NEN (New England Realty Associates LP) Beneish M-Score: -2.37 (As of Jun. 25, 2026)

What is New England Realty Associates LP Beneish M-Score?

New England Realty Associates LP NEN +0.93% 64 Beneish M-Score is -2.37 as of Jun. 25, 2026. GuruFocus rates NEN with a GF Score™ of 64/100 and a GF Value™ of $91.43 (Possible Value Trap). The stock has 5 warning signs investors should review. Among 1,681 Real Estate companies, New England Realty Associates LP ranks better than 50.57% 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 -2.37 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for New England Realty Associates LP's Beneish M-Score or its related term are showing as below:

NEN' s Beneish M-Score Range Over the Past 10 Years
Min: -3.2 Med: -2.59 Max: -1.76
Current: -2.37

During the past 13 years, the highest Beneish M-Score of New England Realty Associates LP was -1.76. The lowest was -3.20. And the median was -2.59.

New England Realty Associates LP Beneish M-Score Related Terms

New England Realty Associates LP Beneish M-Score Historical Data

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The historical data trend for New England Realty Associates LP'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.

New England Realty Associates LP Beneish M-Score Chart

New England Realty Associates LP Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Beneish M-Score

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-2.85

-2.33

-2.43

-2.53

-2.40

New England Realty Associates LP 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															-2.53	-2.46	-2.40	-2.40	-2.37

NEN vs RMAX, ARL, DOUG: Beneish M-Score Comparison

For the Real Estate Services subindustry, New England Realty Associates LP'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.

New England Realty Associates LP Beneish M-Score vs Real Estate Industry

For the Real Estate industry and Real Estate sector, New England Realty Associates LP's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where New England Realty Associates LP's Beneish M-Score falls into.

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New England Realty Associates LP NEN

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

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New England Realty Associates LP 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 New England Realty Associates LP 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 * 1.1922

0.528 * 1.0177

0.404 * 1.2102

0.892 * 1.1394

0.115 * 1

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.243

4.679 * -0.054416

0.327 * 0.9807

-2.37

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was $4.93 Mil.
Revenue was 24.161 + 23.581 + 23.687 + 21.24 = $92.67 Mil.
Gross Profit was 16.491 + 15.596 + 15.08 + 14.167 = $61.33 Mil.
Total Current Assets was $40.02 Mil.
Total Assets was $497.30 Mil.
Property, Plant and Equipment(Net PPE) was $0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was $27.32 Mil.
Selling, General, & Admin. Expense(SGA) was $5.43 Mil.
Total Current Liabilities was $38.21 Mil.
Long-Term Debt & Capital Lease Obligation was $526.92 Mil.
Net Income was -3.908 + -1.393 + -0.522 + 4.15 = $-1.67 Mil.
Non Operating Income was 0.192 + 0.079 + 0.147 + 0.485 = $0.90 Mil.
Cash Flow from Operations was 2.307 + 7.3 + 2.347 + 12.531 = $24.49 Mil.

Total Receivables was $3.63 Mil.
Revenue was 20.689 + 20.38 + 20.209 + 20.051 = $81.33 Mil.
Gross Profit was 14.316 + 13.916 + 13.292 + 13.257 = $54.78 Mil.
Total Current Assets was $92.52 Mil.
Total Assets was $385.22 Mil.
Property, Plant and Equipment(Net PPE) was $0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was $16.66 Mil.
Selling, General, & Admin. Expense(SGA) was $3.84 Mil.
Total Current Liabilities was $40.90 Mil.
Long-Term Debt & Capital Lease Obligation was $405.48 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)
	=	(4.927 / 92.669)	/	(3.627 / 81.329)
	=	0.053168	/	0.044597
	=	1.1922

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)
	=	(54.781 / 81.329)	/	(61.334 / 92.669)
	=	0.673573	/	0.661861
	=	1.0177

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 - (40.023 + 0) / 497.303)	/	(1 - (92.523 + 0) / 385.218)
	=	0.91952	/	0.759817
	=	1.2102

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
	=	92.669	/	81.329
	=	1.1394

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))
	=	(16.66 / (16.66 + 0))	/	(27.324 / (27.324 + 0))
	=	1	/	1
	=	1

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)
	=	(5.433 / 92.669)	/	(3.836 / 81.329)
	=	0.058628	/	0.047166
	=	1.243

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)
	=	((526.92 + 38.213) / 497.303)	/	((405.484 + 40.904) / 385.218)
	=	1.136396	/	1.158793
	=	0.9807

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
	=	(-1.673 - 0.903	-	24.485)	/	497.303
	=	-0.054416

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.

New England Realty Associates LP has a M-score of -2.37 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 -2.37 mean?

New England Realty Associates LP (NEN) has a Beneish M-Score of -2.37 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on New England Realty Associates LP and its competitors. According to the industry distribution chart, New England Realty Associates LP ranks #831 out of 1681 companies in the Real Estate industry, placing it in the top 49.4%.

Is New England Realty Associates LP's Beneish M-Score too high?

New England Realty Associates LP's current Beneish M-Score is -2.37. Based on the distribution chart, New England Realty Associates LP ranks #831 out of 1681 companies in the Real Estate industry, which is above the industry midpoint. Overall, New England Realty Associates LP has a GF Score™ of 64/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.

How does New England Realty Associates LP's Beneish M-Score compare to RMAX and ARL?

According to the Real Estate industry distribution chart, New England Realty Associates LP ranks #831 out of 1681 companies for Beneish M-Score. This puts New England Realty Associates LP 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 Real Estate company?

A good Beneish M-Score depends on the Real Estate 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 New England Realty Associates LP and its competitors. New England Realty Associates LP's current Beneish M-Score is -2.37. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is New England Realty Associates LP stock overvalued right now?

Based on GuruFocus' analysis, New England Realty Associates LP (NEN) is currently considered Possible Value Trap. The stock's GF Value™ is $91.43, compared to a current price of $59.60 — trading 34.8% below its estimated fair value. The current Beneish M-Score is -2.37. New England Realty Associates LP's overall GF Score™ is 64/100 with 5 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 New England Realty Associates LP (NEN), the current Beneish M-Score is -2.37 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 New England Realty Associates LP (NEN) Overvalued in 2026?

Based on GuruFocus' analysis, New England Realty Associates LP stock appears to be undervalued. The current stock price of $59.60 is trading 34.8% below its estimated GF Value™ of $91.43. GuruFocus considers New England Realty Associates LP to be Possible Value Trap.

Key valuation signals for NEN:

Beneish M-Score: -2.37
GF Value™: $91.43 vs. price of $59.60 (34.8% below fair value)
GF Score™: 64/100 with 5 warning signs

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

New England Realty Associates LP Business Description

Industry Real Estate Real Estate

Comparable Companies RMAX ARL DOUG CHCI SRG NTPIF STHO CNXX SEG CPTP STC:VIC CBRE ISX:DCII XMAD:CLNX TSE:8830 XTER:VNA XTAE:AZRG BEKE HKSE:01972 ADX:MODON

Address 39 Brighton Avenue, Allston, MA, USA, 02134

Website https://www.thehamiltoncompany.com

New England Realty Associates LP is engaged in the business of acquiring, developing, holding for investment, operating, and selling real estate. The Partnership owns and operates various residential apartments, condominium units, and commercial properties located in Massachusetts and New Hampshire. The company generates revenue from rental income from residential and commercial properties recognized over the term of the related lease. The long-term goals of the Partnership are to manage, rent, and improve its properties and to acquire additional properties with income and capital appreciation potential as suitable opportunities arise.

64GF Score

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

$59.60

Price

$91.43

GF Value

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