Public Storage (Public Storage) Beneish M-Score : -2.72 (As of Apr. 24, 2024)

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What is Public Storage Beneish M-Score?

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 -2.72 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

PSApU.CL.PFD' s Beneish M-Score Range Over the Past 10 Years
Min: -3.31 Med: -2.78 Max: -2.52
Current: -2.72

During the past 13 years, the highest Beneish M-Score of Public Storage was -2.52. The lowest was -3.31. And the median was -2.78.

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.

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Public Storage Beneish M-Score Chart

Public Storage Annual Data

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

Public Storage Quarterly Data
	Mar19	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23
Beneish M-Score	Get a 7-Day Free Trial															-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:

-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

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was $0.00 Mil.
Revenue was 1159.868 + 1143.82 + 1119.77 + 1094.232 = $4,517.69 Mil.
Gross Profit was 869.037 + 854.876 + 839.89 + 805.941 = $3,369.74 Mil.
Total Current Assets was $370.00 Mil.
Total Assets was $19,809.22 Mil.
Property, Plant and Equipment(Net PPE) was $345.45 Mil.
Depreciation, Depletion and Amortization(DDA) was $970.06 Mil.
Selling, General, & Admin. Expense(SGA) was $80.63 Mil.
Total Current Liabilities was $598.99 Mil.
Long-Term Debt & Capital Lease Obligation was $9,103.28 Mil.
Net Income was 439.292 + 613.298 + 578.029 + 517.708 = $2,148.33 Mil.
Non Operating Income was -70.363 + 58.975 + 13.676 + -14.09 = $-11.80 Mil.
Cash Flow from Operations was 791.684 + 875.671 + 882.4 + 696.893 = $3,246.65 Mil.

Total Receivables was $0.00 Mil.
Revenue was 1088.542 + 1088.131 + 1032.045 + 973.445 = $4,182.16 Mil.
Gross Profit was 828.885 + 811.089 + 776.846 + 712.436 = $3,129.26 Mil.
Total Current Assets was $775.25 Mil.
Total Assets was $17,552.31 Mil.
Property, Plant and Equipment(Net PPE) was $372.99 Mil.
Depreciation, Depletion and Amortization(DDA) was $888.15 Mil.
Selling, General, & Admin. Expense(SGA) was $71.67 Mil.
Total Current Liabilities was $514.68 Mil.
Long-Term Debt & Capital Lease Obligation was $6,870.83 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)
	=	(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.

Public Storage Beneish M-Score Related Terms

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Public Storage (Public Storage) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Real Estate » REITs » Public Storage (NYSE:PSApU.CL.PFD) » Definitions » Beneish M-Score

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Address

701 Western Avenue, Glendale, CA, USA, 91201-2349

Website

https://www.publicstorage.com

Public Storage is the largest owner of self-storage facilities in the U.S. with more than 2,880 self-storage facilities in 40 states and approximately 200 million square feet of rentable space. Through equity interests, it also has exposure to the European self-storage market through Shurgard Self Storage. The company also has a merchandise business, a third-party property management business, and an insurance business that offers products to cover losses for the goods in self-storage facilities.