National Storage REIT Beneish M-Score Historical Data
The historical data trend for National Storage REIT'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.
National Storage REIT Beneish M-Score Chart
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National Storage REIT Annual Data
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Trend |
Jun14 |
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Jun19 |
Jun20 |
Jun21 |
Jun22 |
Jun23 |
| Beneish M-Score |
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-2.60 |
-2.57 |
-3.02 |
-2.27 |
-2.59 |
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National Storage REIT Semi-Annual Data
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Dec14 |
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Dec23 |
| Beneish M-Score |
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-2.27 |
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-2.59 |
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Competitive Comparison of National Storage REIT's Beneish M-Score
For the REIT - Industrial subindustry, National Storage REIT'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.
National Storage REIT's Beneish M-Score Distribution in the REITs Industry
For the REITs industry and Real Estate sector, National Storage REIT's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where National Storage REIT's Beneish M-Score falls into.
National Storage REIT 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 National Storage REIT 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 * 0.7214 | + | 0.528 * 0.9841 | + | 0.404 * 1.007 | + | 0.892 * 1.1905 | + | 0.115 * 0.9779 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9618 | + | 4.679 * -0.014087 | - | 0.327 * 0.8678 |
| = | -2.59 |
* 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 (Jun23) TTM: | Last Year (Jun22) TTM: |
Total Receivables was A$17.3 Mil.
Revenue was A$320.1 Mil.
Gross Profit was A$278.4 Mil.
Total Current Assets was A$98.1 Mil.
Total Assets was A$4,582.0 Mil.
Property, Plant and Equipment(Net PPE) was A$5.6 Mil.
Depreciation, Depletion and Amortization(DDA) was A$2.8 Mil.
Selling, General, & Admin. Expense(SGA) was A$67.1 Mil.
Total Current Liabilities was A$146.2 Mil.
Long-Term Debt & Capital Lease Obligation was A$1,031.2 Mil.
Net Income was A$320.4 Mil.
Gross Profit was A$196.6 Mil.
Cash Flow from Operations was A$188.3 Mil.
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Total Receivables was A$20.2 Mil.
Revenue was A$268.9 Mil.
Gross Profit was A$230.1 Mil.
Total Current Assets was A$112.7 Mil.
Total Assets was A$4,054.0 Mil.
Property, Plant and Equipment(Net PPE) was A$6.5 Mil.
Depreciation, Depletion and Amortization(DDA) was A$3.2 Mil.
Selling, General, & Admin. Expense(SGA) was A$58.6 Mil.
Total Current Liabilities was A$130.4 Mil.
Long-Term Debt & Capital Lease Obligation was A$1,070.0 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) |
| = | (17.308 / 320.131) | / | (20.153 / 268.912) |
| = | 0.054065 | / | 0.074943 |
| | = | 0.7214 |
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) |
| = | (230.148 / 268.912) | / | (278.414 / 320.131) |
| = | 0.855849 | / | 0.869688 |
| | = | 0.9841 |
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 - (98.128 + 5.622) / 4582.036) | / | (1 - (112.662 + 6.53) / 4053.981) |
| = | 0.977357 | / | 0.970599 |
| | = | 1.007 |
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 |
| = | 320.131 | / | 268.912 |
| | = | 1.1905 |
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)) |
| = | (3.178 / (3.178 + 6.53)) | / | (2.829 / (2.829 + 5.622)) |
| = | 0.327359 | / | 0.334753 |
| | = | 0.9779 |
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) |
| = | (67.071 / 320.131) | / | (58.578 / 268.912) |
| = | 0.209511 | / | 0.217833 |
| | = | 0.9618 |
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) |
| = | ((1031.219 + 146.161) / 4582.036) | / | ((1069.971 + 130.424) / 4053.981) |
| = | 0.256956 | / | 0.296103 |
| | = | 0.8678 |
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 |
| = | (320.4 - 196.634 | - | 188.311) | / | 4582.036 |
| | = | -0.014087 |
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.
National Storage REIT has a M-score of -2.59 suggests that the company is unlikely to be a manipulator.
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