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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 * 1.1553||+||0.528 * 1.0139||+||0.404 * 1.0308||+||0.892 * 1.0262||+||0.115 * 1.0551|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.0098||+||4.679 * -0.0343||-||0.327 * 0.9983|
|This Year (Sep14) TTM:||Last Year (Sep13) TTM:|
|Accounts Receivable was €871 Mil.|
Revenue was 2498.83630721 + 2387.04930096 + 2177.87418655 + 2209.91253644 = €9,274 Mil.
Gross Profit was 1638.47944143 + 1540.10301692 + 1327.54880694 + 1382.65306122 = €5,889 Mil.
Total Current Assets was €2,076 Mil.
Total Assets was €25,309 Mil.
Property, Plant and Equipment(Net PPE) was €21,718 Mil.
Depreciation, Depletion and Amortization(DDA) was €846 Mil.
Selling, General & Admin. Expense(SGA) was €2,733 Mil.
Total Current Liabilities was €1,731 Mil.
Long-Term Debt was €7,282 Mil.
Net Income was 394.879751746 + 389.256806475 + 287.780187997 + 310.495626822 = €1,382 Mil.
Non Operating Income was -20.1706749418 + -8.83002207506 + 5.06146059291 + -5.83090379009 = €-30 Mil.
Cash Flow from Operations was 664.85647789 + 622.516556291 + 433.116413594 + 559.766763848 = €2,280 Mil.
|Accounts Receivable was €735 Mil.
Revenue was 2235.95505618 + 2309.3252464 + 2288.03088803 + 2203.50609756 = €9,037 Mil.
Gross Profit was 1429.21348315 + 1510.99317665 + 1480.30888031 + 1397.86585366 = €5,818 Mil.
Total Current Assets was €1,648 Mil.
Total Assets was €23,178 Mil.
Property, Plant and Equipment(Net PPE) was €20,184 Mil.
Depreciation, Depletion and Amortization(DDA) was €832 Mil.
Selling, General & Admin. Expense(SGA) was €2,638 Mil.
Total Current Liabilities was €1,686 Mil.
Long-Term Debt was €6,582 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)|
|=||(871.217998448 / 9273.67233117)||/||(734.831460674 / 9036.81728817)|
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)|
|=||(1540.10301692 / 9036.81728817)||/||(1638.47944143 / 9273.67233117)|
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 - (2076.02792863 + 21717.6105508) / 25308.7664856)||/||(1 - (1647.94007491 + 20184.2696629) / 23178.2771536)|
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))|
|=||(831.789154635 / (831.789154635 + 20184.2696629))||/||(846.379211679 / (846.379211679 + 21717.6105508))|
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)|
|=||(2733.08124687 / 9273.67233117)||/||(2637.52712177 / 9036.81728817)|
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)|
|=||((7282.38944919 + 1730.79906905) / 25308.7664856)||/||((6582.02247191 + 1686.1423221) / 23178.2771536)|
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|
|=||(1382.41237304 - -29.770140214||-||2280.25621162)||/||25308.7664856|
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 -2.45 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