Extra Space Storage Beneish M-Score Historical Data
The historical data trend for Extra Space Storage'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.
Extra Space Storage Beneish M-Score Chart
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Extra Space Storage Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.43 |
2.42 |
-2.03 |
-2.44 |
-2.27 |
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Extra Space Storage Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.16 |
-2.31 |
-1.93 |
-2.27 |
-2.11 |
Competitive Comparison of Extra Space Storage's Beneish M-Score
For the REIT - Industrial subindustry, Extra Space Storage'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.
Extra Space Storage's Beneish M-Score Distribution in the REITs Industry
For the REITs industry and Real Estate sector, Extra Space Storage's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Extra Space Storage's Beneish M-Score falls into.
Extra Space Storage 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 Extra Space Storage 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 * 0.966 | + | 0.528 * 1.0335 | + | 0.404 * 1.0406 | + | 0.892 * 1.3668 | + | 0.115 * 0.7551 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.803 | + | 4.679 * -0.027337 | - | 0.327 * 0.6669 |
| = | -2.16 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was R$4,460 Mil.
Revenue was 3981.544 + 3908.933 + 3694.316 + 2482.114 = R$14,067 Mil.
Gross Profit was 2870.934 + 2849.537 + 2685.221 + 1879.678 = R$10,285 Mil.
Total Current Assets was R$5,113 Mil.
Total Assets was R$136,846 Mil.
Property, Plant and Equipment(Net PPE) was R$1,355 Mil.
Depreciation, Depletion and Amortization(DDA) was R$3,078 Mil.
Selling, General, & Admin. Expense(SGA) was R$765 Mil.
Total Current Liabilities was R$5,129 Mil.
Long-Term Debt & Capital Lease Obligation was R$53,634 Mil.
Net Income was 1061.255 + 1059.013 + 930.204 + 982.437 = R$4,033 Mil.
Non Operating Income was 74.732 + 18.007 + -193.256 + 64.331 = R$-36 Mil.
Cash Flow from Operations was 2318.376 + 1786.051 + 2017.123 + 1688.495 = R$7,810 Mil.
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Total Receivables was R$3,378 Mil.
Revenue was 2620.186 + 2657.939 + 2616.043 + 2397.597 = R$10,292 Mil.
Gross Profit was 1962.574 + 2022.291 + 1958.773 + 1833.32 = R$7,777 Mil.
Total Current Assets was R$3,930 Mil.
Total Assets was R$63,194 Mil.
Property, Plant and Equipment(Net PPE) was R$1,407 Mil.
Depreciation, Depletion and Amortization(DDA) was R$1,551 Mil.
Selling, General, & Admin. Expense(SGA) was R$697 Mil.
Total Current Liabilities was R$1,776 Mil.
Long-Term Debt & Capital Lease Obligation was R$38,916 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) |
| = | (4460.287 / 14066.907) | / | (3378.272 / 10291.765) |
| = | 0.317077 | / | 0.32825 |
| | = | 0.966 |
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) |
| = | (7776.958 / 10291.765) | / | (10285.37 / 14066.907) |
| = | 0.755649 | / | 0.731175 |
| | = | 1.0335 |
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 - (5112.621 + 1355.213) / 136845.502) | / | (1 - (3930.467 + 1407.359) / 63194.22) |
| = | 0.952736 | / | 0.915533 |
| | = | 1.0406 |
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 |
| = | 14066.907 | / | 10291.765 |
| | = | 1.3668 |
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)) |
| = | (1551.178 / (1551.178 + 1407.359)) | / | (3078.105 / (3078.105 + 1355.213)) |
| = | 0.524306 | / | 0.694312 |
| | = | 0.7551 |
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) |
| = | (764.614 / 14066.907) | / | (696.69 / 10291.765) |
| = | 0.054356 | / | 0.067694 |
| | = | 0.803 |
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) |
| = | ((53633.606 + 5129.269) / 136845.502) | / | ((38916.331 + 1775.82) / 63194.22) |
| = | 0.42941 | / | 0.643922 |
| | = | 0.6669 |
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 |
| = | (4032.909 - -36.186 | - | 7810.045) | / | 136845.502 |
| | = | -0.027337 |
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.
Extra Space Storage has a M-score of -2.16 suggests that the company is unlikely to be a manipulator.
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