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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 * 1.1426||+||0.528 * 0.9632||+||0.404 * 0.9226||+||0.892 * 1.1499||+||0.115 * 1.1668|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.0398||+||4.679 * -0.0376||-||0.327 * 0.9824|
|This Year (Mar15) TTM:||Last Year (Mar14) TTM:|
|Accounts Receivable was €1,019 Mil.|
Revenue was 2797.59704251 + 2588.80778589 + 2498.83630721 + 2387.04930096 = €10,272 Mil.
Gross Profit was 1864.14048059 + 1703.16301703 + 1638.47944143 + 1540.10301692 = €6,746 Mil.
Total Current Assets was €2,271 Mil.
Total Assets was €30,648 Mil.
Property, Plant and Equipment(Net PPE) was €26,684 Mil.
Depreciation, Depletion and Amortization(DDA) was €945 Mil.
Selling, General & Admin. Expense(SGA) was €3,158 Mil.
Total Current Liabilities was €1,884 Mil.
Long-Term Debt was €8,792 Mil.
Net Income was 408.502772643 + 398.215733982 + 394.879751746 + 389.256806475 = €1,591 Mil.
Non Operating Income was 1.84842883549 + 1.62206001622 + -20.1706749418 + -8.83002207506 = €-26 Mil.
Cash Flow from Operations was 637.707948244 + 844.282238443 + 664.85647789 + 622.516556291 = €2,769 Mil.
|Accounts Receivable was €776 Mil.
Revenue was 2177.87418655 + 2209.91253644 + 2235.95505618 + 2309.3252464 = €8,933 Mil.
Gross Profit was 1327.54880694 + 1382.65306122 + 1429.21348315 + 1510.99317665 = €5,650 Mil.
Total Current Assets was €1,655 Mil.
Total Assets was €22,907 Mil.
Property, Plant and Equipment(Net PPE) was €19,880 Mil.
Depreciation, Depletion and Amortization(DDA) was €826 Mil.
Selling, General & Admin. Expense(SGA) was €2,641 Mil.
Total Current Liabilities was €1,599 Mil.
Long-Term Debt was €6,523 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)|
|=||(1019.40850277 / 10272.2904366)||/||(775.849602314 / 8933.06702557)|
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)|
|=||(1703.16301703 / 8933.06702557)||/||(1864.14048059 / 10272.2904366)|
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 - (2270.7948244 + 26683.9186691) / 30647.8743068)||/||(1 - (1655.09761388 + 19879.9710774) / 22906.7245119)|
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))|
|=||(826.178184832 / (826.178184832 + 19879.9710774))||/||(944.783050525 / (944.783050525 + 26683.9186691))|
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)|
|=||(3157.78428101 / 10272.2904366)||/||(2640.91055411 / 8933.06702557)|
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)|
|=||((8792.05175601 + 1883.54898336) / 30647.8743068)||/||((6522.77657267 + 1599.42154736) / 22906.7245119)|
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|
|=||(1590.85506485 - -25.5302081652||-||2769.36322087)||/||30647.8743068|
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 -2.42 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