Sea Sonic Electronics Co (ROCO:6203) Beneish M-Score: -2.97 (As of Jul. 21, 2026)

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ROCO:6203 Sea Sonic Electronics Co Ltd ROCO:6203
71 GF Score
Price NT$64.80
GF Value NT$89.88
Valuation Modestly Undervalued
! 2 Warning Signs
View Full Analysis

What is Sea Sonic Electronics Co Beneish M-Score?

Sea Sonic Electronics Co ROCO:6203 +0.93% 71 Beneish M-Score is -2.97 as of Jul. 21, 2026. GuruFocus rates ROCO:6203 with a GF Score™ of 71/100 and a GF Value™ of NT$89.88 (Modestly Undervalued). The stock has 2 warning signs investors should review. Among 2,405 Hardware companies, Sea Sonic Electronics Co ranks better than 81.46% on this metric.

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 -2.97 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Sea Sonic Electronics Co's Beneish M-Score or its related term are showing as below:

ROCO:6203' s Beneish M-Score Range Over the Past 10 Years
Min: -3.2   Med: -2.6   Max: -0.64
Current: -2.97

During the past 13 years, the highest Beneish M-Score of Sea Sonic Electronics Co was -0.64. The lowest was -3.20. And the median was -2.60.


Sea Sonic Electronics Co Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Sea Sonic Electronics 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.

Sea Sonic Electronics Co Beneish M-Score Chart

Sea Sonic Electronics Co Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -1.40 -3.03 -2.48 -2.60 -2.97

Sea Sonic Electronics Co Quarterly Data
Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25
Beneish M-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 -2.60 -2.47 -2.61 -2.36 -2.97

ROCO:6203 vs APH, GLW: Beneish M-Score Comparison

For the Electronic Components subindustry, Sea Sonic Electronics 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.


Sea Sonic Electronics Co Beneish M-Score vs Hardware Industry

For the Hardware industry and Technology sector, Sea Sonic Electronics Co's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Sea Sonic Electronics Co's Beneish M-Score falls into.


ROCO:6203
71GF Score
Sea Sonic Electronics Co Ltd ROCO:6203
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Sea Sonic Electronics Co 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 Sea Sonic Electronics 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 * 0.8302+0.528 * 0.727+0.404 * 0.3732+0.892 * 1.3715+0.115 * 0.9848
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.7045+4.679 * -0.057292-0.327 * 1.1413
=-2.97

* 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:
Total Receivables was NT$368 Mil.
Revenue was 636.945 + 725.423 + 722.646 + 687.397 = NT$2,772 Mil.
Gross Profit was 217.427 + 259.704 + 257.117 + 229.097 = NT$963 Mil.
Total Current Assets was NT$3,422 Mil.
Total Assets was NT$3,852 Mil.
Property, Plant and Equipment(Net PPE) was NT$268 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$42 Mil.
Selling, General, & Admin. Expense(SGA) was NT$307 Mil.
Total Current Liabilities was NT$714 Mil.
Long-Term Debt & Capital Lease Obligation was NT$24 Mil.
Net Income was 183.54 + 202.069 + -82.138 + 150.514 = NT$454 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = NT$0 Mil.
Cash Flow from Operations was 234.996 + 218.887 + -0.931 + 221.709 = NT$675 Mil.
Total Receivables was NT$323 Mil.
Revenue was 526.424 + 348.774 + 592.829 + 553.414 = NT$2,021 Mil.
Gross Profit was 147.557 + 67.171 + 142.157 + 153.755 = NT$511 Mil.
Total Current Assets was NT$2,870 Mil.
Total Assets was NT$3,548 Mil.
Property, Plant and Equipment(Net PPE) was NT$281 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$43 Mil.
Selling, General, & Admin. Expense(SGA) was NT$317 Mil.
Total Current Liabilities was NT$556 Mil.
Long-Term Debt & Capital Lease Obligation was NT$39 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)
=(367.785 / 2772.411) / (322.991 / 2021.441)
=0.132659 / 0.159783
=0.8302

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)
=(510.64 / 2021.441) / (963.345 / 2772.411)
=0.252612 / 0.347476
=0.727

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 - (3422.494 + 268.232) / 3851.803) / (1 - (2869.585 + 280.706) / 3547.802)
=0.041819 / 0.112044
=0.3732

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
=2772.411 / 2021.441
=1.3715

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))
=(42.888 / (42.888 + 280.706)) / (41.715 / (41.715 + 268.232))
=0.132536 / 0.134588
=0.9848

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)
=(306.665 / 2772.411) / (317.364 / 2021.441)
=0.110613 / 0.156999
=0.7045

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)
=((23.698 + 713.806) / 3851.803) / ((39.471 + 555.702) / 3547.802)
=0.19147 / 0.167758
=1.1413

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
=(453.985 - 0 - 674.661) / 3851.803
=-0.057292

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.

Sea Sonic Electronics Co has a M-score of -2.97 suggests that the company is unlikely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of -2.97 mean?
Sea Sonic Electronics Co (ROCO:6203) has a Beneish M-Score of -2.97 as of Jul. 21, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Sea Sonic Electronics Co and its competitors. According to the industry distribution chart, Sea Sonic Electronics Co ranks #446 out of 2405 companies in the Hardware industry, placing it in the top 18.5%.
Is Sea Sonic Electronics Co's Beneish M-Score too high?
Sea Sonic Electronics Co's current Beneish M-Score is -2.97. Based on the distribution chart, Sea Sonic Electronics Co ranks #446 out of 2405 companies in the Hardware industry, which is in the top quartile — a strong position relative to peers. Overall, Sea Sonic Electronics Co has a GF Score™ of 71/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Sea Sonic Electronics Co's Beneish M-Score compare to APH and GLW?
According to the Hardware industry distribution chart, Sea Sonic Electronics Co ranks #446 out of 2405 companies for Beneish M-Score. This places Sea Sonic Electronics Co in the top 19% of its industry — outperforming the majority of peers. 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 Hardware company?
A good Beneish M-Score depends on the Hardware 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 Sea Sonic Electronics Co and its competitors. Sea Sonic Electronics Co's current Beneish M-Score is -2.97. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Sea Sonic Electronics Co stock overvalued right now?
Based on GuruFocus' analysis, Sea Sonic Electronics Co (ROCO:6203) is currently considered Modestly Undervalued. The stock's GF Value™ is NT$89.88, compared to a current price of NT$64.80 — trading 27.9% below its estimated fair value. The current Beneish M-Score is -2.97. Sea Sonic Electronics Co's overall GF Score™ is 71/100 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 Sea Sonic Electronics Co (ROCO:6203), the current Beneish M-Score is -2.97 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 Sea Sonic Electronics Co (ROCO:6203) Overvalued in 2026?

Based on GuruFocus' analysis, Sea Sonic Electronics Co stock appears to be undervalued. The current stock price of NT$64.80 is trading 27.9% below its estimated GF Value™ of NT$89.88. GuruFocus considers Sea Sonic Electronics Co to be Modestly Undervalued.

Key valuation signals for ROCO:6203:

  • Beneish M-Score: -2.97
  • GF Value™: NT$89.88 vs. price of NT$64.80 (27.9% below fair value)
  • GF Score™: 71/100 with 2 warning signs

No single metric tells the full story. See the ROCO:6203 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.


Sea Sonic Electronics Co Business Description

Address Section 1, Neihu Road, 8th Floor, No. 19, Lane 360, Neihu District, Taipei, TWN
Sea Sonic Electronics Co Ltd researches, develops, produces, and sells power conversion products in Taiwan. The company's products include PC power supplies, IPC and server power supplies, adapters, etc. The company also exports its products to the United States, Europe, and Asia. Geographically, the firm generates the majority of its revenue from Asia.
71GF Score

Get the complete analysis for ROCO:6203

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

NT$64.80
Price
NT$89.88
GF Value