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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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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-2.44 |
-2.16 |
-2.31 |
-1.93 |
-2.27 |
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 * 0.863 | + | 0.528 * 1.0249 | + | 0.404 * 1.047 | + | 0.892 * 1.3306 | + | 0.115 * 0.8059 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8513 | + | 4.679 * -0.021393 | - | 0.327 * 0.6624 |
| = | -2.27 |
* 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 $739 Mil.
Revenue was 797.774 + 748.034 + 511.386 + 503.05 = $2,560 Mil.
Gross Profit was 581.562 + 543.71 + 387.267 + 376.795 = $1,889 Mil.
Total Current Assets was $930 Mil.
Total Assets was $27,456 Mil.
Property, Plant and Equipment(Net PPE) was $276 Mil.
Depreciation, Depletion and Amortization(DDA) was $506 Mil.
Selling, General, & Admin. Expense(SGA) was $146 Mil.
Total Current Liabilities was $1,088 Mil.
Long-Term Debt & Capital Lease Obligation was $10,571 Mil.
Net Income was 216.134 + 188.35 + 202.41 + 196.304 = $803 Mil.
Non Operating Income was 3.675 + -39.131 + 13.254 + 10.305 = $-12 Mil.
Cash Flow from Operations was 364.515 + 408.432 + 347.878 + 281.649 = $1,402 Mil.
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Total Receivables was $644 Mil.
Revenue was 506.718 + 498.902 + 474.988 + 443.562 = $1,924 Mil.
Gross Profit was 385.536 + 373.555 + 363.199 + 332.978 = $1,455 Mil.
Total Current Assets was $792 Mil.
Total Assets was $12,167 Mil.
Property, Plant and Equipment(Net PPE) was $265 Mil.
Depreciation, Depletion and Amortization(DDA) was $288 Mil.
Selling, General, & Admin. Expense(SGA) was $129 Mil.
Total Current Liabilities was $1,184 Mil.
Long-Term Debt & Capital Lease Obligation was $6,615 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) |
| = | (739.485 / 2560.244) | / | (643.986 / 1924.17) |
| = | 0.288834 | / | 0.334682 |
| | = | 0.863 |
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) |
| = | (1455.268 / 1924.17) | / | (1889.334 / 2560.244) |
| = | 0.756309 | / | 0.737951 |
| | = | 1.0249 |
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 - (929.721 + 275.938) / 27456.262) | / | (1 - (792.039 + 264.533) / 12167.458) |
| = | 0.956088 | / | 0.913164 |
| | = | 1.047 |
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 |
| = | 2560.244 | / | 1924.17 |
| | = | 1.3306 |
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)) |
| = | (288.316 / (288.316 + 264.533)) | / | (506.053 / (506.053 + 275.938)) |
| = | 0.521509 | / | 0.647134 |
| | = | 0.8059 |
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) |
| = | (146.408 / 2560.244) | / | (129.251 / 1924.17) |
| = | 0.057185 | / | 0.067172 |
| | = | 0.8513 |
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) |
| = | ((10571.263 + 1087.587) / 27456.262) | / | ((6615.497 + 1184.032) / 12167.458) |
| = | 0.424634 | / | 0.641015 |
| | = | 0.6624 |
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 |
| = | (803.198 - -11.897 | - | 1402.474) | / | 27456.262 |
| | = | -0.021393 |
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 -2.27 suggests that the company is unlikely to be a manipulator.
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