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Ta-Yuan Cogeneration CoROCO:8931 79 Piotroski F-Score is 4 as of Jul. 16, 2026, which is 33% below its 10-year median of 6.00. GuruFocus rates ROCO:8931 with a GF Score™ of 79/100 and a GF Value™ of NT$47.23 (Modestly Undervalued). The stock has 8 warning signs investors should review. Among 490 Utilities - Regulated companies, Ta-Yuan Cogeneration Co ranks worse than 77.96% 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
Ta-Yuan Cogeneration Co 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 Ta-Yuan Cogeneration Co's Piotroski F-Score or its related term are showing as below:
ROCO:8931'
s Piotroski F-Score Range Over the Past 10 Years
Min: 4 Med: 6 Max: 7
Current: 4
During the past 13 years, the highest Piotroski F-Score of Ta-Yuan Cogeneration Co was 7. The lowest was 4. And the median was 6.
Ta-Yuan Cogeneration Co (ROCO:8931) 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.
Ta-Yuan Cogeneration Co Piotroski F-Score Related Terms
Ta-Yuan Cogeneration Co Piotroski F-Score Historical Data
* Premium members only.
The historical data trend for Ta-Yuan Cogeneration Co'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:8931 vs NEE, SO, DUK: Piotroski F-Score Comparison
For the Utilities - Regulated Electric subindustry, Ta-Yuan Cogeneration Co'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.
Ta-Yuan Cogeneration Co Piotroski F-Score vs Utilities - Regulated Industry
For the Utilities - Regulated industry and Utilities sector, Ta-Yuan Cogeneration Co's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where Ta-Yuan Cogeneration Co'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 (Dec25) TTM:
Last Year (Dec24) TTM:
Net Income was 90.268 + 85.553 + 48.994 + 3.885 = NT$229 Mil. Cash Flow from Operations was 173.388 + 229.017 + 169.385 + 107.182 = NT$679 Mil. Revenue was 619.342 + 595.486 + 692.332 + 567.566 = NT$2,475 Mil. Gross Profit was 152.823 + 116.824 + 103.293 + 40.196 = NT$413 Mil.
Average Total Assets from the begining of this year (Dec24)
to the end of this year (Dec25) was
(4934.406 + 4925.586 + 5004.266 + 4981.383 + 5124.12) / 5 = NT$4993.9522 Mil. Total Assets at the begining of this year (Dec24) was NT$4,934 Mil. Long-Term Debt & Capital Lease Obligation was NT$2,070 Mil. Total Current Assets was NT$712 Mil. Total Current Liabilities was NT$1,007 Mil.
Net Income was 49.8 + 70.965 + 86.664 + 76.401 = NT$284 Mil.
Revenue was 572.908 + 614.846 + 678.298 + 652.412 = NT$2,518 Mil. Gross Profit was 108.896 + 128.067 + 165.578 + 148.512 = NT$551 Mil.
Average Total Assets from the begining of last year (Dec23)
to the end of last year (Dec24) was
(4568.611 + 4676.967 + 4864.709 + 4718.342 + 4934.406) / 5 = NT$4752.607 Mil. Total Assets at the begining of last year (Dec23) was NT$4,569 Mil. Long-Term Debt & Capital Lease Obligation was NT$1,623 Mil. Total Current Assets was NT$932 Mil. Total Current Liabilities was NT$1,216 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.
Ta-Yuan Cogeneration Co's current Net Income (TTM) was 229.
==> 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.
Score 1 if positive, 0 if negative.
Ta-Yuan Cogeneration Co's current Cash Flow from Operations (TTM) was 679.
==> Positive ==> Score 1.
Question 3. Change in Return on Assets
Compare this year's return on assets (1) to last year's return on assets.
Ta-Yuan Cogeneration Co's return on assets of this year was 0.04634803. Ta-Yuan Cogeneration Co's return on assets of last year was 0.0621261.
==> Last year is higher ==> Score 0.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
Ta-Yuan Cogeneration Co's gearing of this year was 0.4144503. Ta-Yuan Cogeneration Co's gearing of last year was 0.34139263.
==> 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
Ta-Yuan Cogeneration Co's current ratio of this year was 0.70743113. Ta-Yuan Cogeneration Co's current ratio of last year was 0.76622856.
==> 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.
Ta-Yuan Cogeneration Co's number of shares in issue this year was 122.415. Ta-Yuan Cogeneration Co's number of shares in issue last year was 122.539.
==> 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.
Ta-Yuan Cogeneration Co's gross margin of this year was 0.16694212. Ta-Yuan Cogeneration Co's gross margin of last year was 0.21880519.
==> 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
Ta-Yuan Cogeneration Co's asset turnover of this year was 0.5015246. Ta-Yuan Cogeneration Co's asset turnover of last year was 0.55125376.
==> Last year's asset turnover is higher ==> Score 0.
Evaluation
Piotroski F-Score
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Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Ta-Yuan Cogeneration Co has an F-score of 4 indicating the company's financial situation is typical for a stable company.
Ta-Yuan Cogeneration Co (ROCO:8931) has a Piotroski F-Score of 4 as of Jul. 16, 2026. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on Ta-Yuan Cogeneration Co and its competitors. This is 33% below median its historical median of 6.00. Over the past decade, Ta-Yuan Cogeneration Co's Piotroski F-Score has ranged from 4.00 to 7.00. According to the industry distribution chart, Ta-Yuan Cogeneration Co ranks #382 out of 490 companies in the Utilities - Regulated industry, placing it in the top 78%.
Is Ta-Yuan Cogeneration Co's Piotroski F-Score too high?
Ta-Yuan Cogeneration Co's current Piotroski F-Score of 4 is 33% below median its 10-year median of 6.00. Over the past 10 years, this metric has ranged from a low of 4.00 to a high of 7.00. The Utilities - Regulated industry median Piotroski F-Score is 6.00. Ta-Yuan Cogeneration Co's value of 4 is 33.3% below this industry median. Based on the distribution chart, Ta-Yuan Cogeneration Co ranks #382 out of 490 companies in the Utilities - Regulated industry, which is in the bottom quartile relative to peers. Overall, Ta-Yuan Cogeneration Co has a GF Score™ of 79/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Ta-Yuan Cogeneration Co's Piotroski F-Score compare to NEE and SO?
According to the Utilities - Regulated industry distribution chart, Ta-Yuan Cogeneration Co ranks #382 out of 490 companies for Piotroski F-Score. This places Ta-Yuan Cogeneration Co in the lower half of its industry. The industry median Piotroski F-Score is 6.00. Ta-Yuan Cogeneration Co's value of 4 is 33.3% below this benchmark. Historically, Ta-Yuan Cogeneration Co's own Piotroski F-Score has ranged from 4.00 to 7.00 over the past decade. While the company's 10-year median is 6.00 vs. the industry median of 6.00, Ta-Yuan Cogeneration Co has consistently been below 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 an Utilities - Regulated company?
The median Piotroski F-Score among Utilities - Regulated companies is 6.00, based on 490 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. Ta-Yuan Cogeneration Co's current Piotroski F-Score of 4 is 33.3% below 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 Ta-Yuan Cogeneration Co and its competitors. For the Utilities - Regulated industry, the median Piotroski F-Score is 6.00 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Ta-Yuan Cogeneration Co's current Piotroski F-Score is 4, which is 33% 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 Ta-Yuan Cogeneration Co stock overvalued right now?
Based on GuruFocus' analysis, Ta-Yuan Cogeneration Co (ROCO:8931) is currently considered Modestly Undervalued. The stock's GF Value™ is NT$47.23, compared to a current price of NT$42.35 — trading 10.3% below its estimated fair value. The current Piotroski F-Score is 4, which is 33% below median its 10-year median of 6.00 and 33.3% below the Utilities - Regulated industry median of 6.00. Ta-Yuan Cogeneration Co's overall GF Score™ is 79/100 with 8 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 Ta-Yuan Cogeneration Co (ROCO:8931), the current Piotroski F-Score is 4 as of Jul. 16, 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 Ta-Yuan Cogeneration Co (ROCO:8931) Overvalued in 2026?
Based on GuruFocus' analysis, Ta-Yuan Cogeneration Co stock appears to be undervalued.
The current stock price of NT$42.35 is trading 10.3% below its estimated GF Value™ of NT$47.23.
GuruFocus considers Ta-Yuan Cogeneration Co to be Modestly Undervalued.
Key valuation signals for ROCO:8931:
Piotroski F-Score: 4 (33% below median its 10-year median of 6.00)
GF Value™: NT$47.23 vs. price of NT$42.35 (10.3% below fair value)
Industry Position: 33.3% below the Utilities - Regulated median (#382 of 490)
No single metric tells the full story. See the ROCO:8931 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Ta-Yuan Cogeneration Co Ltd engages mainly in operating the cogeneration business, operating and repairing equipment, processing waste disposal, managing incinerators, and processing refuse-derived fuel. It is involved in the operation, management, and maintenance of cogeneration plants, as well as waste disposal and incinerator management. Through the development of cogeneration, the company focuses on supplying power to industrial areas and balancing peak and off-peak electricity demand. The company's reportable segments are: Plant of Cogeneration, which generates the maximum revenue, and Plant of Renewable Energy. Geographically, it operates only in Taiwan.
79GF Score
Get the complete analysis for ROCO:8931
Piotroski F-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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