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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 19.71. The lowest was -39.27. And the median was -2.67.
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 * 1.0574||+||0.528 * 0.9738||+||0.404 * 1.0168||+||0.892 * 1.0127||+||0.115 * 0.9888|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.9896||+||4.679 * -0.0417||-||0.327 * 1.0511|
* All numbers are in millions except for per share data and ratio. All numbers are in their local exchange's currency.
|This Year (Mar17) TTM:||Last Year (Mar16) TTM:|
|Accounts Receivable was €882 Mil.|
Revenue was 2682.56194483 + 2878.94587165 + 2414.6841308 + 2406.5503738 = €10,383 Mil.
Gross Profit was 1864.4226274 + 2089.29756375 + 1714.33663013 + 1698.11320755 = €7,366 Mil.
Total Current Assets was €2,487 Mil.
Total Assets was €33,391 Mil.
Property, Plant and Equipment(Net PPE) was €29,228 Mil.
Depreciation, Depletion and Amortization(DDA) was €1,199 Mil.
Selling, General & Admin. Expense(SGA) was €2,891 Mil.
Total Current Liabilities was €2,129 Mil.
Long-Term Debt was €10,251 Mil.
Net Income was 338.475923329 + 434.16437577 + 405.417446316 + 396.048415806 = €1,574 Mil.
Non Operating Income was 6.5451145395 + -101.4314153 + 11.583355609 + 7.11997152011 = €-76 Mil.
Cash Flow from Operations was 975.222066386 + 524.220305242 + 798.360509668 + 745.817016732 = €3,044 Mil.
|Accounts Receivable was €823 Mil.
Revenue was 2350.93390805 + 2553.01569815 + 2618.72939499 + 2730.10781431 = €10,253 Mil.
Gross Profit was 1628.05316092 + 1746.07546131 + 1801.65731088 + 1907.68956607 = €7,083 Mil.
Total Current Assets was €2,342 Mil.
Total Assets was €31,079 Mil.
Property, Plant and Equipment(Net PPE) was €27,203 Mil.
Depreciation, Depletion and Amortization(DDA) was €1,103 Mil.
Selling, General & Admin. Expense(SGA) was €2,885 Mil.
Total Current Liabilities was €1,519 Mil.
Long-Term Debt was €9,443 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)|
|=||(881.720430108 / 10382.7423211)||/||(823.45545977 / 10252.7868155)|
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)|
|=||(7083.47549917 / 10252.7868155)||/||(7366.17002883 / 10382.7423211)|
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 - (2487.14352501 + 29227.6764843) / 33391.3043478)||/||(1 - (2341.95402299 + 27202.7658046) / 31079.3821839)|
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))|
|=||(1103.00031553 / (1103.00031553 + 27202.7658046))||/||(1199.02297028 / (1199.02297028 + 29227.6764843))|
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)|
|=||(2890.95758176 / 10382.7423211)||/||(2884.63352316 / 10252.7868155)|
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)|
|=||((10250.5843852 + 2129.03225806) / 33391.3043478)||/||((9443.24712644 + 1519.39655172) / 31079.3821839)|
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|
|=||(1574.10616122 - -76.1829736314||-||3043.61989803)||/||33391.3043478|
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 -2.63 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