Netstreit Beneish M-Score Historical Data
The historical data trend for Netstreit'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.
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Netstreit Annual Data
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Trend |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
|
|
- |
-0.24 |
-1.77 |
3.68 |
-1.69 |
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Netstreit Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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3.68 |
-1.75 |
-1.68 |
-1.71 |
-1.69 |
Competitive Comparison
For the REIT - Retail subindustry, Netstreit'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.
Netstreit Beneish M-Score Distribution
For the REITs industry and Real Estate sector, Netstreit's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Netstreit's Beneish M-Score falls into.
Netstreit 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 Netstreit 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 * 1.6747 | + | 0.528 * 1.0111 | + | 0.404 * 0.9855 | + | 0.892 * 1.3432 | + | 0.115 * 0.9679 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.7885 | + | 4.679 * -0.035814 | - | 0.327 * 1.015 |
| = | -1.69 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was $133.7 Mil.
Revenue was 34.328 + 31.398 + 31.253 + 28.062 = $125.0 Mil.
Gross Profit was 29.557 + 27.834 + 28.1 + 24.538 = $110.0 Mil.
Total Current Assets was $217.9 Mil.
Total Assets was $1,946.2 Mil.
Property, Plant and Equipment(Net PPE) was $5.6 Mil.
Depreciation, Depletion and Amortization(DDA) was $63.7 Mil.
Selling, General, & Admin. Expense(SGA) was $20.2 Mil.
Total Current Liabilities was $110.4 Mil.
Long-Term Debt & Capital Lease Obligation was $560.3 Mil.
Net Income was 1.941 + 4.215 + -0.791 + 1.472 = $6.8 Mil.
Non Operating Income was -1.236 + 0.193 + -2.296 + -0.276 = $-3.6 Mil.
Cash Flow from Operations was 28.643 + 17.117 + 19.589 + 14.806 = $80.2 Mil.
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Total Receivables was $59.4 Mil.
Revenue was 26.216 + 23.895 + 22.34 + 20.638 = $93.1 Mil.
Gross Profit was 23.086 + 21.8 + 19.949 + 17.989 = $82.8 Mil.
Total Current Assets was $157.2 Mil.
Total Assets was $1,605.7 Mil.
Property, Plant and Equipment(Net PPE) was $6.2 Mil.
Depreciation, Depletion and Amortization(DDA) was $50.1 Mil.
Selling, General, & Admin. Expense(SGA) was $19.1 Mil.
Total Current Liabilities was $128.3 Mil.
Long-Term Debt & Capital Lease Obligation was $416.8 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) |
| = | (133.687 / 125.041) | / | (59.43 / 93.089) |
| = | 1.069145 | / | 0.638421 |
| | = | 1.6747 |
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) |
| = | (82.824 / 93.089) | / | (110.029 / 125.041) |
| = | 0.889729 | / | 0.879943 |
| | = | 1.0111 |
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 - (217.904 + 5.589) / 1946.236) | / | (1 - (157.23 + 6.204) / 1605.692) |
| = | 0.885167 | / | 0.898216 |
| | = | 0.9855 |
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 |
| = | 125.041 | / | 93.089 |
| | = | 1.3432 |
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)) |
| = | (50.075 / (50.075 + 6.204)) | / | (63.677 / (63.677 + 5.589)) |
| = | 0.889763 | / | 0.919311 |
| | = | 0.9679 |
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) |
| = | (20.179 / 125.041) | / | (19.052 / 93.089) |
| = | 0.161379 | / | 0.204664 |
| | = | 0.7885 |
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) |
| = | ((560.252 + 110.397) / 1946.236) | / | ((416.787 + 128.325) / 1605.692) |
| = | 0.344588 | / | 0.339487 |
| | = | 1.015 |
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 |
| = | (6.837 - -3.615 | - | 80.155) | / | 1946.236 |
| | = | -0.035814 |
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.
Netstreit has a M-score of -1.69 signals that the company is likely to be a manipulator.
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