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.
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.
United OrthopedicROCO:4129 +0.82%75 Piotroski F-Score is 5 as of Aug. 17, 2026, which is 17% below its 10-year median of 6.00. GuruFocus rates ROCO:4129 with a GF Score™ of 75/100 and a GF Value™ of NT$129.06 (Significantly Undervalued). The stock has 3 warning signs investors should review. Among 798 Medical Devices & Instruments companies, United Orthopedic ranks better than 64.91% on this metric.
The zones of discrimination were as such:
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
United Orthopedic has an F-score of 5 indicating the company's financial situation is typical for a stable company.
The historical rank and industry rank for United Orthopedic's Piotroski F-Score or its related term are showing as below:
ROCO:4129'
s Piotroski F-Score Range Over the Past 10 Years
Min: 1 Med: 6 Max: 9
Current: 5
During the past 13 years, the highest Piotroski F-Score of United Orthopedic was 9. The lowest was 1. And the median was 6.
United Orthopedic (ROCO:4129) Piotroski F-Score Explanation
The developer of the system is Joseph D. Piotroski is relatively unknown accounting professor who shuns publicity and rarely gives interviews.
He graduated from the University of Illinois with a B.S. in accounting in 1989, received an M.B.A. from Indiana University in 1994. Five years later, in 1999, after earning a Ph.D. in accounting from the University of Michigan, he became an associate professor of accounting at the University of Chicago.
He wanted to see if he can develop a system (using a simple nine-point scoring system) that can increase the returns of a strategy of investing in low price to book (referred to in the paper as high book to market) value companies.
What he found was something that exceeded his most optimistic expectations.
Buying only those companies that scored highest (8 or 9) on his nine-point scale, or F-Score as he called it, over the 20 year period from 1976 to 1996 led to an average out-performance over the market of 13.4%.
Even more impressive were the results of a strategy of investing in the highest F-Score companies (8 or 9) and shorting companies with the lowest F-Score (0 or 1).
Over the same period from 1976 to 1996 (20 years) this strategy led to an average yearly return of 23%, substantially outperforming the average S&P 500 index return of 15.83% over the same period.
United Orthopedic Piotroski F-Score Related Terms
United Orthopedic Piotroski F-Score Historical Data
* Premium members only.
The historical data trend for United Orthopedic's Piotroski F-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.
ROCO:4129 vs ABT, SYK, MDT: Piotroski F-Score Comparison
For the Medical Devices subindustry, United Orthopedic's Piotroski F-Score, along with its competitors' market caps and Piotroski F-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.
United Orthopedic Piotroski F-Score vs Medical Devices & Instruments Industry
For the Medical Devices & Instruments industry and Healthcare sector, United Orthopedic's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where United Orthopedic's Piotroski F-Score falls into.
* 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 (Mar26) TTM:
Last Year (Mar25) TTM:
Net Income was 46.572 + 194.135 + 130.945 + 87.796 = NT$459 Mil. Cash Flow from Operations was 287.132 + 328.4 + 223.648 + 138.909 = NT$978 Mil. Revenue was 1350.733 + 1491.595 + 1515.918 + 1494.352 = NT$5,853 Mil. Gross Profit was 1027.697 + 1131.602 + 1194.153 + 1189.328 = NT$4,543 Mil.
Average Total Assets from the begining of this year (Mar25)
to the end of this year (Mar26) was
(7200.127 + 7185.233 + 7462.63 + 7822.061 + 8263.372) / 5 = NT$7586.6846 Mil. Total Assets at the begining of this year (Mar25) was NT$7,200 Mil. Long-Term Debt & Capital Lease Obligation was NT$1,115 Mil. Total Current Assets was NT$4,508 Mil. Total Current Liabilities was NT$2,723 Mil.
Net Income was 102.259 + 138.403 + 122.02 + 190.845 = NT$554 Mil.
Revenue was 1140.707 + 1130.636 + 1315.922 + 1297.172 = NT$4,884 Mil. Gross Profit was 883.338 + 898.537 + 1008.427 + 1046.083 = NT$3,836 Mil.
Average Total Assets from the begining of last year (Mar24)
to the end of last year (Mar25) was
(6622.533 + 6735.677 + 6849.536 + 7039.487 + 7200.127) / 5 = NT$6889.472 Mil. Total Assets at the begining of last year (Mar24) was NT$6,623 Mil. Long-Term Debt & Capital Lease Obligation was NT$471 Mil. Total Current Assets was NT$3,914 Mil. Total Current Liabilities was NT$2,429 Mil.
*Note: If the latest quarterly/semi-annual/annual total assets data is 0, then we will use previous quarterly/semi-annual/annual data for all the items in the balance sheet.
Profitability
Question 1. Return on Assets (ROA)
Net income before extraordinary items for the year divided by Total Assets at the beginning of the year.
Score 1 if positive, 0 if negative.
United Orthopedic's current Net Income (TTM) was 459.
==> Positive ==> Score 1.
Question 2. Cash Flow Return on Assets (CFROA)
Net cash flow from operating activities (operating cash flow) divided by Total Assets at the beginning of the year.
United Orthopedic's return on assets of this year was 0.0638111. United Orthopedic's return on assets of last year was 0.08358237.
==> Last year is higher ==> Score 0.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
United Orthopedic's gearing of this year was 0.14699833. United Orthopedic's gearing of last year was 0.06832976.
==> Last year is lower than this year ==> Score 0.
Question 6. Change in Working Capital (Liquidity)
Compare this year's current ratio (current assets divided by current liabilities) to last year's current ratio.
Score 1 if this year's current ratio is higher, 0 if it's lower
United Orthopedic's current ratio of this year was 1.65546551. United Orthopedic's current ratio of last year was 1.61099324.
==> This year's current ratio is higher. ==> Score 1.
Question 7. Change in Shares in Issue
Compare the number of shares in issue this year, to the number in issue last year.
Score 0 if there is larger number of shares in issue this year, 1 otherwise.
United Orthopedic's number of shares in issue this year was 98.647. United Orthopedic's number of shares in issue last year was 96.386.
==> There is larger number of shares in issue this year. ==> Score 0.
Efficiency
Question 8. Change in Gross Margin
Compare this year's gross margin (Gross Profit divided by sales) to last year's.
Score 1 if this year's gross margin is higher, 0 if it's lower.
United Orthopedic's gross margin of this year was 0.77619888. United Orthopedic's gross margin of last year was 0.78543034.
==> Last year's gross margin is higher ==> Score 0.
Question 9. Change in asset turnover
Compare this year's asset turnover (total sales for the year divided by total assets at the beginning of the year) to last year's asset turnover ratio.
Score 1 if this year's asset turnover ratio is higher, 0 if it's lower
United Orthopedic's asset turnover of this year was 0.8128465. United Orthopedic's asset turnover of last year was 0.73754816.
==> This year's asset turnover is higher. ==> Score 1.
Evaluation
Piotroski F-Score
=
Que. 1
+
Que. 2
+
Que. 3
+
Que. 4
+
Que. 5
+
Que. 6
+
Que. 7
+
Que. 8
+
Que. 9
=
1
+
1
+
0
+
1
+
0
+
1
+
0
+
0
+
1
=
5
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
United Orthopedic has an F-score of 5 indicating the company's financial situation is typical for a stable company.
United Orthopedic (ROCO:4129) has a Piotroski F-Score of 5 as of Aug. 17, 2026. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on United Orthopedic and its competitors. This is 17% below median its historical median of 6.00. Over the past decade, United Orthopedic's Piotroski F-Score has ranged from 1.00 to 9.00. According to the industry distribution chart, United Orthopedic ranks #280 out of 798 companies in the Medical Devices & Instruments industry, placing it in the top 35.1%.
Is United Orthopedic's Piotroski F-Score too high?
United Orthopedic's current Piotroski F-Score of 5 is 17% below median its 10-year median of 6.00. Over the past 10 years, this metric has ranged from a low of 1.00 to a high of 9.00. The Medical Devices & Instruments industry median Piotroski F-Score is 5.00. United Orthopedic's value of 5 is 0% at this industry median. Based on the distribution chart, United Orthopedic ranks #280 out of 798 companies in the Medical Devices & Instruments industry, which is above the industry midpoint. Overall, United Orthopedic has a GF Score™ of 75/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.
How does United Orthopedic's Piotroski F-Score compare to ABT and SYK?
According to the Medical Devices & Instruments industry distribution chart, United Orthopedic ranks #280 out of 798 companies for Piotroski F-Score. This puts United Orthopedic in the upper half of its industry. The industry median Piotroski F-Score is 5.00. United Orthopedic's value of 5 is 0% at this benchmark. Historically, United Orthopedic's own Piotroski F-Score has ranged from 1.00 to 9.00 over the past decade. While the company's 10-year median is 6.00 vs. the industry median of 5.00, United Orthopedic has consistently been at the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Piotroski F-Score for a Medical Devices & Instruments company?
The median Piotroski F-Score among Medical Devices & Instruments companies is 5.00, based on 798 companies in the industry. Companies in the top quartile (top 25%) have a Piotroski F-Score significantly above this median, while those in the bottom quartile fall well below. However, Piotroski F-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. United Orthopedic's current Piotroski F-Score of 5 is 0% at the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Piotroski F-Score mean?
A high Piotroski F-Score can signal that a stock is expensive relative to its fundamentals. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on United Orthopedic and its competitors. For the Medical Devices & Instruments industry, the median Piotroski F-Score is 5.00 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. United Orthopedic's current Piotroski F-Score is 5, which is 17% below median its own 10-year median of 6.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is United Orthopedic stock overvalued right now?
Based on GuruFocus' analysis, United Orthopedic (ROCO:4129) is currently considered Significantly Undervalued. The stock's GF Value™ is NT$129.06, compared to a current price of NT$85.90 — trading 33.4% below its estimated fair value. The current Piotroski F-Score is 5, which is 17% below median its 10-year median of 6.00 and 0% at the Medical Devices & Instruments industry median of 5.00. United Orthopedic's overall GF Score™ is 75/100 with 3 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Piotroski F-Score calculated?
Piotroski F-Score is calculated from a company's financial statements. For United Orthopedic (ROCO:4129), the current Piotroski F-Score is 5 as of Aug. 17, 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 United Orthopedic (ROCO:4129) Overvalued in 2026?
Based on GuruFocus' analysis, United Orthopedic stock appears to be undervalued.
The current stock price of NT$85.90 is trading 33.4% below its estimated GF Value™ of NT$129.06.
GuruFocus considers United Orthopedic to be Significantly Undervalued.
Key valuation signals for ROCO:4129:
Piotroski F-Score: 5 (17% below median its 10-year median of 6.00)
GF Value™: NT$129.06 vs. price of NT$85.90 (33.4% below fair value)
Industry Position: 0% at the Medical Devices & Instruments median (#280 of 798)
No single metric tells the full story. See the ROCO:4129 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
United Orthopedic Corp is engaged in the research, development, production, manufacturing, and sales of orthopedic implants, orthopedic surgical instruments and manufacturing equipment, special metal and plastics materials, as well as the import and export of the aforementioned products. Its products include Hip System, Knee System, and Limb Salvage.
75GF Score
Get the complete analysis for ROCO:4129
Piotroski F-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
ROCO:4129 has been successfully added to your 
