CHO Pharma (ROCO:6586) Piotroski F-Score: 4 (As of Jul. 13, 2026) — 33% Above Median

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:6586 CHO Pharma Inc ROCO:6586
30 GF Score
Price NT$111.00
! 4 Warning Signs
View Full Analysis

What is CHO Pharma Piotroski F-Score?

CHO Pharma ROCO:6586 -9.39% 30 Piotroski F-Score is 4 as of Jul. 13, 2026, which is 33% above its 10-year median of 3.00. GuruFocus rates ROCO:6586 with a GF Score™ of 30/100. The stock has 4 warning signs investors should review. Among 1,333 Biotechnology companies, CHO Pharma ranks better than 73.97% 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

CHO Pharma has an F-score of 4 indicating the company's financial situation is typical for a stable company.

The historical rank and industry rank for CHO Pharma's Piotroski F-Score or its related term are showing as below:

ROCO:6586' s Piotroski F-Score Range Over the Past 10 Years
Min: 2   Med: 3   Max: 5
Current: 4

During the past 13 years, the highest Piotroski F-Score of CHO Pharma was 5. The lowest was 2. And the median was 3.

CHO Pharma  (ROCO:6586) 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.

In 2000, he wrote a research paper called "Value Investing: The Use of Historical Financial Statement Information to Separate Winners from Losers" (pdf).

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.


CHO Pharma Piotroski F-Score Related Terms


CHO Pharma Piotroski F-Score Historical Data

* Premium members only.

The historical data trend for CHO Pharma'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.

CHO Pharma Piotroski F-Score Chart

CHO Pharma Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Piotroski F-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only 5.00 3.00 3.00 2.00 4.00

CHO Pharma Semi-Annual Data
Jun16 Dec16 Jun17 Dec17 Jun18 Dec18 Jun19 Dec19 Jun20 Dec20 Jun21 Dec21 Jun22 Dec22 Jun23 Dec23 Jun24 Dec24 Jun25 Dec25
Piotroski F-Score 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 3.00 0.00 2.00 0.00 4.00

ROCO:6586 vs VRTX, REGN, ALNY: Piotroski F-Score Comparison

For the Biotechnology subindustry, CHO Pharma'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.


CHO Pharma Piotroski F-Score vs Biotechnology Industry

For the Biotechnology industry and Healthcare sector, CHO Pharma's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where CHO Pharma's Piotroski F-Score falls into.


ROCO:6586
30GF Score
CHO Pharma Inc ROCO:6586
Piotroski F-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

How is the Piotroski F-Score calculated?

* 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 (Dec25) TTM:Last Year (Dec24) TTM:
Net Income was NT$-290.01 Mil.
Cash Flow from Operations was NT$-279.57 Mil.
Revenue was NT$1.43 Mil.
Gross Profit was NT$1.07 Mil.
Average Total Assets from the begining of this year (Dec24)
to the end of this year (Dec25) was (2881.285 + 2572.773) / 2 = NT$2727.029 Mil.
Total Assets at the begining of this year (Dec24) was NT$2,881.29 Mil.
Long-Term Debt & Capital Lease Obligation was NT$0.00 Mil.
Total Current Assets was NT$2,123.78 Mil.
Total Current Liabilities was NT$109.06 Mil.
Net Income was NT$-212.23 Mil.

Revenue was NT$3.58 Mil.
Gross Profit was NT$1.71 Mil.
Average Total Assets from the begining of last year (Dec23)
to the end of last year (Dec24) was (3086.031 + 2881.285) / 2 = NT$2983.658 Mil.
Total Assets at the begining of last year (Dec23) was NT$3,086.03 Mil.
Long-Term Debt & Capital Lease Obligation was NT$14.59 Mil.
Total Current Assets was NT$2,417.39 Mil.
Total Current Liabilities was NT$116.19 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.

CHO Pharma's current Net Income (TTM) was -290.01. ==> Negative ==> Score 0.

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.

Score 1 if positive, 0 if negative.

CHO Pharma's current Cash Flow from Operations (TTM) was -279.57. ==> Negative ==> Score 0.

Question 3. Change in Return on Assets

Compare this year's return on assets (1) to last year's return on assets.

Score 1 if it's higher, 0 if it's lower.

ROA (This Year)=Net Income/Total Assets (Dec24)
=-290.006/2881.285
=-0.10065162

ROA (Last Year)=Net Income/Total Assets (Dec23)
=-212.226/3086.031
=-0.06876989

CHO Pharma's return on assets of this year was -0.10065162. CHO Pharma's return on assets of last year was -0.06876989. ==> Last year is higher ==> Score 0.

Question 4. Quality of Earnings (Accrual)

Compare Cash flow return on assets (2) to return on assets (1)

Score 1 if CFROA > ROA, 0 if CFROA <= ROA.

CHO Pharma's current Net Income (TTM) was -290.01. CHO Pharma's current Cash Flow from Operations (TTM) was -279.57. ==> -279.57 > -290.01 ==> CFROA > ROA ==> Score 1.

Funding

Question 5. Change in Gearing or Leverage

Compare this year's gearing (long-term debt divided by average total assets) to last year's gearing.

Score 0 if this year's gearing is higher, 1 otherwise.

Gearing (This Year: Dec25)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Dec24 to Dec25
=0/2727.029
=0

Gearing (Last Year: Dec24)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Dec23 to Dec24
=14.589/2983.658
=0.00488964

CHO Pharma's gearing of this year was 0. CHO Pharma's gearing of last year was 0.00488964. ==> This year is lower or equal to last year. ==> Score 1.

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

Current Ratio (This Year: Dec25)=Total Current Assets/Total Current Liabilities
=2123.78/109.06
=19.47350083

Current Ratio (Last Year: Dec24)=Total Current Assets/Total Current Liabilities
=2417.393/116.186
=20.80623311

CHO Pharma's current ratio of this year was 19.47350083. CHO Pharma's current ratio of last year was 20.80623311. ==> Last year's current ratio is higher ==> Score 0.

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.

CHO Pharma's number of shares in issue this year was 214.011. CHO Pharma's number of shares in issue last year was 214.011. ==> There is smaller number of shares in issue this year, or the same. ==> Score 1.

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.

Gross Margin (This Year: TTM)=Gross Profit/Revenue
=1.066/1.431
=0.74493361

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=1.71/3.58
=0.47765363

CHO Pharma's gross margin of this year was 0.74493361. CHO Pharma's gross margin of last year was 0.47765363. ==> This year's gross margin is higher. ==> Score 1.

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

Asset Turnover (This Year)=Revenue/Total Assets at the Beginning of This Year (Dec24)
=1.431/2881.285
=0.00049665

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Dec23)
=3.58/3086.031
=0.00116007

CHO Pharma's asset turnover of this year was 0.00049665. CHO Pharma's asset turnover of last year was 0.00116007. ==> Last year's asset turnover is higher ==> Score 0.

Evaluation

Piotroski F-Score= Que. 1+ Que. 2+ Que. 3+Que. 4+Que. 5+Que. 6+Que. 7+Que. 8+Que. 9
=0+0+0+1+1+0+1+1+0
=4

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

CHO Pharma has an F-score of 4 indicating the company's financial situation is typical for a stable company.

Frequently Asked Questions Learn more about Piotroski F-Score →
What does a Piotroski F-Score of 4 mean?
CHO Pharma (ROCO:6586) has a Piotroski F-Score of 4 as of Jul. 13, 2026. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on CHO Pharma and its competitors. This is 33% above median its historical median of 3.00. Over the past decade, CHO Pharma's Piotroski F-Score has ranged from 2.00 to 5.00. According to the industry distribution chart, CHO Pharma ranks #347 out of 1333 companies in the Biotechnology industry, placing it in the top 26%.
Is CHO Pharma's Piotroski F-Score too high?
CHO Pharma's current Piotroski F-Score of 4 is 33% above median its 10-year median of 3.00. Over the past 10 years, this metric has ranged from a low of 2.00 to a high of 5.00. The Biotechnology industry median Piotroski F-Score is 3.00. CHO Pharma's value of 4 is 33.3% above this industry median. Based on the distribution chart, CHO Pharma ranks #347 out of 1333 companies in the Biotechnology industry, which is above the industry midpoint. Overall, CHO Pharma has a GF Score™ of 30/100, reflecting its overall financial health beyond just this single metric.
How does CHO Pharma's Piotroski F-Score compare to VRTX and REGN?
According to the Biotechnology industry distribution chart, CHO Pharma ranks #347 out of 1333 companies for Piotroski F-Score. This puts CHO Pharma in the upper half of its industry. The industry median Piotroski F-Score is 3.00. CHO Pharma's value of 4 is 33.3% above this benchmark. Historically, CHO Pharma's own Piotroski F-Score has ranged from 2.00 to 5.00 over the past decade. While the company's 10-year median is 3.00 vs. the industry median of 3.00, CHO Pharma has consistently been above 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 Biotechnology company?
The median Piotroski F-Score among Biotechnology companies is 3.00, based on 1,333 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. CHO Pharma's current Piotroski F-Score of 4 is 33.3% above 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 CHO Pharma and its competitors. For the Biotechnology industry, the median Piotroski F-Score is 3.00 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. CHO Pharma's current Piotroski F-Score is 4, which is 33% above median its own 10-year median of 3.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is CHO Pharma stock overvalued right now?
CHO Pharma (ROCO:6586) has a current Piotroski F-Score of 4. The current Piotroski F-Score is 4, which is 33% above median its 10-year median of 3.00 and 33.3% above the Biotechnology industry median of 3.00. CHO Pharma's overall GF Score™ is 30/100 with 4 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 CHO Pharma (ROCO:6586), the current Piotroski F-Score is 4 as of Jul. 13, 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.

CHO Pharma Business Description

Address Lane 130, Sec. 1 Academia Road, 7th Floor, Building C, No.99, Nangang, Taipei, TWN, 115202
CHO Pharma Inc is a biopharmaceutical company mainly focused on the development and commercialization of innovative products based on the proprietary glycan engineering technologies. It offers antibodies, such as CHO-H01, CHO-H02, CHO-A04 for cancer; CHO-H03, an antibody for autoimmune disease; CHO-S05 dual-effect anti-flu drugs; and CHO-V06 glycan-based vaccines and drugs.
30GF Score

Get the complete analysis for ROCO:6586

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

NT$111.00
Price