Taho Pharmaceuticals (ROCO:6467) Beneish M-Score: 0.00 (As of Jul. 20, 2026)

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ROCO:6467 Taho Pharmaceuticals Ltd ROCO:6467
35 GF Score
Price NT$110.50
! 2 Warning Signs
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What is Taho Pharmaceuticals Beneish M-Score?

Taho Pharmaceuticals ROCO:6467 -2.64% 35 Beneish M-Score is 0.00 as of Jul. 20, 2026. GuruFocus rates ROCO:6467 with a GF Score™ of 35/100. The stock has 2 warning signs investors should review. Among 910 Drug Manufacturers companies, Taho Pharmaceuticals ranks worse than 109890% 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.

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

During the past 9 years, the highest Beneish M-Score of Taho Pharmaceuticals was -0.12. The lowest was -7.09. And the median was -3.86.

Taho Pharmaceuticals Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Taho Pharmaceuticals'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.

Taho Pharmaceuticals Beneish M-Score Chart

Taho Pharmaceuticals Annual Data
Trend Dec12 Dec13 Dec14 Dec15 Dec16 Dec17 Dec23 Dec24 Dec25
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only -0.12 -7.09 -3.86 0.00 0.00

Taho Pharmaceuticals Semi-Annual Data
Dec12 Dec13 Jun14 Dec14 Jun15 Dec15 Jun16 Dec16 Jun17 Dec17 Jun18 Jun23 Dec23 Jun24 Dec24 Jun25 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 -3.86 0.00 0.00 0.00 0.00

ROCO:6467 vs ZTS, UTHR: Beneish M-Score Comparison

For the Drug Manufacturers - Specialty & Generic subindustry, Taho Pharmaceuticals'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.

Taho Pharmaceuticals Beneish M-Score vs Drug Manufacturers Industry

For the Drug Manufacturers industry and Healthcare sector, Taho Pharmaceuticals's Beneish M-Score distribution charts can be found below:

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


ROCO:6467
35GF Score
Taho Pharmaceuticals Ltd ROCO:6467
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Taho Pharmaceuticals 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 Taho Pharmaceuticals 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 * +0.528 * +0.404 * +0.892 * +0.115 *
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * +4.679 * -0.327 *
=

* 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$0.28 Mil.
Revenue was NT$8.41 Mil.
Gross Profit was NT$5.41 Mil.
Total Current Assets was NT$393.62 Mil.
Total Assets was NT$455.60 Mil.
Property, Plant and Equipment(Net PPE) was NT$22.45 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$8.66 Mil.
Selling, General, & Admin. Expense(SGA) was NT$30.54 Mil.
Total Current Liabilities was NT$26.04 Mil.
Long-Term Debt & Capital Lease Obligation was NT$5.77 Mil.
Net Income was NT$-214.40 Mil.
Gross Profit was NT$0.00 Mil.
Cash Flow from Operations was NT$-203.73 Mil.
 Total Receivables was NT$0.55 Mil.
Revenue was NT$0.00 Mil.
Gross Profit was NT$0.00 Mil.
Total Current Assets was NT$498.92 Mil.
Total Assets was NT$560.70 Mil.
Property, Plant and Equipment(Net PPE) was NT$24.86 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$6.99 Mil.
Selling, General, & Admin. Expense(SGA) was NT$23.97 Mil.
Total Current Liabilities was NT$33.06 Mil.
Long-Term Debt & Capital Lease Obligation was NT$11.31 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)
=(0.281 / 8.41) / (0.549 / 0)
=0.033413 /
=

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)
=(0 / 0) / (5.407 / 8.41)
= / 0.642925
=

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 - (393.624 + 22.451) / 455.595) / (1 - (498.92 + 24.859) / 560.696)
=0.086744 / 0.065841
=

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
=8.41 / 0
=

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))
=(6.992 / (6.992 + 24.859)) / (8.655 / (8.655 + 22.451))
=0.219522 / 0.278242
=

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)
=(30.543 / 8.41) / (23.971 / 0)
=3.631748 /
=

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)
=((5.765 + 26.042) / 455.595) / ((11.313 + 33.063) / 560.696)
=0.069814 / 0.079144
=

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
=(-214.398 - 0 - -203.734) / 455.595
=-0.023407

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.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of 0.00 mean?
Taho Pharmaceuticals (ROCO:6467) has a Beneish M-Score of 0.00 as of Jul. 20, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Taho Pharmaceuticals and its competitors. According to the industry distribution chart, Taho Pharmaceuticals ranks #999999 out of 910 companies in the Drug Manufacturers industry.
Is Taho Pharmaceuticals' Beneish M-Score too high?
Taho Pharmaceuticals' current Beneish M-Score is 0.00. Based on the distribution chart, Taho Pharmaceuticals ranks #999999 out of 910 companies in the Drug Manufacturers industry, which is in the bottom quartile relative to peers. Overall, Taho Pharmaceuticals has a GF Score™ of 35/100, reflecting its overall financial health beyond just this single metric.
How does Taho Pharmaceuticals' Beneish M-Score compare to ZTS and UTHR?
According to the Drug Manufacturers industry distribution chart, Taho Pharmaceuticals ranks #999999 out of 910 companies for Beneish M-Score. This places Taho Pharmaceuticals 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 Taho Pharmaceuticals and its competitors. Taho Pharmaceuticals's current Beneish M-Score is 0.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Taho Pharmaceuticals stock overvalued right now?
Taho Pharmaceuticals (ROCO:6467) has a current Beneish M-Score of 0.00. The current Beneish M-Score is 0.00. Taho Pharmaceuticals' overall GF Score™ is 35/100 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 Taho Pharmaceuticals (ROCO:6467), the current Beneish M-Score is 0.00 as of Jul. 20, 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.

Taho Pharmaceuticals Business Description

Address No. 550, Ruiguang Road, 3rd Floor, Neihu District, Taipei, TWN
Taho Pharmaceuticals Ltd is a Taiwan based company focused on identifying and developing new products that offer therapeutic options to patient populations that may be under served. It offers a transdermal delivery platform that allows the active ingredient to be absorbed by the skin and distributed through the bloodstream. Its transmucosal delivery system delivers the drug as a thin film, an evolution from tablets or capsules. The company is conducting research and development of multiple new drugs using two different drug delivery platform technologies: transdermal and transmucosal.
35GF Score

Get the complete analysis for ROCO:6467

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

NT$110.50
Price