Netstreit Beneish M-Score Historical Data
The historical data trend for Netstreit'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.
Netstreit Beneish M-Score Chart
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Netstreit Annual Data
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Trend |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-0.24 |
-1.77 |
3.71 |
-1.69 |
-2.47 |
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Netstreit 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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-1.69 |
-2.36 |
-2.46 |
-2.39 |
-2.47 |
Competitive Comparison of Netstreit's Beneish M-Score
For the REIT - Retail subindustry, Netstreit'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.
Netstreit's Beneish M-Score Distribution in the REITs Industry
For the REITs industry and Real Estate sector, Netstreit's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Netstreit's Beneish M-Score falls into.
Netstreit 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 Netstreit 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 * 1.0071 | + | 0.528 * 0.9844 | + | 0.404 * 1.0124 | + | 0.892 * 1.2184 | + | 0.115 * 0.978 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.802 | + | 4.679 * -0.033412 | - | 0.327 * 1.1838 |
| = | -2.47 |
* 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 $164.0 Mil.
Revenue was 40.705 + 37.818 + 36.577 + 34.902 = $150.0 Mil.
Gross Profit was 36.153 + 33.678 + 32.882 + 31.087 = $133.8 Mil.
Total Current Assets was $229.7 Mil.
Total Assets was $2,259.3 Mil.
Property, Plant and Equipment(Net PPE) was $4.9 Mil.
Depreciation, Depletion and Amortization(DDA) was $76.9 Mil.
Selling, General, & Admin. Expense(SGA) was $19.7 Mil.
Total Current Liabilities was $262.8 Mil.
Long-Term Debt & Capital Lease Obligation was $655.3 Mil.
Net Income was -5.396 + -5.295 + -2.291 + 1.045 = $-11.9 Mil.
Non Operating Income was -10.442 + -8.59 + -5.484 + -2.095 = $-26.6 Mil.
Cash Flow from Operations was 28.036 + 25.11 + 25.367 + 11.651 = $90.2 Mil.
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Total Receivables was $133.7 Mil.
Revenue was 34.878 + 30.848 + 29.33 + 28.062 = $123.1 Mil.
Gross Profit was 30.107 + 27.284 + 26.177 + 24.538 = $108.1 Mil.
Total Current Assets was $217.9 Mil.
Total Assets was $1,946.2 Mil.
Property, Plant and Equipment(Net PPE) was $5.6 Mil.
Depreciation, Depletion and Amortization(DDA) was $63.7 Mil.
Selling, General, & Admin. Expense(SGA) was $20.2 Mil.
Total Current Liabilities was $107.8 Mil.
Long-Term Debt & Capital Lease Obligation was $560.3 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) |
| = | (164.042 / 150.002) | / | (133.687 / 123.118) |
| = | 1.093599 | / | 1.085844 |
| | = | 1.0071 |
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) |
| = | (108.106 / 123.118) | / | (133.8 / 150.002) |
| = | 0.878068 | / | 0.891988 |
| | = | 0.9844 |
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 - (229.659 + 4.909) / 2259.346) | / | (1 - (217.904 + 5.589) / 1946.236) |
| = | 0.896179 | / | 0.885167 |
| | = | 1.0124 |
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 |
| = | 150.002 | / | 123.118 |
| | = | 1.2184 |
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)) |
| = | (63.677 / (63.677 + 5.589)) | / | (76.871 / (76.871 + 4.909)) |
| = | 0.919311 | / | 0.939973 |
| | = | 0.978 |
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) |
| = | (19.718 / 150.002) | / | (20.179 / 123.118) |
| = | 0.131452 | / | 0.1639 |
| | = | 0.802 |
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) |
| = | ((655.284 + 262.795) / 2259.346) | / | ((560.252 + 107.822) / 1946.236) |
| = | 0.406347 | / | 0.343265 |
| | = | 1.1838 |
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 |
| = | (-11.937 - -26.611 | - | 90.164) | / | 2259.346 |
| | = | -0.033412 |
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.
Netstreit has a M-score of -2.47 suggests that the company is unlikely to be a manipulator.
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