.94736842 + 1446.41480339 = €5,818 Mil.
Total Current Assets was €1,901 Mil.
Total Assets was €23,591 Mil.
Property, Plant and Equipment(Net PPE) was €20,320 Mil.
Depreciation, Depletion and Amortization(DDA) was €828 Mil.
Selling, General & Admin. Expense(SGA) was €2,622 Mil.
Total Current Liabilities was €1,847 Mil.
Long-Term Debt was €6,731 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)|
|=||(784.922394678 / 8979.98664956)||/||(722.68907563 / 9004.19363177)|
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)|
|=||(1329.47139754 / 9004.19363177)||/||(1546.93274205 / 8979.98664956)|
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 - (1753.14116778 + 20461.9364375) / 23632.6681449)||/||(1 - (1901.45148969 + 20320.091673) / 23591.2910619)|
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))|
|=||(828.293274973 / (828.293274973 + 20320.091673))||/||(826.438602905 / (826.438602905 + 20461.9364375))|
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)|
|=||(2652.90259309 / 8979.98664956)||/||(2621.66864309 / 9004.19363177)|
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)|
|=||((6215.81670362 + 2067.25794531) / 23632.6681449)||/||((6731.09243697 + 1847.21161192) / 23591.2910619)|
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|
|=||(1317.44803169 - -6.00841484479||-||2297.38428138)||/||23632.6681449|
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 -2.56 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