United Orthopedic (ROCO:4129) Beneish M-Score : -2.61 (As of Apr. 08, 2025)

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What is United Orthopedic Beneish M-Score?

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 -2.61 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for United Orthopedic's Beneish M-Score or its related term are showing as below:

ROCO:4129' s Beneish M-Score Range Over the Past 10 Years
Min: -2.92 Med: -2.48 Max: 0.86
Current: -2.61

During the past 13 years, the highest Beneish M-Score of United Orthopedic was 0.86. The lowest was -2.92. And the median was -2.48.

United Orthopedic Beneish M-Score Historical Data

The historical data trend for United Orthopedic'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.

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United Orthopedic Beneish M-Score Chart

United Orthopedic Annual Data

Trend

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Beneish M-Score

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-2.84

-2.67

-2.29

-2.35

-2.61

United Orthopedic Quarterly Data
	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24
Beneish M-Score	Get a 7-Day Free Trial															-2.35	-2.31	-2.37	-2.49	-2.61

Competitive Comparison of United Orthopedic's Beneish M-Score

For the Medical Devices subindustry, United Orthopedic'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.

United Orthopedic's Beneish M-Score Distribution in the Medical Devices & Instruments Industry

For the Medical Devices & Instruments industry and Healthcare sector, United Orthopedic's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where United Orthopedic's Beneish M-Score falls into.

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United Orthopedic Beneish M-Score Calculation

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 United Orthopedic for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 0.9204

0.528 * 0.9925

0.404 * 0.898

0.892 * 1.184

0.115 * 0.9682

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0136

4.679 * -0.037057

0.327 * 0.9908

-2.61

This Year (Dec24) TTM:

Last Year (Dec23) TTM:

Total Receivables was NT$1,212 Mil.
Revenue was 1315.922 + 1130.636 + 1140.707 + 1065.865 = NT$4,653 Mil.
Gross Profit was 1008.427 + 898.537 + 883.338 + 832.019 = NT$3,622 Mil.
Total Current Assets was NT$3,822 Mil.
Total Assets was NT$7,039 Mil.
Property, Plant and Equipment(Net PPE) was NT$1,970 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$460 Mil.
Selling, General, & Admin. Expense(SGA) was NT$2,778 Mil.
Total Current Liabilities was NT$2,471 Mil.
Long-Term Debt & Capital Lease Obligation was NT$515 Mil.
Net Income was 122.02 + 138.403 + 102.259 + 93.746 = NT$456 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = NT$0 Mil.
Cash Flow from Operations was 293.857 + 222.377 + 221.24 + -20.185 = NT$717 Mil.

Total Receivables was NT$1,112 Mil.
Revenue was 1134.117 + 934.365 + 933.31 + 928.095 = NT$3,930 Mil.
Gross Profit was 869.517 + 728.804 + 724.913 + 713.136 = NT$3,036 Mil.
Total Current Assets was NT$3,384 Mil.
Total Assets was NT$6,417 Mil.
Property, Plant and Equipment(Net PPE) was NT$1,767 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$396 Mil.
Selling, General, & Admin. Expense(SGA) was NT$2,315 Mil.
Total Current Liabilities was NT$1,891 Mil.
Long-Term Debt & Capital Lease Obligation was NT$856 Mil.

1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Total Receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI	=	(Receivables_t / Revenue_t)	/	(Receivables_t-1 / Revenue_t-1)
	=	(1212.249 / 4653.13)	/	(1112.372 / 3929.887)
	=	0.260523	/	0.283054
	=	0.9204

2. GMI = Gross Margin Index

Measured as the ratio of gross margin in year t-1 to gross margin in year t.

Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.

GMI	=	GrossMargin_t-1	/	GrossMargin_t
	=	(GrossProfit_t-1 / Revenue_t-1)	/	(GrossProfit_t / Revenue_t)
	=	(3036.37 / 3929.887)	/	(3622.321 / 4653.13)
	=	0.772635	/	0.77847
	=	0.9925

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.

AQI	=	(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t)	/	(1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
	=	(1 - (3822.404 + 1969.608) / 7039.487)	/	(1 - (3383.788 + 1766.753) / 6416.87)
	=	0.177211	/	0.197344
	=	0.898

4. SGI = Sales Growth Index

Ratio of Revenue in year t to sales in year t-1.

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.

SGI	=	Sales_t	/	Sales_t-1
	=	Revenue_t	/	Revenue_t-1
	=	4653.13	/	3929.887
	=	1.184

5. DEPI = Depreciation Index

Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.

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))
	=	(396.471 / (396.471 + 1766.753))	/	(459.92 / (459.92 + 1969.608))
	=	0.183278	/	0.189304
	=	0.9682

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

The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.

SGA expenses index > 1 means that the company is becoming less efficient in generate sales.

SGAI	=	(SGA_t / Sales_t)	/	(SGA_t-1 /Sales_t-1)
	=	(2777.817 / 4653.13)	/	(2314.641 / 3929.887)
	=	0.596978	/	0.588984
	=	1.0136

7. LVGI = Leverage Index

The ratio of total debt to Total Assets in year t relative to yeat t-1.

An LVGI > 1 indicates an increase in leverage

LVGI	=	((LTD_t + CurrentLiabilities_t) / TotalAssets_t)	/	((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)
	=	((514.543 + 2470.798) / 7039.487)	/	((855.573 + 1890.865) / 6416.87)
	=	0.424085	/	0.428003
	=	0.9908

8. TATA = Total Accruals to Total Assets

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
	=	(456.428 - 0	-	717.289)	/	7039.487
	=	-0.037057

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.

United Orthopedic has a M-score of -2.61 suggests that the company is unlikely to be a manipulator.

United Orthopedic Beneish M-Score Related Terms

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United Orthopedic Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Healthcare » Medical Devices & Instruments » United Orthopedic Corp (ROCO:4129) » Definitions » Beneish M-Score

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Address

No. 57, Second Road, First Floor, Hsinchu Science and Technology Park, New Taipei City, TWN, 23452

Website

https://www.uoc.com.tw

United Orthopedic Corp manufactures, develops, and distributes medical equipment such as orthopedic implants and precision medical devices. Its product line includes hip replacement systems, knee replacement systems, as well as oncology and custom implants. Its solutions are used to perform total hip/knee replacements and revisions, plus clinical education, service, and support for surgeons and hospitals.

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