Extra Space Storage (FRA:FG8) Beneish M-Score: -2.59 (As of Jun. 26, 2026)

What is Extra Space Storage Beneish M-Score?

Extra Space Storage FRA:FG8 +0.47% 92 Beneish M-Score is -2.59 as of Jun. 26, 2026. GuruFocus rates FRA:FG8 with a GF Score™ of 92/100 and a GF Value™ of €127.23 (Fairly Valued). The stock has 9 warning signs investors should review. Among 764 REITs companies, Extra Space Storage ranks better than 61.52% 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 -2.59 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

FRA:FG8' s Beneish M-Score Range Over the Past 10 Years
Min: -3.51 Med: -2.46 Max: 4.11
Current: -2.59

During the past 13 years, the highest Beneish M-Score of Extra Space Storage was 4.11. The lowest was -3.51. And the median was -2.46.

Extra Space Storage Beneish M-Score Related Terms

Extra Space Storage Beneish M-Score Historical Data

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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

Extra Space Storage Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Beneish M-Score

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-2.03

-2.44

-2.27

-1.96

-2.47

Extra Space Storage Quarterly Data
	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24	Mar25	Jun25	Sep25	Dec25	Mar26
Beneish M-Score	Get a 7-Day Free Trial															-2.09	-2.37	-2.25	-2.47	-2.59

FRA:FG8 vs EGP, LINE, CUBE: Beneish M-Score Comparison

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 Beneish M-Score vs 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.

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92GF Score

Extra Space Storage Inc FRA:FG8

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

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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:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 1.0224

0.528 * 1.0169

0.404 * 0.9953

0.892 * 0.9652

0.115 * 1.0817

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0568

4.679 * -0.031535

0.327 * 1.0479

-2.65

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was €1,361 Mil.
Revenue was 740.463 + 732.277 + 731.408 + 729.683 = €2,934 Mil.
Gross Profit was 518.876 + 520.066 + 515.624 + 517.644 = €2,072 Mil.
Total Current Assets was €1,565 Mil.
Total Assets was €25,171 Mil.
Property, Plant and Equipment(Net PPE) was €692 Mil.
Depreciation, Depletion and Amortization(DDA) was €619 Mil.
Selling, General, & Admin. Expense(SGA) was €161 Mil.
Total Current Liabilities was €1,385 Mil.
Long-Term Debt & Capital Lease Obligation was €11,061 Mil.
Net Income was 208.445 + 245.435 + 141.43 + 216.517 = €812 Mil.
Non Operating Income was 13.811 + 47.84 + -68.249 + 13.369 = €7 Mil.
Cash Flow from Operations was 423.725 + 314.099 + 389.476 + 471.527 = €1,599 Mil.

Total Receivables was €1,380 Mil.
Revenue was 758.497 + 784.911 + 743.148 + 753.106 = €3,040 Mil.
Gross Profit was 535.852 + 556.33 + 539.031 + 551.947 = €2,183 Mil.
Total Current Assets was €1,609 Mil.
Total Assets was €26,819 Mil.
Property, Plant and Equipment(Net PPE) was €680 Mil.
Depreciation, Depletion and Amortization(DDA) was €711 Mil.
Selling, General, & Admin. Expense(SGA) was €157 Mil.
Total Current Liabilities was €1,308 Mil.
Long-Term Debt & Capital Lease Obligation was €11,348 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)
	=	(1361.436 / 2933.831)	/	(1379.659 / 3039.662)
	=	0.464047	/	0.453886
	=	1.0224

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)
	=	(2183.16 / 3039.662)	/	(2072.21 / 2933.831)
	=	0.718225	/	0.706315
	=	1.0169

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 - (1564.611 + 691.616) / 25170.955)	/	(1 - (1608.931 + 680.203) / 26819.374)
	=	0.910364	/	0.914646
	=	0.9953

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
	=	2933.831	/	3039.662
	=	0.9652

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))
	=	(710.916 / (710.916 + 680.203))	/	(619.4 / (619.4 + 691.616))
	=	0.511039	/	0.472458
	=	1.0817

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)
	=	(160.602 / 2933.831)	/	(157.453 / 3039.662)
	=	0.054741	/	0.0518
	=	1.0568

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)
	=	((11061.372 + 1385.386) / 25170.955)	/	((11348.335 + 1307.573) / 26819.374)
	=	0.494489	/	0.471894
	=	1.0479

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
	=	(811.827 - 6.771	-	1598.827)	/	25170.955
	=	-0.031535

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 -2.65 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 -2.59 mean?

Extra Space Storage (FRA:FG8) has a Beneish M-Score of -2.59 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Extra Space Storage and its competitors. According to the industry distribution chart, Extra Space Storage ranks #294 out of 764 companies in the REITs industry, placing it in the top 38.5%.

Is Extra Space Storage's Beneish M-Score too high?

Extra Space Storage's current Beneish M-Score is -2.59. Based on the distribution chart, Extra Space Storage ranks #294 out of 764 companies in the REITs industry, which is above the industry midpoint. Overall, Extra Space Storage has a GF Score™ of 92/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.

How does Extra Space Storage's Beneish M-Score compare to EGP and LINE?

According to the REITs industry distribution chart, Extra Space Storage ranks #294 out of 764 companies for Beneish M-Score. This puts Extra Space Storage in the upper half of its industry. 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 Extra Space Storage and its competitors. Extra Space Storage's current Beneish M-Score is -2.59. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Extra Space Storage stock overvalued right now?

Based on GuruFocus' analysis, Extra Space Storage (FRA:FG8) is currently considered Fairly Valued. The stock's GF Value™ is €127.23, compared to a current price of €128.90 — trading 1.3% above its estimated fair value. The current Beneish M-Score is -2.59. Extra Space Storage's overall GF Score™ is 92/100 with 9 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 Extra Space Storage (FRA:FG8), the current Beneish M-Score is -2.59 as of Jun. 26, 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 Extra Space Storage (FRA:FG8) Overvalued in 2026?

Based on GuruFocus' analysis, Extra Space Storage stock appears to be overvalued. The current stock price of €128.90 is trading 1.3% above its estimated GF Value™ of €127.23. GuruFocus considers Extra Space Storage to be Fairly Valued.

Key valuation signals for FRA:FG8:

Beneish M-Score: -2.59
GF Value™: €127.23 vs. price of €128.90 (1.3% above fair value)
GF Score™: 92/100 with 9 warning signs

No single metric tells the full story. See the FRA:FG8 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Extra Space Storage Business Description

Industry Real Estate REITs

Comparable Companies EGP LINE CUBE FR REXR PSA STAG TRNO COLD NSA PLD LSE:SGRO SGX:A17U MEX:FIBRAPL14 XBRU:WDP LSE:LMP LSE:BBOX SGX:M44U TSE:3283 SGX:ME8U

Other Exchanges EXR:USA 0IJV:UK FG8:Germany E1XR34:Brazil

Address 2795 East Cottonwood Parkway, Suite 300, Salt Lake City, UT, USA, 84121

Website http://www.extraspace.com

Extra Space Storage is a fully integrated real estate investment trust that owns, operates, and manages more than 4,200 self-storage properties in 43 states, with over 330 million net rentable square feet of storage space. Of these properties, approximately one half is wholly owned, while some facilities are owned through joint ventures and others are owned by third parties and managed by Extra Space Storage in exchange for a management fee.

92GF Score

Get the complete analysis for FRA:FG8

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

€128.90

Price

€127.23

GF Value

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