Stag Industrial (BSP:S2TA34) Beneish M-Score : -2.65 (As of Mar. 24, 2025)

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What is Stag Industrial Beneish M-Score?

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 -2.65 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

BSP:S2TA34' s Beneish M-Score Range Over the Past 10 Years
Min: -2.65 Med: -2.5 Max: -2.34
Current: -2.65

During the past 13 years, the highest Beneish M-Score of Stag Industrial was -2.34. The lowest was -2.65. And the median was -2.50.

Stag Industrial Beneish M-Score Historical Data

The historical data trend for Stag Industrial'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.

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Stag Industrial Beneish M-Score Chart

Stag Industrial Annual Data

Trend

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Beneish M-Score

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-2.37

-2.51

-2.47

-2.56

-2.65

Stag Industrial Quarterly Data
	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24
Beneish M-Score	Get a 7-Day Free Trial															-2.56	-2.58	-2.59	-2.66	-2.65

Competitive Comparison of Stag Industrial's Beneish M-Score

For the REIT - Industrial subindustry, Stag Industrial'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.

Stag Industrial's Beneish M-Score Distribution in the REITs Industry

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

* The bar in red indicates where Stag Industrial's Beneish M-Score falls into.

Stag Industrial 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 Stag Industrial 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 * 1.1021

0.528 * 1.0053

0.404 * 0.9972

0.892 * 1.201

0.115 * 1.0119

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9523

4.679 * -0.040468

0.327 * 1.0697

-2.41

This Year (Dec24) TTM:

Last Year (Dec23) TTM:

Total Receivables was R$832 Mil.
Revenue was 1216.082 + 1056.274 + 1022.158 + 933.927 = R$4,228 Mil.
Gross Profit was 970.431 + 845.755 + 820.298 + 739.361 = R$3,376 Mil.
Total Current Assets was R$1,647 Mil.
Total Assets was R$41,690 Mil.
Property, Plant and Equipment(Net PPE) was R$190 Mil.
Depreciation, Depletion and Amortization(DDA) was R$1,610 Mil.
Selling, General, & Admin. Expense(SGA) was R$270 Mil.
Total Current Liabilities was R$3,412 Mil.
Long-Term Debt & Capital Lease Obligation was R$16,201 Mil.
Net Income was 310.87 + 231.79 + 321.997 + 182.395 = R$1,047 Mil.
Non Operating Income was 66.629 + 17.621 + 125.178 + -6.125 = R$203 Mil.
Cash Flow from Operations was 640.172 + 708.65 + 658.37 + 523.686 = R$2,531 Mil.

Total Receivables was R$629 Mil.
Revenue was 898.168 + 885.415 + 833.351 + 903.968 = R$3,521 Mil.
Gross Profit was 718.781 + 715.381 + 674.757 + 717.078 = R$2,826 Mil.
Total Current Assets was R$1,130 Mil.
Total Assets was R$30,788 Mil.
Property, Plant and Equipment(Net PPE) was R$145 Mil.
Depreciation, Depletion and Amortization(DDA) was R$1,381 Mil.
Selling, General, & Admin. Expense(SGA) was R$236 Mil.
Total Current Liabilities was R$2,489 Mil.
Long-Term Debt & Capital Lease Obligation was R$11,052 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)
	=	(831.914 / 4228.441)	/	(628.517 / 3520.902)
	=	0.196742	/	0.17851
	=	1.1021

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)
	=	(2825.997 / 3520.902)	/	(3375.845 / 4228.441)
	=	0.802634	/	0.798366
	=	1.0053

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 - (1646.898 + 190.052) / 41690.177)	/	(1 - (1129.879 + 144.867) / 30787.688)
	=	0.955938	/	0.958596
	=	0.9972

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
	=	4228.441	/	3520.902
	=	1.201

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))
	=	(1380.787 / (1380.787 + 144.867))	/	(1609.694 / (1609.694 + 190.052))
	=	0.905046	/	0.894401
	=	1.0119

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)
	=	(270.458 / 4228.441)	/	(236.487 / 3520.902)
	=	0.063962	/	0.067167
	=	0.9523

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)
	=	((16200.833 + 3412.167) / 41690.177)	/	((11052.102 + 2488.501) / 30787.688)
	=	0.470447	/	0.439806
	=	1.0697

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
	=	(1047.052 - 203.303	-	2530.878)	/	41690.177
	=	-0.040468

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.

Stag Industrial has a M-score of -2.41 suggests that the company is unlikely to be a manipulator.

Stag Industrial Beneish M-Score Related Terms

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Stag Industrial Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Real Estate » REITs » Stag Industrial Inc (BSP:S2TA34) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

STAG:USA STAG:Mexico 0L98:UK SW6:Germany

Address

One Federal Street, 23rd Floor, Boston, MA, USA, 02110

Website

https://www.stagindustrial.com

Stag Industrial Inc is a real estate investment trust that is involved in the acquisition and operation of both single- and multi-tenant properties, although the majority of the portfolio is single-tenant industrial properties throughout the United States. The vast majority of the company's real estate portfolio is comprised of warehouse and distribution buildings. Stag Industrial derives nearly all of its income in the form of rental income from its portfolio of warehouse and distribution properties. The company generates the majority of its rental revenue from its facilities located in Midwestern and Eastern U.S. cities. Stag Industrial's customers include air freight and logistics, automotive, and industrial equipment companies in terms of overall revenue.

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