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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 1.11. The lowest was -11.39. And the median was -2.69.
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 * 0.8096||+||0.528 * 0.9505||+||0.404 * 0.8938||+||0.892 * 0.9981||+||0.115 * 0.8778|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.032||+||4.679 * -0.0478||-||0.327 * 1.0126|
|This Year (Mar16) TTM:||Last Year (Mar15) TTM:|
|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.
Net Income was 319.683908046 + 427.797668227 + 451.750868752 + 492.738127061 = €1,692 Mil.
Non Operating Income was 6.28591954023 + 77.1137427706 + 1.78205470908 + 3.56410941816 = €89 Mil.
Cash Flow from Operations was 677.083333333 + 787.661801157 + 828.655439722 + 794.796400249 = €3,088 Mil.
|Accounts Receivable was €1,019 Mil.
Revenue was 2796.82158366 + 2588.80778589 + 2499.41801816 + 2387.57635976 = €10,273 Mil.
Gross Profit was 1863.62376421 + 1703.16301703 + 1638.86086754 + 1540.44307058 = €6,746 Mil.
Total Current Assets was €2,270 Mil.
Total Assets was €30,639 Mil.
Property, Plant and Equipment(Net PPE) was €26,677 Mil.
Depreciation, Depletion and Amortization(DDA) was €945 Mil.
Selling, General & Admin. Expense(SGA) was €2,801 Mil.
Total Current Liabilities was €1,883 Mil.
Long-Term Debt was €8,790 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)|
|=||(823.45545977 / 10252.7868155)||/||(1019.12593551 / 10272.6237475)|
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)|
|=||(1746.07546131 / 10272.6237475)||/||(1628.05316092 / 10252.7868155)|
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 - (2341.95402299 + 27202.7658046) / 31079.3821839)||/||(1 - (2270.16538852 + 26676.5222212) / 30639.3791001)|
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))|
|=||(944.806661113 / (944.806661113 + 26676.5222212))||/||(1103.00031553 / (1103.00031553 + 27202.7658046))|
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)|
|=||(2884.63352316 / 10252.7868155)||/||(2800.5072046 / 10272.6237475)|
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)|
|=||((9443.24712644 + 1519.39655172) / 31079.3821839)||/||((8789.61470942 + 1883.02688718) / 30639.3791001)|
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|
|=||(1691.97057209 - 88.7458264381||-||3088.19697446)||/||31079.3821839|
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 -2.97 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