Extra Space Storage Beneish M-Score Historical Data
The historical data trend for Extra Space 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.
Extra Space Storage Beneish M-Score Chart
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Extra Space Storage Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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2.42 |
-2.03 |
-2.44 |
-2.27 |
-1.96 |
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Extra Space Storage Quarterly Data
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Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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-2.27 |
-2.11 |
-1.79 |
-2.13 |
-1.96 |
Competitive Comparison of Extra Space Storage's Beneish M-Score
For the REIT - Industrial subindustry, Extra Space 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.
Extra Space Storage's Beneish M-Score Distribution in the REITs Industry
For the REITs industry and Real Estate sector, Extra Space Storage's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Extra Space Storage's Beneish M-Score falls into.
Extra Space 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 Extra Space 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 * 1.4677 | + | 0.528 * 1.0221 | + | 0.404 * 0.9589 | + | 0.892 * 1.2721 | + | 0.115 * 1.2588 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8988 | + | 4.679 * -0.035915 | - | 0.327 * 1.098 |
| = | -1.96 |
* 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 (Dec24) TTM: | Last Year (Dec23) TTM: |
Total Receivables was $1,381 Mil.
Revenue was 821.896 + 824.804 + 810.663 + 799.539 = $3,257 Mil.
Gross Profit was 582.545 + 598.259 + 594.13 + 576.516 = $2,351 Mil.
Total Current Assets was $1,661 Mil.
Total Assets was $28,848 Mil.
Property, Plant and Equipment(Net PPE) was $740 Mil.
Depreciation, Depletion and Amortization(DDA) was $783 Mil.
Selling, General, & Admin. Expense(SGA) was $167 Mil.
Total Current Liabilities was $1,784 Mil.
Long-Term Debt & Capital Lease Obligation was $11,666 Mil.
Net Income was 262.487 + 193.21 + 185.872 + 213.112 = $855 Mil.
Non Operating Income was 56.478 + -30.748 + -37.404 + 15.007 = $3 Mil.
Cash Flow from Operations was 408.279 + 468.351 + 545.244 + 465.556 = $1,887 Mil.
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Total Receivables was $739 Mil.
Revenue was 797.774 + 748.034 + 511.386 + 503.05 = $2,560 Mil.
Gross Profit was 581.562 + 543.71 + 387.267 + 376.795 = $1,889 Mil.
Total Current Assets was $930 Mil.
Total Assets was $27,456 Mil.
Property, Plant and Equipment(Net PPE) was $276 Mil.
Depreciation, Depletion and Amortization(DDA) was $506 Mil.
Selling, General, & Admin. Expense(SGA) was $146 Mil.
Total Current Liabilities was $1,088 Mil.
Long-Term Debt & Capital Lease Obligation was $10,571 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) |
| = | (1380.698 / 3256.902) | / | (739.485 / 2560.244) |
| = | 0.42393 | / | 0.288834 |
| | = | 1.4677 |
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) |
| = | (1889.334 / 2560.244) | / | (2351.45 / 3256.902) |
| = | 0.737951 | / | 0.72199 |
| | = | 1.0221 |
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 - (1661.495 + 740.168) / 28847.926) | / | (1 - (929.721 + 275.938) / 27456.262) |
| = | 0.916747 | / | 0.956088 |
| | = | 0.9589 |
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 |
| = | 3256.902 | / | 2560.244 |
| | = | 1.2721 |
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)) |
| = | (506.053 / (506.053 + 275.938)) | / | (783.023 / (783.023 + 740.168)) |
| = | 0.647134 | / | 0.514068 |
| | = | 1.2588 |
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) |
| = | (167.398 / 3256.902) | / | (146.408 / 2560.244) |
| = | 0.051398 | / | 0.057185 |
| | = | 0.8988 |
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) |
| = | ((11665.861 + 1783.838) / 28847.926) | / | ((10571.263 + 1087.587) / 27456.262) |
| = | 0.466228 | / | 0.424634 |
| | = | 1.098 |
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 |
| = | (854.681 - 3.333 | - | 1887.43) | / | 28847.926 |
| | = | -0.035915 |
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.
Extra Space Storage has a M-score of -1.96 suggests that the company is unlikely to be a manipulator.
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