HomeCo Daily Needs REIT (ASX:HDN) Beneish M-Score: -3.04 (As of Jun. 25, 2026)

What is HomeCo Daily Needs REIT Beneish M-Score?

HomeCo Daily Needs REIT ASX:HDN +0.38% 59 Beneish M-Score is -3.04 as of Jun. 25, 2026. GuruFocus rates ASX:HDN with a GF Score™ of 59/100 and a GF Value™ of A$1.20 (Fairly Valued). The stock has 8 warning signs investors should review. Among 765 REITs companies, HomeCo Daily Needs REIT ranks better than 89.54% 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 -3.04 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ASX:HDN' s Beneish M-Score Range Over the Past 10 Years
Min: -3.04 Med: -2.85 Max: -2.66
Current: -3.04

During the past 4 years, the highest Beneish M-Score of HomeCo Daily Needs REIT was -2.66. The lowest was -3.04. And the median was -2.85.

HomeCo Daily Needs REIT Beneish M-Score Related Terms

HomeCo Daily Needs REIT Beneish M-Score Historical Data

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The historical data trend for HomeCo Daily Needs 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.

HomeCo Daily Needs REIT Beneish M-Score Chart

HomeCo Daily Needs REIT Annual Data

Trend

Jun22

Jun23

Jun24

Jun25

Beneish M-Score

0.00

-2.66

-3.04

HomeCo Daily Needs REIT Semi-Annual Data
	Dec21	Jun22	Dec22	Jun23	Dec23	Jun24	Dec24	Jun25	Dec25
Beneish M-Score	Get a 7-Day Free Trial				0.00	-2.66	0.00	-3.04	0.00

ASX:HDN vs SPG, O, KIM: Beneish M-Score Comparison

For the REIT - Retail subindustry, HomeCo Daily Needs 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.

HomeCo Daily Needs REIT Beneish M-Score vs REITs Industry

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

* The bar in red indicates where HomeCo Daily Needs REIT's Beneish M-Score falls into.

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59GF Score

HomeCo Daily Needs REIT ASX:HDN

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

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HomeCo Daily Needs 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 HomeCo Daily Needs 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 * 0.3935

0.528 * 0.9849

0.404 * 1.0087

0.892 * 1.0262

0.115 * 1

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0232

4.679 * -0.001653

0.327 * 1.0144

-3.04

This Year (Jun25) TTM:

Last Year (Jun24) TTM:

Total Receivables was A$2.1 Mil.
Revenue was A$364.7 Mil.
Gross Profit was A$251.1 Mil.
Total Current Assets was A$71.5 Mil.
Total Assets was A$4,960.7 Mil.
Property, Plant and Equipment(Net PPE) was A$0.0 Mil.
Depreciation, Depletion and Amortization(DDA) was A$0.0 Mil.
Selling, General, & Admin. Expense(SGA) was A$4.2 Mil.
Total Current Liabilities was A$131.2 Mil.
Long-Term Debt & Capital Lease Obligation was A$1,754.7 Mil.
Net Income was A$250.3 Mil.
Gross Profit was A$83.8 Mil.
Cash Flow from Operations was A$174.7 Mil.

Total Receivables was A$5.2 Mil.
Revenue was A$355.4 Mil.
Gross Profit was A$241.0 Mil.
Total Current Assets was A$109.5 Mil.
Total Assets was A$4,786.3 Mil.
Property, Plant and Equipment(Net PPE) was A$0.0 Mil.
Depreciation, Depletion and Amortization(DDA) was A$0.0 Mil.
Selling, General, & Admin. Expense(SGA) was A$4.0 Mil.
Total Current Liabilities was A$409.7 Mil.
Long-Term Debt & Capital Lease Obligation was A$1,384.1 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)
	=	(2.1 / 364.7)	/	(5.2 / 355.4)
	=	0.005758	/	0.014631
	=	0.3935

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)
	=	(241 / 355.4)	/	(251.1 / 364.7)
	=	0.678109	/	0.688511
	=	0.9849

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 - (71.5 + 0) / 4960.7)	/	(1 - (109.5 + 0) / 4786.3)
	=	0.985587	/	0.977122
	=	1.0087

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
	=	364.7	/	355.4
	=	1.0262

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)
	=	(4.2 / 364.7)	/	(4 / 355.4)
	=	0.011516	/	0.011255
	=	1.0232

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)
	=	((1754.7 + 131.2) / 4960.7)	/	((1384.1 + 409.7) / 4786.3)
	=	0.380168	/	0.374778
	=	1.0144

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
	=	(250.3 - 83.8	-	174.7)	/	4960.7
	=	-0.001653

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.

HomeCo Daily Needs REIT has a M-score of -3.04 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 -3.04 mean?

HomeCo Daily Needs REIT (ASX:HDN) has a Beneish M-Score of -3.04 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on HomeCo Daily Needs REIT and its competitors. According to the industry distribution chart, HomeCo Daily Needs REIT ranks #80 out of 765 companies in the REITs industry, placing it in the top 10.5%.

Is HomeCo Daily Needs REIT's Beneish M-Score too high?

HomeCo Daily Needs REIT's current Beneish M-Score is -3.04. Based on the distribution chart, HomeCo Daily Needs REIT ranks #80 out of 765 companies in the REITs industry, which is in the top quartile — a strong position relative to peers. Overall, HomeCo Daily Needs REIT has a GF Score™ of 59/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.

How does HomeCo Daily Needs REIT's Beneish M-Score compare to SPG and O?

According to the REITs industry distribution chart, HomeCo Daily Needs REIT ranks #80 out of 765 companies for Beneish M-Score. This places HomeCo Daily Needs REIT in the top 11% 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 HomeCo Daily Needs REIT and its competitors. HomeCo Daily Needs REIT's current Beneish M-Score is -3.04. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is HomeCo Daily Needs REIT stock overvalued right now?

Based on GuruFocus' analysis, HomeCo Daily Needs REIT (ASX:HDN) is currently considered Fairly Valued. The stock's GF Value™ is A$1.20, compared to a current price of A$1.31 — trading 9.2% above its estimated fair value. The current Beneish M-Score is -3.04. HomeCo Daily Needs REIT's overall GF Score™ is 59/100 with 8 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 HomeCo Daily Needs REIT (ASX:HDN), the current Beneish M-Score is -3.04 as of Jun. 25, 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 HomeCo Daily Needs REIT (ASX:HDN) Overvalued in 2026?

Based on GuruFocus' analysis, HomeCo Daily Needs REIT stock appears to be overvalued. The current stock price of A$1.31 is trading 9.2% above its estimated GF Value™ of A$1.20. GuruFocus considers HomeCo Daily Needs REIT to be Fairly Valued.

Key valuation signals for ASX:HDN:

Beneish M-Score: -3.04
GF Value™: A$1.20 vs. price of A$1.31 (9.2% above fair value)
GF Score™: 59/100 with 8 warning signs

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

HomeCo Daily Needs REIT Business Description

Industry Real Estate REITs

Comparable Companies ASX:RGN ASX:CQR ASX:DXC ASX:CDP ASX:VCX SPG O XPAR:URW KIM ASX:SCG REG SGX:C38U HKSE:00823 XPAR:LI FRT BRX ADC NNN TSX:CHP.UN EPRT

Address Gateway, Level 7, 1 Macquarie Place, Sydney, NSW, AUS, 2000

Website https://www.hmccapital.com.au

HomeCo Daily Needs REIT is a listed investment trust established and managed by HMC Capital, an ASX-listed alternative asset manager. HMC receives fees from HomeCo in exchange for property, investment, and development management services, and retains a minority interest in the REIT. HomeCo focuses on convenience-based assets that offer everyday goods and services, such as supermarkets, liquor stores, pharmacies, childcare, government and general services. Its portfolio also has a significant weighting to large format retail—a subsector that specializes in furniture, electrical appliances, and other homemaker offerings. Majority of HomeCo's leases has fixed annual rate increases, and a smaller proportion are inflation-linked, with the rest commensurate with supermarket turnover.

59GF Score

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

A$1.31

Price

A$1.20

GF Value

View ASX:HDN Analysis

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