Public Storage Beneish M-Score Historical Data
The historical data trend for Public 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.
Public Storage Beneish M-Score Chart
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Public Storage Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.73 |
-2.79 |
-2.88 |
-2.52 |
-2.72 |
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Public Storage Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.52 |
-2.54 |
-2.57 |
-2.63 |
-2.72 |
Competitive Comparison of Public Storage's Beneish M-Score
For the REIT - Industrial subindustry, Public 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.
Public Storage's Beneish M-Score Distribution in the REITs Industry
For the REITs industry and Real Estate sector, Public Storage's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Public Storage's Beneish M-Score falls into.
Public 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 Public 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 | + | 0.528 * 1.0031 | + | 0.404 * 1.0314 | + | 0.892 * 1.0802 | + | 0.115 * 0.955 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0414 | + | 4.679 * -0.054849 | - | 0.327 * 1.164 |
| = | -2.72 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was $0 Mil.
Revenue was 1159.868 + 1143.82 + 1119.77 + 1094.232 = $4,518 Mil.
Gross Profit was 869.037 + 854.876 + 839.89 + 805.941 = $3,370 Mil.
Total Current Assets was $370 Mil.
Total Assets was $19,809 Mil.
Property, Plant and Equipment(Net PPE) was $345 Mil.
Depreciation, Depletion and Amortization(DDA) was $970 Mil.
Selling, General, & Admin. Expense(SGA) was $81 Mil.
Total Current Liabilities was $599 Mil.
Long-Term Debt & Capital Lease Obligation was $9,103 Mil.
Net Income was 439.292 + 613.298 + 578.029 + 517.708 = $2,148 Mil.
Non Operating Income was -70.363 + 58.975 + 13.676 + -14.09 = $-12 Mil.
Cash Flow from Operations was 791.684 + 875.671 + 882.4 + 696.893 = $3,247 Mil.
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Total Receivables was $0 Mil.
Revenue was 1088.542 + 1088.131 + 1032.045 + 973.445 = $4,182 Mil.
Gross Profit was 828.885 + 811.089 + 776.846 + 712.436 = $3,129 Mil.
Total Current Assets was $775 Mil.
Total Assets was $17,552 Mil.
Property, Plant and Equipment(Net PPE) was $373 Mil.
Depreciation, Depletion and Amortization(DDA) was $888 Mil.
Selling, General, & Admin. Expense(SGA) was $72 Mil.
Total Current Liabilities was $515 Mil.
Long-Term Debt & Capital Lease Obligation was $6,871 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) |
| = | (0 / 4517.69) | / | (0 / 4182.163) |
| = | 0 | / | 0 |
| | = | 1 |
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) |
| = | (3129.256 / 4182.163) | / | (3369.744 / 4517.69) |
| = | 0.748239 | / | 0.7459 |
| | = | 1.0031 |
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 - (370.002 + 345.453) / 19809.216) | / | (1 - (775.253 + 372.992) / 17552.307) |
| = | 0.963883 | / | 0.934582 |
| | = | 1.0314 |
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 |
| = | 4517.69 | / | 4182.163 |
| | = | 1.0802 |
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)) |
| = | (888.146 / (888.146 + 372.992)) | / | (970.056 / (970.056 + 345.453)) |
| = | 0.704242 | / | 0.7374 |
| | = | 0.955 |
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) |
| = | (80.632 / 4517.69) | / | (71.672 / 4182.163) |
| = | 0.017848 | / | 0.017138 |
| | = | 1.0414 |
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) |
| = | ((9103.277 + 598.993) / 19809.216) | / | ((6870.826 + 514.68) / 17552.307) |
| = | 0.489786 | / | 0.420771 |
| | = | 1.164 |
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 |
| = | (2148.327 - -11.802 | - | 3246.648) | / | 19809.216 |
| | = | -0.054849 |
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.
Public Storage has a M-score of -2.72 suggests that the company is unlikely to be a manipulator.
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