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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 -2.53 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for TTY Biopharm Co's Beneish M-Score or its related term are showing as below:
ROCO:4105'
s Beneish M-Score Range Over the Past 10 Years
Min: -2.83 Med: -2.36 Max: -1.98
Current: -2.53
During the past 13 years, the highest Beneish M-Score of TTY Biopharm Co was -1.98. The lowest was -2.83. And the median was -2.36.
TTY Biopharm Co Beneish M-Score Related Terms
TTY Biopharm Co Beneish M-Score Historical Data
* Premium members only.
The historical data trend for TTY Biopharm Co'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:4105 vs ZTS, UTHR: Beneish M-Score Comparison
For the Drug Manufacturers - Specialty & Generic subindustry, TTY Biopharm Co'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.
TTY Biopharm Co Beneish M-Score vs Drug Manufacturers Industry
For the Drug Manufacturers industry and Healthcare sector, TTY Biopharm Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where TTY Biopharm Co'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 TTY Biopharm Co 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 * 0.9729
+
0.528 * 1.0082
+
0.404 * 1.0809
+
0.892 * 1.0716
+
0.115 * 0.9552
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 0.9245
+
4.679 * -0.034947
-
0.327 * 0.9201
=
-2.53
* 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))
=
(197.815 / (197.815 + 2258.483))
/
(203.712 / (203.712 + 2212.44))
=
0.080534
/
0.084313
=
0.9552
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
=
(1611.094 - 0
-
2019.126)
/
11675.866
=
-0.034947
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.
TTY Biopharm Co has a M-score of -2.53 suggests that the company is unlikely to be a manipulator.
TTY Biopharm Co (ROCO:4105) has a Beneish M-Score of -2.53 as of Jul. 21, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on TTY Biopharm Co and its competitors. According to the industry distribution chart, TTY Biopharm Co ranks #553 out of 910 companies in the Drug Manufacturers industry, placing it in the top 60.8%.
Is TTY Biopharm Co's Beneish M-Score too high?
TTY Biopharm Co's current Beneish M-Score is -2.53. Based on the distribution chart, TTY Biopharm Co ranks #553 out of 910 companies in the Drug Manufacturers industry, which is below the industry midpoint. Overall, TTY Biopharm Co has a GF Score™ of 83/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does TTY Biopharm Co's Beneish M-Score compare to ZTS and UTHR?
According to the Drug Manufacturers industry distribution chart, TTY Biopharm Co ranks #553 out of 910 companies for Beneish M-Score. This places TTY Biopharm Co 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 Drug Manufacturers company?
A good Beneish M-Score depends on the Drug Manufacturers 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 TTY Biopharm Co and its competitors. TTY Biopharm Co's current Beneish M-Score is -2.53. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is TTY Biopharm Co stock overvalued right now?
Based on GuruFocus' analysis, TTY Biopharm Co (ROCO:4105) is currently considered Modestly Undervalued. The stock's GF Value™ is NT$87.56, compared to a current price of NT$78.10 — trading 10.8% below its estimated fair value. The current Beneish M-Score is -2.53. TTY Biopharm Co's overall GF Score™ is 83/100 with 1 warning sign 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 TTY Biopharm Co (ROCO:4105), the current Beneish M-Score is -2.53 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 TTY Biopharm Co (ROCO:4105) Overvalued in 2026?
Based on GuruFocus' analysis, TTY Biopharm Co stock appears to be undervalued.
The current stock price of NT$78.10 is trading 10.8% below its estimated GF Value™ of NT$87.56.
GuruFocus considers TTY Biopharm Co to be Modestly Undervalued.
Key valuation signals for ROCO:4105:
Beneish M-Score: -2.53
GF Value™: NT$87.56 vs. price of NT$78.10 (10.8% below fair value)
No single metric tells the full story. See the ROCO:4105 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
TTY Biopharm Co Ltd is engaged in the manufacturing and marketing of pharmaceuticals and chemical drugs. The company's operating segments includes Oncology Business unit, Health Care Business unit, Intensive Care Business Unit, Healthcare Business Unit, Export and CDMO Business unit segment. It generates maximum revenue from the Oncology segment. Geographically, it derives a majority of revenue from Taiwan and also has a presence in America. Some of its products include Algitab, Alginos, Sulfin, Metacin, Cepiro, Brosym, Colimycin, Cubicin, and others.
83GF Score
Get the complete analysis for ROCO:4105
Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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