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 -2.59 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for NNN REIT's Beneish M-Score or its related term are showing as below:
STU:CZ2'
s Beneish M-Score Range Over the Past 10 Years
Min: -3.1 Med: -2.62 Max: -1.27
Current: -2.59
During the past 13 years, the highest Beneish M-Score of NNN REIT was -1.27. The lowest was -3.10. And the median was -2.62.
NNN REIT Beneish M-Score Related Terms
NNN REIT Beneish M-Score Historical Data
* Premium members only.
The historical data trend for NNN REIT'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.
STU:CZ2 vs ADC, BRX, EPRT: Beneish M-Score Comparison
For the REIT - Retail subindustry, NNN REIT'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.
NNN REIT Beneish M-Score vs REITs Industry
For the REITs industry and Real Estate sector, NNN REIT's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where NNN REIT's Beneish M-Score falls into.
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 NNN REIT 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 * 1.0046
+
0.528 * 1.0013
+
0.404 * 0.9981
+
0.892 * 0.9802
+
0.115 * 1
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 1.0324
+
4.679 * -0.029966
-
0.327 * 1.033
=
-2.65
* 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.
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.
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))
=
(235.281 / (235.281 + 0))
/
(236.058 / (236.058 + 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
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
=
(332.876 - 18.086
-
559.024)
/
8150.282
=
-0.029966
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.
NNN REIT has a M-score of -2.65 suggests that the company is unlikely to be a manipulator.
NNN REIT (STU:CZ2) has a Beneish M-Score of -2.59 as of Jun. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on NNN REIT and its competitors. According to the industry distribution chart, NNN REIT ranks #295 out of 765 companies in the REITs industry, placing it in the top 38.6%.
Is NNN REIT's Beneish M-Score too high?
NNN REIT's current Beneish M-Score is -2.59. Based on the distribution chart, NNN REIT ranks #295 out of 765 companies in the REITs industry, which is above the industry midpoint. Overall, NNN REIT has a GF Score™ of 83/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does NNN REIT's Beneish M-Score compare to ADC and BRX?
According to the REITs industry distribution chart, NNN REIT ranks #295 out of 765 companies for Beneish M-Score. This puts NNN REIT 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 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 NNN REIT and its competitors. NNN REIT's current Beneish M-Score is -2.59. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is NNN REIT stock overvalued right now?
Based on GuruFocus' analysis, NNN REIT (STU:CZ2) is currently considered Fairly Valued. The stock's GF Value™ is €39.27, compared to a current price of €40.31 — trading 2.6% above its estimated fair value. The current Beneish M-Score is -2.59. NNN REIT's overall GF Score™ is 83/100 with 7 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 NNN REIT (STU:CZ2), the current Beneish M-Score is -2.59 as of Jun. 24, 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 NNN REIT (STU:CZ2) Overvalued in 2026?
Based on GuruFocus' analysis, NNN REIT stock appears to be overvalued.
The current stock price of €40.31 is trading 2.6% above its estimated GF Value™ of €39.27.
GuruFocus considers NNN REIT to be Fairly Valued.
Key valuation signals for STU:CZ2:
Beneish M-Score: -2.59
GF Value™: €39.27 vs. price of €40.31 (2.6% above fair value)
No single metric tells the full story. See the STU:CZ2 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
NNN REIT Inc is a real estate investment trust that acquires, owns, invests in, and develops high-quality properties mainly leased under long-term net leases with minimal capital expenditure requirements. The company focuses mainly on retail properties, with a portfolio including convenience stores, automotive service properties, restaurants, theatres, entertainment venues, dealerships, and other retail-related assets. Primary business objectives emphasize retail properties, and it may invest in a wide variety of property and tenant types, leases, mortgages, loans secured by personal property, loans secured by partnership or membership interests, and securities of other REITs or other issuers.
83GF Score
Get the complete analysis for STU:CZ2
Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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