Life Storage Beneish M-Score Historical Data
The historical data trend for Life 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.
Life Storage Beneish M-Score Chart
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Life Storage Annual Data
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Trend |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
| Beneish M-Score |
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-2.60 |
-2.17 |
-2.45 |
-2.49 |
-2.30 |
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Life Storage Quarterly Data
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Jun18 |
Sep18 |
Dec18 |
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
| Beneish M-Score |
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-2.39 |
-2.23 |
-2.29 |
-2.30 |
-2.45 |
Competitive Comparison of Life Storage's Beneish M-Score
For the REIT - Industrial subindustry, Life 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.
Life Storage's Beneish M-Score Distribution in the REITs Industry
For the REITs industry and Real Estate sector, Life Storage's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Life Storage's Beneish M-Score falls into.
Life 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 Life 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 * 0.9953 | + | 0.528 * 0.9803 | + | 0.404 * 1.0025 | + | 0.892 * 1.2723 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0905 | + | 4.679 * -0.034274 | - | 0.327 * 1.0698 |
| = | -2.45 |
* 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 (Mar23) TTM: | Last Year (Mar22) TTM: |
Total Receivables was $24 Mil.
Revenue was 260.774 + 262.373 + 260.303 + 245.496 = $1,029 Mil.
Gross Profit was 176.811 + 184.298 + 177.662 + 171.201 = $710 Mil.
Total Current Assets was $71 Mil.
Total Assets was $7,377 Mil.
Property, Plant and Equipment(Net PPE) was $0 Mil.
Depreciation, Depletion and Amortization(DDA) was $194 Mil.
Selling, General, & Admin. Expense(SGA) was $89 Mil.
Total Current Liabilities was $790 Mil.
Long-Term Debt & Capital Lease Obligation was $2,785 Mil.
Net Income was 81.608 + 93.784 + 98.505 + 92.264 = $366 Mil.
Non Operating Income was 2.315 + 4.719 + 5.64 + 3.839 = $17 Mil.
Cash Flow from Operations was 120.954 + 145.46 + 182.336 + 153.719 = $602 Mil.
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Total Receivables was $19 Mil.
Revenue was 222.776 + 210.735 + 198.422 + 176.801 = $809 Mil.
Gross Profit was 149.038 + 146.091 + 134.387 + 117.497 = $547 Mil.
Total Current Assets was $82 Mil.
Total Assets was $6,759 Mil.
Property, Plant and Equipment(Net PPE) was $0 Mil.
Depreciation, Depletion and Amortization(DDA) was $160 Mil.
Selling, General, & Admin. Expense(SGA) was $64 Mil.
Total Current Liabilities was $277 Mil.
Long-Term Debt & Capital Lease Obligation was $2,786 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) |
| = | (24.076 / 1028.946) | / | (19.013 / 808.734) |
| = | 0.023399 | / | 0.02351 |
| | = | 0.9953 |
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) |
| = | (547.013 / 808.734) | / | (709.972 / 1028.946) |
| = | 0.676382 | / | 0.689999 |
| | = | 0.9803 |
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 - (71.006 + 0) / 7376.554) | / | (1 - (81.681 + 0) / 6759.491) |
| = | 0.990374 | / | 0.987916 |
| | = | 1.0025 |
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 |
| = | 1028.946 | / | 808.734 |
| | = | 1.2723 |
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)) |
| = | (160.161 / (160.161 + 0)) | / | (194.27 / (194.27 + 0)) |
| = | 1 | / | 1 |
| | = | 1 |
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) |
| = | (89.153 / 1028.946) | / | (64.26 / 808.734) |
| = | 0.086645 | / | 0.079458 |
| | = | 1.0905 |
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) |
| = | ((2785.046 + 789.939) / 7376.554) | / | ((2785.624 + 276.631) / 6759.491) |
| = | 0.484642 | / | 0.45303 |
| | = | 1.0698 |
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 |
| = | (366.161 - 16.513 | - | 602.469) | / | 7376.554 |
| | = | -0.034274 |
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.
Life Storage has a M-score of -2.45 suggests that the company is unlikely to be a manipulator.
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