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 -3.02 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for National Storage REIT's Beneish M-Score or its related term are showing as below:
ASX:NSR'
s Beneish M-Score Range Over the Past 10 Years
Min: -3.02 Med: -2.58 Max: -2.27
Current: -3.02
During the past 12 years, the highest Beneish M-Score of National Storage REIT was -2.27. The lowest was -3.02. And the median was -2.58.
National Storage REIT Beneish M-Score Related Terms
National Storage REIT Beneish M-Score Historical Data
* Premium members only.
The historical data trend for National Storage 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.
ASX:NSR vs PLD, PSA, EXR: Beneish M-Score Comparison
For the REIT - Industrial subindustry, National Storage 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.
National Storage REIT Beneish M-Score vs REITs Industry
For the REITs industry and Real Estate sector, National Storage REIT's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where National Storage REIT's Beneish M-Score falls into.
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 National Storage REIT 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 * 0.7124
+
0.528 * 1.0196
+
0.404 * 1.0008
+
0.892 * 1.0528
+
0.115 * 0.8796
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 1.0678
+
4.679 * -0.053628
-
0.327 * 1.1621
=
-3.02
* 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.
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.
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))
=
(2.733 / (2.733 + 4.767))
/
(2.9 / (2.9 + 4.1))
=
0.3644
/
0.414286
=
0.8796
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
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
=
(27.5 - 119.8
-
218.6)
/
5797.3
=
-0.053628
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.
National Storage REIT has a M-score of -3.02 suggests that the company is unlikely to be a manipulator.
National Storage REIT (ASX:NSR) has a Beneish M-Score of -3.02 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on National Storage REIT and its competitors. According to the industry distribution chart, National Storage REIT ranks #83 out of 765 companies in the REITs industry, placing it in the top 10.8%.
Is National Storage REIT's Beneish M-Score too high?
National Storage REIT's current Beneish M-Score is -3.02. Based on the distribution chart, National Storage REIT ranks #83 out of 765 companies in the REITs industry, which is in the top quartile — a strong position relative to peers. Overall, National Storage REIT has a GF Score™ of 56/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does National Storage REIT's Beneish M-Score compare to PLD and PSA?
According to the REITs industry distribution chart, National Storage REIT ranks #83 out of 765 companies for Beneish M-Score. This places National Storage 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 National Storage REIT and its competitors. National Storage REIT's current Beneish M-Score is -3.02. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is National Storage REIT stock overvalued right now?
Based on GuruFocus' analysis, National Storage REIT (ASX:NSR) is currently considered Fairly Valued. The stock's GF Value™ is A$2.62, compared to a current price of A$2.79 — trading 6.5% above its estimated fair value. The current Beneish M-Score is -3.02. National Storage REIT's overall GF Score™ is 56/100 with 11 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 National Storage REIT (ASX:NSR), the current Beneish M-Score is -3.02 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 National Storage REIT (ASX:NSR) Overvalued in 2026?
Based on GuruFocus' analysis, National Storage REIT stock appears to be overvalued.
The current stock price of A$2.79 is trading 6.5% above its estimated GF Value™ of A$2.62.
GuruFocus considers National Storage REIT to be Fairly Valued.
Key valuation signals for ASX:NSR:
Beneish M-Score: -3.02
GF Value™: A$2.62 vs. price of A$2.79 (6.5% above fair value)
No single metric tells the full story. See the ASX:NSR stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
National Storage REIT is the largest self-storage operator in Australia and New Zealand. Majority of its income is derived from rents. Additional revenue streams come from ancillary products and services such as packaging materials, locks, and insurance. The REIT owns most of the centers it operates, and leases roughly a dozen of the sites secured under long-term agreements. The self-storage industry is fragmented, with three large players in National Storage, the listed Abacus Storage King, and privately owned Kennards, accounting for about one-third of the market. The rest are independent operators, with a single center or a small state-based portfolio of assets. Besides organic rent increases, the company's key growth drivers are acquisitions and developments.
56GF Score
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