Retail Estates (XAMS:RET) Beneish M-Score: -2.38 (As of Jun. 26, 2026)

What is Retail Estates Beneish M-Score?

Retail Estates XAMS:RET 74 Beneish M-Score is -2.38 as of Jun. 26, 2026. GuruFocus rates XAMS:RET with a GF Score™ of 74/100. The stock has 9 warning signs investors should review. Among 765 REITs companies, Retail Estates ranks worse than 59.22% 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 -2.38 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XAMS:RET' s Beneish M-Score Range Over the Past 10 Years
Min: -2.85 Med: -2.24 Max: 0.55
Current: -2.38

During the past 13 years, the highest Beneish M-Score of Retail Estates was 0.55. The lowest was -2.85. And the median was -2.24.

Retail Estates Beneish M-Score Related Terms

Retail Estates Beneish M-Score Historical Data

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The historical data trend for Retail Estates'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.

Retail Estates Beneish M-Score Chart

Retail Estates Annual Data

Trend

Mar17

Mar18

Mar19

Mar20

Mar21

Mar22

Mar23

Mar24

Mar25

Mar26

Beneish M-Score

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-2.85

0.55

-2.18

-2.53

-2.38

Retail Estates Semi-Annual Data
	Sep16	Mar17	Sep17	Mar18	Sep18	Mar19	Sep19	Mar20	Sep20	Mar21	Sep21	Mar22	Sep22	Mar23	Sep23	Mar24	Sep24	Mar25	Sep25	Mar26
Beneish M-Score	Get a 7-Day Free Trial															-2.18	0.00	-2.53	0.00	-2.38

XAMS:RET vs SPG, O, KIM: Beneish M-Score Comparison

For the REIT - Retail subindustry, Retail Estates'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.

Retail Estates Beneish M-Score vs REITs Industry

For the REITs industry and Real Estate sector, Retail Estates's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Retail Estates's Beneish M-Score falls into.

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Retail Estates 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 Retail Estates 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 * 0.9958

0.528 * 0.9914

0.404 * 1.0002

0.892 * 1.0165

0.115 * 0.9688

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.8561

4.679 * 0.012347

0.327 * 0.9487

-2.38

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was €15.66 Mil.
Revenue was €161.56 Mil.
Gross Profit was €127.95 Mil.
Total Current Assets was €43.08 Mil.
Total Assets was €2,196.73 Mil.
Property, Plant and Equipment(Net PPE) was €5.97 Mil.
Depreciation, Depletion and Amortization(DDA) was €1.59 Mil.
Selling, General, & Admin. Expense(SGA) was €3.75 Mil.
Total Current Liabilities was €225.22 Mil.
Long-Term Debt & Capital Lease Obligation was €668.53 Mil.
Net Income was €122.95 Mil.
Gross Profit was €0.00 Mil.
Cash Flow from Operations was €95.83 Mil.

Total Receivables was €15.47 Mil.
Revenue was €158.95 Mil.
Gross Profit was €124.79 Mil.
Total Current Assets was €42.46 Mil.
Total Assets was €2,159.09 Mil.
Property, Plant and Equipment(Net PPE) was €6.16 Mil.
Depreciation, Depletion and Amortization(DDA) was €1.58 Mil.
Selling, General, & Admin. Expense(SGA) was €4.31 Mil.
Total Current Liabilities was €97.03 Mil.
Long-Term Debt & Capital Lease Obligation was €828.95 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)
	=	(15.662 / 161.564)	/	(15.473 / 158.945)
	=	0.09694	/	0.097348
	=	0.9958

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)
	=	(124.789 / 158.945)	/	(127.945 / 161.564)
	=	0.785108	/	0.791915
	=	0.9914

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 - (43.077 + 5.97) / 2196.725)	/	(1 - (42.455 + 6.163) / 2159.085)
	=	0.977673	/	0.977482
	=	1.0002

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
	=	161.564	/	158.945
	=	1.0165

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))
	=	(1.579 / (1.579 + 6.163))	/	(1.592 / (1.592 + 5.97))
	=	0.203952	/	0.210526
	=	0.9688

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)
	=	(3.749 / 161.564)	/	(4.308 / 158.945)
	=	0.023204	/	0.027104
	=	0.8561

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)
	=	((668.532 + 225.221) / 2196.725)	/	((828.954 + 97.028) / 2159.085)
	=	0.406857	/	0.428877
	=	0.9487

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
	=	(122.95 - 0	-	95.828)	/	2196.725
	=	0.012347

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.

Retail Estates has a M-score of -2.38 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 -2.38 mean?

Retail Estates (XAMS:RET) has a Beneish M-Score of -2.38 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Retail Estates and its competitors. According to the industry distribution chart, Retail Estates ranks #453 out of 765 companies in the REITs industry, placing it in the top 59.2%.

Is Retail Estates' Beneish M-Score too high?

Retail Estates' current Beneish M-Score is -2.38. Based on the distribution chart, Retail Estates ranks #453 out of 765 companies in the REITs industry, which is below the industry midpoint. Overall, Retail Estates has a GF Score™ of 74/100, reflecting its overall financial health beyond just this single metric.

How does Retail Estates' Beneish M-Score compare to SPG and O?

According to the REITs industry distribution chart, Retail Estates ranks #453 out of 765 companies for Beneish M-Score. This places Retail Estates in the lower 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 Retail Estates and its competitors. Retail Estates's current Beneish M-Score is -2.38. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Retail Estates stock overvalued right now?

Retail Estates (XAMS:RET) has a current Beneish M-Score of -2.38. The current Beneish M-Score is -2.38. Retail Estates' overall GF Score™ is 74/100 with 9 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 Retail Estates (XAMS:RET), the current Beneish M-Score is -2.38 as of Jun. 26, 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.

Retail Estates Business Description

Industry Real Estate REITs

Comparable Companies XBRU:WEHB XBRU:VASTB XBRU:ASCE XBRU:QRF SPG O XPAR:URW KIM ASX:SCG REG SGX:C38U HKSE:00823 XPAR:LI FRT BRX ADC NNN ASX:VCX TSX:CHP.UN EPRT

Other Exchanges 0FSO:UK R6N:Germany RET:Belgium

Address Industrielaan 6, Ternat, BEL, 1740

Website https://www.retailestates.com

Retail Estates SA is a real estate investment trust that invests mainly in retail properties. It is a niche player specialised in making out-of town retail properties located on the periphery of residential areas or along main access roads to urban centres available to users. It has distinguished between two geographical segments: Belgium and the Netherlands. The majority of revenue comes from Belgium.