Dexus Industria REIT (ASX:DXI) Beneish M-Score: -2.80 (As of Jun. 28, 2026)

What is Dexus Industria REIT Beneish M-Score?

Dexus Industria REIT ASX:DXI +1.21% 77 Beneish M-Score is -2.80 as of Jun. 28, 2026. GuruFocus rates ASX:DXI with a GF Score™ of 77/100 and a GF Value™ of A$3.61 (Possible Value Trap). The stock has 7 warning signs investors should review. Among 765 REITs companies, Dexus Industria REIT ranks better than 80.26% on this metric.

The zones of discrimination for M-Score is as such:

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.

Good Sign:

Beneish M-Score -2.8 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Dexus Industria REIT's Beneish M-Score or its related term are showing as below:

ASX:DXI' s Beneish M-Score Range Over the Past 10 Years
Min: -3.15 Med: -2.68 Max: 13.15
Current: -2.8

During the past 12 years, the highest Beneish M-Score of Dexus Industria REIT was 13.15. The lowest was -3.15. And the median was -2.68.

Dexus Industria REIT Beneish M-Score Related Terms

Dexus Industria REIT Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Dexus Industria 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.

Dexus Industria REIT Beneish M-Score Chart

Dexus Industria REIT Annual Data

Trend

Jun16

Jun17

Jun18

Jun19

Jun20

Jun21

Jun22

Jun23

Jun24

Jun25

Beneish M-Score

Get a 7-Day Free Trial

-1.75

13.15

-3.15

-2.04

-2.80

Dexus Industria REIT Semi-Annual Data
	Jun16	Dec16	Jun17	Dec17	Jun18	Dec18	Jun19	Dec19	Jun20	Dec20	Jun21	Dec21	Jun22	Dec22	Jun23	Dec23	Jun24	Dec24	Jun25	Dec25
Beneish M-Score	Get a 7-Day Free Trial															0.00	-2.04	0.00	-2.80	0.00

ASX:DXI vs PLD, PSA, EXR: Beneish M-Score Comparison

For the REIT - Industrial subindustry, Dexus Industria 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.

Dexus Industria REIT Beneish M-Score vs REITs Industry

For the REITs industry and Real Estate sector, Dexus Industria REIT's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Dexus Industria REIT's Beneish M-Score falls into.

Save Embed

77GF Score

Dexus Industria REIT ASX:DXI

Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.

View Full Analysis

Dexus Industria 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 Dexus Industria REIT for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 0.8113

0.528 * 1.0081

0.404 * 1.0051

0.892 * 1.0096

0.115 * 1

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1

4.679 * -0.028746

0.327 * 1.0921

-2.80

This Year (Jun25) TTM:

Last Year (Jun24) TTM:

Total Receivables was A$5.23 Mil.
Revenue was A$75.17 Mil.
Gross Profit was A$55.35 Mil.
Total Current Assets was A$11.55 Mil.
Total Assets was A$1,460.54 Mil.
Property, Plant and Equipment(Net PPE) was A$0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was A$0.00 Mil.
Selling, General, & Admin. Expense(SGA) was A$0.00 Mil.
Total Current Liabilities was A$29.05 Mil.
Long-Term Debt & Capital Lease Obligation was A$354.07 Mil.
Net Income was A$53.08 Mil.
Gross Profit was A$44.44 Mil.
Cash Flow from Operations was A$50.63 Mil.

Total Receivables was A$6.38 Mil.
Revenue was A$74.46 Mil.
Gross Profit was A$55.27 Mil.
Total Current Assets was A$17.83 Mil.
Total Assets was A$1,378.44 Mil.
Property, Plant and Equipment(Net PPE) was A$0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was A$0.00 Mil.
Selling, General, & Admin. Expense(SGA) was A$0.00 Mil.
Total Current Liabilities was A$28.74 Mil.
Long-Term Debt & Capital Lease Obligation was A$302.35 Mil.

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)
	=	(5.229 / 75.172)	/	(6.384 / 74.456)
	=	0.06956	/	0.085742
	=	0.8113

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)
	=	(55.267 / 74.456)	/	(55.352 / 75.172)
	=	0.742277	/	0.736338
	=	1.0081

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 - (11.552 + 0) / 1460.54)	/	(1 - (17.83 + 0) / 1378.441)
	=	0.992091	/	0.987065
	=	1.0051

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
	=	75.172	/	74.456
	=	1.0096

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))
	=	(0 / (0 + 0))	/	(0 / (0 + 0))
	=		/
	=	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)
	=	(0 / 75.172)	/	(0 / 74.456)
	=	0	/	0
	=	1

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)
	=	((354.065 + 29.053) / 1460.54)	/	((302.353 + 28.736) / 1378.441)
	=	0.262313	/	0.240191
	=	1.0921

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
	=	(53.079 - 44.438	-	50.626)	/	1460.54
	=	-0.028746

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.

Dexus Industria REIT has a M-score of -2.80 suggests that the company is unlikely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →

What does a Beneish M-Score of -2.80 mean?

Dexus Industria REIT (ASX:DXI) has a Beneish M-Score of -2.80 as of Jun. 28, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Dexus Industria REIT and its competitors. According to the industry distribution chart, Dexus Industria REIT ranks #151 out of 765 companies in the REITs industry, placing it in the top 19.7%.

Is Dexus Industria REIT's Beneish M-Score too high?

Dexus Industria REIT's current Beneish M-Score is -2.80. Based on the distribution chart, Dexus Industria REIT ranks #151 out of 765 companies in the REITs industry, which is in the top quartile — a strong position relative to peers. Overall, Dexus Industria REIT has a GF Score™ of 77/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.

How does Dexus Industria REIT's Beneish M-Score compare to PLD and PSA?

According to the REITs industry distribution chart, Dexus Industria REIT ranks #151 out of 765 companies for Beneish M-Score. This places Dexus Industria REIT in the top 20% of its industry — outperforming the majority of peers. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.

What is a good Beneish M-Score for a REITs company?

A good Beneish M-Score depends on the REITs industry context. However, Beneish M-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.

What does a high Beneish M-Score mean?

A high Beneish M-Score can signal that a stock is expensive relative to its fundamentals. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Dexus Industria REIT and its competitors. Dexus Industria REIT's current Beneish M-Score is -2.80. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Dexus Industria REIT stock overvalued right now?

Based on GuruFocus' analysis, Dexus Industria REIT (ASX:DXI) is currently considered Possible Value Trap. The stock's GF Value™ is A$3.61, compared to a current price of A$2.50 — trading 30.7% below its estimated fair value. The current Beneish M-Score is -2.80. Dexus Industria REIT's overall GF Score™ is 77/100 with 7 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.

How is Beneish M-Score calculated?

Beneish M-Score is calculated from a company's financial statements. For Dexus Industria REIT (ASX:DXI), the current Beneish M-Score is -2.80 as of Jun. 28, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is Dexus Industria REIT (ASX:DXI) Overvalued in 2026?

Based on GuruFocus' analysis, Dexus Industria REIT stock appears to be undervalued. The current stock price of A$2.50 is trading 30.7% below its estimated GF Value™ of A$3.61. GuruFocus considers Dexus Industria REIT to be Possible Value Trap.

Key valuation signals for ASX:DXI:

Beneish M-Score: -2.80
GF Value™: A$3.61 vs. price of A$2.50 (30.7% below fair value)
GF Score™: 77/100 with 7 warning signs

No single metric tells the full story. See the ASX:DXI stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Dexus Industria REIT Business Description

Industry Real Estate REITs

Comparable Companies ASX:CIP ASX:ASK ASX:BWP PLD PSA EXR LSE:SGRO EGP LINE SGX:A17U CUBE FR REXR MEX:FIBRAPL14 STAG TRNO XBRU:WDP LSE:LMP LSE:BBOX SGX:M44U

Address 50 Bridge Street, Level 30, Australia Square, Sydney, NSW, AUS, 2000

Website https://www.dexus.com

Dexus Industria REIT acts as an income pass-through investment vehicle. It owns a portfolio of industrial properties and passes the rent generated from leasing out these properties to securityholders. The jewel in the crown is the Jandakot precinct in Western Australia, which accounts for a third of the portfolio's total book value. The rest of the assets are predominantly located in Victoria and New South Wales. The REIT also has a small development pipeline.Dexus Industria was rebranded from APN Industria REIT in 2021, as a result of Dexus' acquisition of APN Property Group. Following the rebrand, Dexus Industria has divested its business parks and transitioned to a pure play industrial REIT. Dexus Industria is externally managed by Dexus, which holds a 18% stake in the REIT.

77GF Score

Get the complete analysis for ASX:DXI

Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

A$2.50

Price

A$3.61

GF Value

View ASX:DXI Analysis

See Beneish M-Score data for all stocks →