TSH Biopharm (ROCO:8432) EBIT: NT$236 Mil (TTM As of Dec. 2025)

Author: Vera Yuan Vera Yuan
Vera Yuan
Vera Yuan
Director of Data and Quant Analytics at GuruFocus
Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Reviewed by: Charlie Tian Charlie Tian
Charlie Tian
Charlie Tian
Founder & CEO of GuruFocus
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.

ROCO:8432 TSH Biopharm Corp Ltd ROCO:8432
84 GF Score
Price NT$50.20
GF Value NT$78.92
Valuation Significantly Undervalued
! 1 Warning Sign
View Full Analysis

What is TSH Biopharm EBIT?

TSH Biopharm ROCO:8432 84 EBIT is NT$236 Mil as of Dec. 2025. GuruFocus rates ROCO:8432 with a GF Score™ of 84/100 and a GF Value™ of NT$78.92 (Significantly Undervalued). The stock has 1 warning sign investors should review.

TSH Biopharm's earnings before interest and taxes (EBIT) for the three months ended in Dec. 2025 was NT$47 Mil. Its earnings before interest and taxes (EBIT) for the trailing twelve months (TTM) ended in Dec. 2025 was NT$236 Mil.

EBIT or Operating Income is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. TSH Biopharm's annualized ROC % for the quarter that ended in Dec. 2025 was 17.16%. TSH Biopharm's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2025 was 60.99%.

EBIT is also linked to Joel Greenblatt's definition of earnings yield. TSH Biopharm's Earnings Yield (Joel Greenblatt) % for the quarter that ended in Dec. 2025 was 18.17%.


TSH Biopharm  (ROCO:8432) EBIT Explanation

1. EBIT or Operating Income is linked to Return on Capital for both regular definition and Joel Greenblatt's definition.

TSH Biopharm's annualized ROC % for the quarter that ended in Dec. 2025 is calculated as:

ROC % (Q: Dec. 2025 )
=NOPAT/Average Invested Capital
=Operating Income * ( 1 - Tax Rate % )/( (Invested Capital (Q: Sep. 2025 ) + Invested Capital (Q: Dec. 2025 ))/ count )
=168.796 * ( 1 - 15.32% )/( (822.635 + 843.605)/ 2 )
=142.9364528/833.12
=17.16 %

where

Invested Capital(Q: Sep. 2025 )
=Total Assets - Accounts Payable & Accrued Expense - Excess Cash
=Total Assets - Accounts Payable & Accrued Expense - ( Cash, Cash Equivalents, Marketable Securities - max(0, Total Current Liabilities - Total Current Assets+Cash, Cash Equivalents, Marketable Securities))
=2019.207 - 282.052 - ( 914.52 - max(0, 309.738 - 1476.813+914.52))
=822.635

Invested Capital(Q: Dec. 2025 )
=Total Assets - Accounts Payable & Accrued Expense - Excess Cash
=Total Assets - Accounts Payable & Accrued Expense - ( Cash, Cash Equivalents, Marketable Securities - max(0, Total Current Liabilities - Total Current Assets+Cash, Cash Equivalents, Marketable Securities))
=1951.454 - 175.567 - ( 932.282 - max(0, 227.091 - 1423.02+932.282))
=843.605

Note: The Operating Income data used here is four times the quarterly (Dec. 2025) data.

2. Joel Greenblatt's definition of Return on Capital:

TSH Biopharm's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2025 is calculated as:

ROC (Joel Greenblatt) %(Q: Dec. 2025 )
=EBIT/Average of (Net fixed Assets + Net Working Capital)
=EBIT/Average of (Property, Plant and Equipment+Net Working Capital)
     Q: Sep. 2025  Q: Dec. 2025
=EBIT/( ( (Property, Plant and Equipment + Net Working Capital) + (Property, Plant and Equipment + Net Working Capital) )/ count )
=187.584/( ( (42.936 + max(261.117, 0)) + (42.836 + max(268.237, 0)) )/ 2 )
=187.584/( ( 304.053 + 311.073 )/ 2 )
=187.584/307.563
=60.99 %

where Working Capital is:

Working Capital(Q: Sep. 2025 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(347.81 + 192.455 + 7.864) - (282.052 + 0 + 4.96)
=261.117

Working Capital(Q: Dec. 2025 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(299.17 + 155.741 + 20.676) - (175.567 + 0 + 31.783)
=268.237

When net working capital is negative, 0 is used.

Note: The EBIT data used here is four times the quarterly (Dec. 2025) EBIT data.

3. It is also linked to Joel Greenblatt's definition of Earnings Yield:

TSH Biopharm's Earnings Yield (Joel Greenblatt) % for today is calculated as:

Earnings Yield (Joel Greenblatt) %=EBIT (TTM)/Enterprise Value (Q: Dec. 2025 )
=235.584/1296.793
=18.17 %

* 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.


TSH Biopharm EBIT Related Terms


TSH Biopharm EBIT Historical Data

* Premium members only.

The historical data trend for TSH Biopharm's EBIT 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.

TSH Biopharm EBIT Chart

TSH Biopharm Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
EBIT
Get a 7-Day Free Trial Premium Member Only Premium Member Only 61.63 81.94 76.78 173.89 235.58

TSH Biopharm Quarterly Data
Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25
EBIT Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 22.26 45.37 51.13 92.18 46.90

ROCO:8432 vs ZTS, UTHR: EBIT Comparison

For the Drug Manufacturers - Specialty & Generic subindustry, TSH Biopharm's EV-to-EBIT, along with its competitors' market caps and EV-to-EBIT 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.


TSH Biopharm EV-to-EBIT vs Drug Manufacturers Industry

For the Drug Manufacturers industry and Healthcare sector, TSH Biopharm's EV-to-EBIT distribution charts can be found below:

* The bar in red indicates where TSH Biopharm's EV-to-EBIT falls into.


ROCO:8432
84GF Score
TSH Biopharm Corp Ltd ROCO:8432
EBIT is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

TSH Biopharm EBIT Calculation

EBIT, sometimes also called Earnings Before Interest and Taxes, is a measure of a firm's profit that includes all expenses except interest and income tax expenses. It is the difference between operating revenues and operating expenses. When a firm does not have non-operating income, then Operating Income is sometimes used as a synonym for EBIT and operating profit.

EBIT for the trailing twelve months (TTM) ended in Dec. 2025 adds up the quarterly data reported by the company within the most recent 12 months, which was NT$236 Mil.

* 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.

Frequently Asked Questions Learn more about EBIT →
What does a EBIT of NT$236 Mil mean?
TSH Biopharm (ROCO:8432) has a EBIT of NT$236 Mil as of Dec. 2025. Earnings before interest and taxes is the difference between operating revenue and operating expenses. View historical data on TSH Biopharm.
Is TSH Biopharm's EBIT too high?
TSH Biopharm's current EBIT is NT$236 Mil. Overall, TSH Biopharm has a GF Score™ of 84/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.
How does TSH Biopharm's EBIT compare to ZTS and UTHR?
TSH Biopharm's EBIT of NT$236 Mil can be compared against companies in the Drug Manufacturers industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good EBIT for a Drug Manufacturers company?
A good EBIT depends on the Drug Manufacturers industry context. However, EBIT 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 EBIT mean?
A high EBIT can signal that a stock is expensive relative to its fundamentals. Earnings before interest and taxes is the difference between operating revenue and operating expenses. View historical data on TSH Biopharm. TSH Biopharm's current EBIT is NT$236 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is TSH Biopharm stock overvalued right now?
Based on GuruFocus' analysis, TSH Biopharm (ROCO:8432) is currently considered Significantly Undervalued. The stock's GF Value™ is NT$78.92, compared to a current price of NT$50.20 — trading 36.4% below its estimated fair value. The current EBIT is NT$236 Mil. TSH Biopharm's overall GF Score™ is 84/100 with 1 warning sign to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is EBIT calculated?
EBIT is calculated from a company's financial statements. For TSH Biopharm (ROCO:8432), the current EBIT is NT$236 Mil as of Dec. 2025. 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 TSH Biopharm (ROCO:8432) Overvalued in 2026?

Based on GuruFocus' analysis, TSH Biopharm stock appears to be undervalued. The current stock price of NT$50.20 is trading 36.4% below its estimated GF Value™ of NT$78.92. GuruFocus considers TSH Biopharm to be Significantly Undervalued.

Key valuation signals for ROCO:8432:

  • EBIT: NT$236 Mil
  • GF Value™: NT$78.92 vs. price of NT$50.20 (36.4% below fair value)
  • GF Score™: 84/100 with 1 warning sign

No single metric tells the full story. See the ROCO:8432 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.


TSH Biopharm Business Description

Address No.3-1, Park Street, 3rd Floor-1, Nangang District, Taipei, TWN, 115
TSH Biopharm Corp Ltd is engaged in sale of a variety of pharmaceuticals, chemical drugs and engaged in biotechnology services. The company specializes in the development, manufacture, and marketing of branded drugs for chronic diseases. Key therapeutic areas include cardiovascular, central nervous system, gastroenterology, and severe chronic diseases, alongside precision medicine/genetic testing services .The Company's revenue is earned domestically. It earns majority of its revenue from the sale of Lozenges.
84GF Score

Get the complete analysis for ROCO:8432

EBIT is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

NT$50.20
Price
NT$78.92
GF Value