Kansas City Southern Beneish M-Score Historical Data
The historical data trend for Kansas City Southern's Beneish M-Score can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Kansas City Southern Beneish M-Score Chart
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Kansas City Southern Annual Data
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Dec11 |
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Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
| Beneish M-Score |
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-2.62 |
-2.31 |
-1.92 |
-2.90 |
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Kansas City Southern Quarterly Data
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Dec16 |
Mar17 |
Jun17 |
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Sep18 |
Dec18 |
Mar19 |
Jun19 |
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Dec20 |
Mar21 |
Jun21 |
Sep21 |
| Beneish M-Score |
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-2.59 |
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Competitive Comparison of Kansas City Southern's Beneish M-Score
For the Railroads subindustry, Kansas City Southern's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Kansas City Southern's Beneish M-Score Distribution in the Transportation Industry
For the Transportation industry and Industrials sector, Kansas City Southern's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Kansas City Southern's Beneish M-Score falls into.
Kansas City Southern Beneish M-Score Calculation
The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski 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 Kansas City Southern 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 * 0.8045 | + | 0.528 * 0.9377 | + | 0.404 * 1.818 | + | 0.892 * 0.9186 | + | 0.115 * 0.9919 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1 | + | 4.679 * -0.040496 | - | 0.327 * 1.1064 |
| = | -2.66 |
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
| This Year (Dec20) TTM: | Last Year (Dec19) TTM: |
Total Receivables was $247 Mil.
Revenue was $2,633 Mil.
Gross Profit was $1,034 Mil.
Total Current Assets was $626 Mil.
Total Assets was $9,964 Mil.
Property, Plant and Equipment(Net PPE) was $8,958 Mil.
Depreciation, Depletion and Amortization(DDA) was $358 Mil.
Selling, General, & Admin. Expense(SGA) was $0 Mil.
Total Current Liabilities was $476 Mil.
Long-Term Debt & Capital Lease Obligation was $3,810 Mil.
Net Income was $617 Mil.
Gross Profit was $-60 Mil.
Cash Flow from Operations was $1,080 Mil.
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Total Receivables was $334 Mil.
Revenue was $2,866 Mil.
Gross Profit was $1,055 Mil.
Total Current Assets was $729 Mil.
Total Assets was $9,787 Mil.
Property, Plant and Equipment(Net PPE) was $8,853 Mil.
Depreciation, Depletion and Amortization(DDA) was $351 Mil.
Selling, General, & Admin. Expense(SGA) was $0 Mil.
Total Current Liabilities was $491 Mil.
Long-Term Debt & Capital Lease Obligation was $3,314 Mil.
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1. DSRI = Days Sales in Receivables Index
Measured as the ratio of Revenue in Total Receivables in year t to year t-1.
A large increase in DSR could be indicative of revenue inflation.
| DSRI | = | (Receivables_t / Revenue_t) | / | (Receivables_t-1 / Revenue_t-1) |
| = | (247.1 / 2632.6) | / | (334.4 / 2866) |
| = | 0.093862 | / | 0.116678 |
| | = | 0.8045 |
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.
| GMI | = | GrossMargin_t-1 | / | GrossMargin_t |
| = | (GrossProfit_t-1 / Revenue_t-1) | / | (GrossProfit_t / Revenue_t) |
| = | (1055.1 / 2866) | / | (1033.6 / 2632.6) |
| = | 0.368144 | / | 0.392616 |
| | = | 0.9377 |
3. AQI = Asset Quality Index
AQI is the ratio of asset quality in year t to year t-1.
Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.
| AQI | = | (1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) | / | (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1) |
| = | (1 - (625.8 + 8958.4) / 9964) | / | (1 - (728.6 + 8853) / 9786.8) |
| = | 0.038117 | / | 0.020967 |
| | = | 1.818 |
4. SGI = Sales Growth Index
Ratio of Revenue 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.
| SGI | = | Sales_t | / | Sales_t-1 |
| = | Revenue_t | / | Revenue_t-1 |
| = | 2632.6 | / | 2866 |
| | = | 0.9186 |
5. DEPI = Depreciation Index
Measured as the ratio of the rate of Depreciation, Depletion and Amortization 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)) |
| = | (350.7 / (350.7 + 8853)) | / | (357.9 / (357.9 + 8958.4)) |
| = | 0.038104 | / | 0.038417 |
| | = | 0.9919 |
Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.
6. SGAI = Sales, General and Administrative expenses Index
The ratio of Selling, General, & Admin. Expense(SGA) to Sales 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) |
| = | (0 / 2632.6) | / | (0 / 2866) |
| = | 0 | / | 0 |
| | = | 1 |
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 in leverage
| LVGI | = | ((LTD_t + CurrentLiabilities_t) / TotalAssets_t) | / | ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1) |
| = | ((3809.8 + 476.4) / 9964) | / | ((3313.7 + 491.3) / 9786.8) |
| = | 0.430169 | / | 0.388789 |
| | = | 1.1064 |
8. TATA = Total Accruals to Total Assets
Total accruals calculated as the change in working capital accounts other than cash less depreciation.
| TATA | = | (IncomefromContinuingOperations_t | - | CashFlowsfromOperations_t) | / | TotalAssets_t |
| = | (NetIncome_t - NonOperatingIncome_t | - | CashFlowsfromOperations_t) | / | TotalAssets_t |
| = | (617 - -59.5 | - | 1080) | / | 9964 |
| | = | -0.040496 |
An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.
Kansas City Southern has a M-score of -2.66 suggests that the company is unlikely to be a manipulator.
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