Big Yellow Group (LSE:BYG) Beneish M-Score: -2.11 (As of Jun. 25, 2026)

What is Big Yellow Group Beneish M-Score?

Big Yellow Group LSE:BYG +5.35% 72 Beneish M-Score is -2.11 as of Jun. 25, 2026. GuruFocus rates LSE:BYG with a GF Score™ of 72/100 and a GF Value™ of £10.56 (Modestly Undervalued). The stock has 6 warning signs investors should review. Among 765 REITs companies, Big Yellow Group ranks worse than 75.95% 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 -2.11 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

LSE:BYG' s Beneish M-Score Range Over the Past 10 Years
Min: -3 Med: -2.21 Max: -1.36
Current: -2.11

During the past 13 years, the highest Beneish M-Score of Big Yellow Group was -1.36. The lowest was -3.00. And the median was -2.21.

Big Yellow Group Beneish M-Score Related Terms

Big Yellow Group Beneish M-Score Historical Data

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The historical data trend for Big Yellow Group'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.

Big Yellow Group Beneish M-Score Chart

Big Yellow Group Annual Data

Trend

Mar17

Mar18

Mar19

Mar20

Mar21

Mar22

Mar23

Mar24

Mar25

Mar26

Beneish M-Score

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-1.36

-2.52

-2.55

-2.15

-2.11

Big Yellow Group Semi-Annual Data
	Sep16	Mar17	Sep17	Mar18	Sep18	Mar19	Sep19	Mar20	Sep20	Mar21	Sep21	Mar22	Sep22	Mar23	Sep23	Mar24	Sep24	Mar25	Sep25	Mar26
Beneish M-Score	Get a 7-Day Free Trial															-2.55	0.00	-2.15	0.00	-2.11

LSE:BYG vs PLD, PSA, EXR: Beneish M-Score Comparison

For the REIT - Industrial subindustry, Big Yellow Group'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.

Big Yellow Group Beneish M-Score vs REITs Industry

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

* The bar in red indicates where Big Yellow Group's Beneish M-Score falls into.

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72GF Score

Big Yellow Group PLC LSE:BYG

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

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Big Yellow Group 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 Big Yellow Group 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 * 1.3789

0.528 * 1

0.404 * 0.9987

0.892 * 1.0224

0.115 * 1.1771

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9334

4.679 * 0.005081

0.327 * 1.1523

-2.11

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was £8.2 Mil.
Revenue was £209.1 Mil.
Gross Profit was £145.6 Mil.
Total Current Assets was £17.8 Mil.
Total Assets was £3,154.2 Mil.
Property, Plant and Equipment(Net PPE) was £22.0 Mil.
Depreciation, Depletion and Amortization(DDA) was £2.4 Mil.
Selling, General, & Admin. Expense(SGA) was £15.0 Mil.
Total Current Liabilities was £58.1 Mil.
Long-Term Debt & Capital Lease Obligation was £496.7 Mil.
Net Income was £124.9 Mil.
Gross Profit was £0.0 Mil.
Cash Flow from Operations was £108.9 Mil.

Total Receivables was £5.8 Mil.
Revenue was £204.5 Mil.
Gross Profit was £142.4 Mil.
Total Current Assets was £15.0 Mil.
Total Assets was £3,029.3 Mil.
Property, Plant and Equipment(Net PPE) was £19.5 Mil.
Depreciation, Depletion and Amortization(DDA) was £2.5 Mil.
Selling, General, & Admin. Expense(SGA) was £15.8 Mil.
Total Current Liabilities was £57.4 Mil.
Long-Term Debt & Capital Lease Obligation was £405.0 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)
	=	(8.208 / 209.084)	/	(5.822 / 204.495)
	=	0.039257	/	0.02847
	=	1.3789

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)
	=	(142.369 / 204.495)	/	(145.558 / 209.084)
	=	0.696198	/	0.69617
	=	1

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 - (17.809 + 22.045) / 3154.169)	/	(1 - (15.024 + 19.464) / 3029.269)
	=	0.987365	/	0.988615
	=	0.9987

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
	=	209.084	/	204.495
	=	1.0224

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))
	=	(2.538 / (2.538 + 19.464))	/	(2.395 / (2.395 + 22.045))
	=	0.115353	/	0.097995
	=	1.1771

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)
	=	(15.044 / 209.084)	/	(15.763 / 204.495)
	=	0.071952	/	0.077083
	=	0.9334

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)
	=	((496.731 + 58.113) / 3154.169)	/	((404.991 + 57.449) / 3029.269)
	=	0.175908	/	0.152657
	=	1.1523

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
	=	(124.913 - 0	-	108.886)	/	3154.169
	=	0.005081

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.

Big Yellow Group has a M-score of -2.11 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 -2.11 mean?

Big Yellow Group (LSE:BYG) has a Beneish M-Score of -2.11 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Big Yellow Group and its competitors. According to the industry distribution chart, Big Yellow Group ranks #581 out of 765 companies in the REITs industry, placing it in the top 75.9%.

Is Big Yellow Group's Beneish M-Score too high?

Big Yellow Group's current Beneish M-Score is -2.11. Based on the distribution chart, Big Yellow Group ranks #581 out of 765 companies in the REITs industry, which is in the bottom quartile relative to peers. Overall, Big Yellow Group has a GF Score™ of 72/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.

How does Big Yellow Group's Beneish M-Score compare to PLD and PSA?

According to the REITs industry distribution chart, Big Yellow Group ranks #581 out of 765 companies for Beneish M-Score. This places Big Yellow Group in the lower 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 Big Yellow Group and its competitors. Big Yellow Group's current Beneish M-Score is -2.11. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Big Yellow Group stock overvalued right now?

Based on GuruFocus' analysis, Big Yellow Group (LSE:BYG) is currently considered Modestly Undervalued. The stock's GF Value™ is £10.56, compared to a current price of £9.06 — trading 14.2% below its estimated fair value. The current Beneish M-Score is -2.11. Big Yellow Group's overall GF Score™ is 72/100 with 6 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 Big Yellow Group (LSE:BYG), the current Beneish M-Score is -2.11 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 Big Yellow Group (LSE:BYG) Overvalued in 2026?

Based on GuruFocus' analysis, Big Yellow Group stock appears to be undervalued. The current stock price of £9.06 is trading 14.2% below its estimated GF Value™ of £10.56. GuruFocus considers Big Yellow Group to be Modestly Undervalued.

Key valuation signals for LSE:BYG:

Beneish M-Score: -2.11
GF Value™: £10.56 vs. price of £9.06 (14.2% below fair value)
GF Score™: 72/100 with 6 warning signs

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

Big Yellow Group Business Description

Industry Real Estate REITs

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

Other Exchanges BYLOF:USA BYGl:UK B9Y:Germany

Address Bridge Road, 2 The Deans, Bagshot, London, Surrey, GBR, GU19 5AT

Website https://www.bigyellow.co.uk

Big Yellow Group PLC operates a portfolio of modern, purpose-built self-storage stores. The Group provides self storage solutions for domestic and business customers, including storage space, flexi offices, dedicated office space, delivery acceptance, forklifting, courier arrangement services, and the sale of boxes and packing materials. The Group operates Big Yellow stores and Armadillo stores across the United Kingdom, with a focus on London and the South East. The Group operates in one segment, the provision of self-storage and related services.

72GF Score

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

£9.06

Price

£10.56

GF Value

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