FRA:CXR has been removed from your Stock Email Alerts list.
Please enter Portfolio Name for new portfolio.
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 1.19. The lowest was -11.33. And the median was -2.70.
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 * 0.9529||+||0.528 * 0.968||+||0.404 * 0.9024||+||0.892 * 0.9354||+||0.115 * 0.9353|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.024||+||4.679 * -0.05||-||0.327 * 1.0025|
|This Year (Jun16) TTM:||Last Year (Jun15) TTM:|
|Accounts Receivable was €812 Mil.|
Revenue was 2406.5503738 + 2350.93390805 + 2553.01569815 + 2618.72939499 = €9,929 Mil.
Gross Profit was 1698.11320755 + 1628.05316092 + 1746.07546131 + 1801.65731088 = €6,874 Mil.
Total Current Assets was €1,983 Mil.
Total Assets was €30,749 Mil.
Property, Plant and Equipment(Net PPE) was €27,240 Mil.
Depreciation, Depletion and Amortization(DDA) was €1,120 Mil.
Selling, General & Admin. Expense(SGA) was €2,816 Mil.
Total Current Liabilities was €2,031 Mil.
Long-Term Debt was €8,815 Mil.
Net Income was 396.048415806 + 319.683908046 + 427.797668227 + 451.750868752 = €1,595 Mil.
Non Operating Income was 7.11997152011 + 6.28591954023 + 77.1137427706 + 1.78205470908 = €92 Mil.
Cash Flow from Operations was 745.817016732 + 677.083333333 + 787.661801157 + 828.655439722 = €3,039 Mil.
|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 €2,940 Mil.
Total Current Liabilities was €1,584 Mil.
Long-Term Debt was €9,006 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)|
|=||(811.676753293 / 9929.22937499)||/||(910.62995634 / 10615.155202)|
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)|
|=||(7113.33721485 / 10615.155202)||/||(6873.89914065 / 9929.22937499)|
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 - (1982.91206835 + 27240.1210395) / 30749.3770025)||/||(1 - (2378.15200927 + 26062.5501203) / 30096.2309543)|
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))|
|=||(999.992516061 / (999.992516061 + 26062.5501203))||/||(1120.49200088 / (1120.49200088 + 27240.1210395))|
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)|
|=||(2816.14328924 / 9929.22937499)||/||(2940.18267744 / 10615.155202)|
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)|
|=||((8815.41473834 + 2030.97187611) / 30749.3770025)||/||((9005.61347233 + 1584.24663637) / 30096.2309543)|
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|
|=||(1595.28086083 - 92.30168854||-||3039.21759094)||/||30749.3770025|
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 -2.88 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