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.
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 -1.91 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Level Biotechnology's Beneish M-Score or its related term are showing as below:
ROCO:3118'
s Beneish M-Score Range Over the Past 10 Years
Min: -3.41 Med: -2.42 Max: -1.91
Current: -1.91
During the past 13 years, the highest Beneish M-Score of Level Biotechnology was -1.91. The lowest was -3.41. And the median was -2.42.
Level Biotechnology Beneish M-Score Related Terms
Level Biotechnology Beneish M-Score Historical Data
* Premium members only.
The historical data trend for Level Biotechnology'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.
ROCO:3118 vs VRTX, REGN, ALNY: Beneish M-Score Comparison
For the Biotechnology subindustry, Level Biotechnology'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.
Level Biotechnology Beneish M-Score vs Biotechnology Industry
For the Biotechnology industry and Healthcare sector, Level Biotechnology's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Level Biotechnology's Beneish M-Score falls into.
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 Level Biotechnology for today is based on a combination of the following eight different indices:
M
=
-4.84
+
0.92 * DSRI
+
0.528 * GMI
+
0.404 * AQI
+
0.892 * SGI
+
0.115 * DEPI
=
-4.84
+
0.92 * 1.391
+
0.528 * 0.9268
+
0.404 * 1.3762
+
0.892 * 1.0072
+
0.115 * 0.9777
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 1.07
+
4.679 * 0.023178
-
0.327 * 1.0199
=
-1.91
* 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.
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.
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))
=
(21.215 / (21.215 + 313.114))
/
(22.455 / (22.455 + 323.521))
=
0.063455
/
0.064903
=
0.9777
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
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
=
(79.699 - 0
-
59.608)
/
866.804
=
0.023178
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.
Level Biotechnology has a M-score of -1.91 suggests that the company is unlikely to be a manipulator.
Level Biotechnology (ROCO:3118) has a Beneish M-Score of -1.91 as of Jul. 21, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Level Biotechnology and its competitors. According to the industry distribution chart, Level Biotechnology ranks #528 out of 825 companies in the Biotechnology industry, placing it in the top 64%.
Is Level Biotechnology's Beneish M-Score too high?
Level Biotechnology's current Beneish M-Score is -1.91. Based on the distribution chart, Level Biotechnology ranks #528 out of 825 companies in the Biotechnology industry, which is below the industry midpoint. Overall, Level Biotechnology has a GF Score™ of 76/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Level Biotechnology's Beneish M-Score compare to VRTX and REGN?
According to the Biotechnology industry distribution chart, Level Biotechnology ranks #528 out of 825 companies for Beneish M-Score. This places Level Biotechnology 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 Biotechnology company?
A good Beneish M-Score depends on the Biotechnology 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 Level Biotechnology and its competitors. Level Biotechnology's current Beneish M-Score is -1.91. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Level Biotechnology stock overvalued right now?
Based on GuruFocus' analysis, Level Biotechnology (ROCO:3118) is currently considered Modestly Undervalued. The stock's GF Value™ is NT$35.57, compared to a current price of NT$31.75 — trading 10.7% below its estimated fair value. The current Beneish M-Score is -1.91. Level Biotechnology's overall GF Score™ is 76/100 with 2 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 Level Biotechnology (ROCO:3118), the current Beneish M-Score is -1.91 as of Jul. 21, 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 Level Biotechnology (ROCO:3118) Overvalued in 2026?
Based on GuruFocus' analysis, Level Biotechnology stock appears to be undervalued.
The current stock price of NT$31.75 is trading 10.7% below its estimated GF Value™ of NT$35.57.
GuruFocus considers Level Biotechnology to be Modestly Undervalued.
Key valuation signals for ROCO:3118:
Beneish M-Score: -1.91
GF Value™: NT$35.57 vs. price of NT$31.75 (10.7% below fair value)
No single metric tells the full story. See the ROCO:3118 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Level Biotechnology Inc is a Taiwan-based company engaged in the sales of biomedical products and providing preclinical testing services. The company has three reportable segments: Department A and B, Department C, and Department D. Department A and Department B sell the cell culture consumables and the antibody reagents, Department C sells the instruments and equipment, and Department D provides CRO services. The majority of revenue is derived from the Department A and B.
76GF Score
Get the complete analysis for ROCO:3118
Beneish M-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:3118 has been successfully added to your 
