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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 -2.2 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for ICARES Medicus's Beneish M-Score or its related term are showing as below:
ROCO:6612'
s Beneish M-Score Range Over the Past 10 Years
Min: -2.83 Med: -2.13 Max: -1.19
Current: -2.2
During the past 13 years, the highest Beneish M-Score of ICARES Medicus was -1.19. The lowest was -2.83. And the median was -2.13.
The historical data trend for ICARES Medicus'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:6612 vs ISRG, BDX, MDLN: Beneish M-Score Comparison
For the Medical Instruments & Supplies subindustry, ICARES Medicus'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.
ICARES Medicus Beneish M-Score vs Medical Devices & Instruments Industry
For the Medical Devices & Instruments industry and Healthcare sector, ICARES Medicus's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where ICARES Medicus'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 ICARES Medicus 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 * 1.1855
+
0.528 * 1.0985
+
0.404 * 0.824
+
0.892 * 1.136
+
0.115 * 0.8029
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 1.1548
+
4.679 * 0.007984
-
0.327 * 0.9336
=
-2.20
* 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))
=
(110.404 / (110.404 + 490.037))
/
(156.155 / (156.155 + 525.75))
=
0.183872
/
0.228998
=
0.8029
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
=
(42.218 - 0
-
16.691)
/
3197.329
=
0.007984
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.
ICARES Medicus has a M-score of -2.20 suggests that the company is unlikely to be a manipulator.
ICARES Medicus (ROCO:6612) has a Beneish M-Score of -2.20 as of Aug. 15, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on ICARES Medicus and its competitors. According to the industry distribution chart, ICARES Medicus ranks #570 out of 767 companies in the Medical Devices & Instruments industry, placing it in the top 74.3%.
Is ICARES Medicus' Beneish M-Score too high?
ICARES Medicus' current Beneish M-Score is -2.20. Based on the distribution chart, ICARES Medicus ranks #570 out of 767 companies in the Medical Devices & Instruments industry, which is below the industry midpoint. Overall, ICARES Medicus has a GF Score™ of 85/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does ICARES Medicus' Beneish M-Score compare to ISRG and BDX?
According to the Medical Devices & Instruments industry distribution chart, ICARES Medicus ranks #570 out of 767 companies for Beneish M-Score. This places ICARES Medicus 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 Medical Devices & Instruments company?
A good Beneish M-Score depends on the Medical Devices & Instruments 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 ICARES Medicus and its competitors. ICARES Medicus's current Beneish M-Score is -2.20. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is ICARES Medicus stock overvalued right now?
Based on GuruFocus' analysis, ICARES Medicus (ROCO:6612) is currently considered Possible Value Trap. The stock's GF Value™ is NT$172.38, compared to a current price of NT$72.90 — trading 57.7% below its estimated fair value. The current Beneish M-Score is -2.20. ICARES Medicus' overall GF Score™ is 85/100 with 7 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 ICARES Medicus (ROCO:6612), the current Beneish M-Score is -2.20 as of Aug. 15, 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 ICARES Medicus (ROCO:6612) Overvalued in 2026?
Based on GuruFocus' analysis, ICARES Medicus stock appears to be undervalued.
The current stock price of NT$72.90 is trading 57.7% below its estimated GF Value™ of NT$172.38.
GuruFocus considers ICARES Medicus to be Possible Value Trap.
Key valuation signals for ROCO:6612:
Beneish M-Score: -2.20
GF Value™: NT$172.38 vs. price of NT$72.90 (57.7% below fair value)
No single metric tells the full story. See the ROCO:6612 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
ICARES Medicus Inc is engaged in providing high-grade nanomedical lubricious coatings and various surface treatments for implantable or interventional medical devices. In addition, it also designs, develops, manufactures, and sells intraocular lenses and nanomedical devices. The company's operating segments are Europe and America, which derive maximum revenue, China, and R.O.C. Geographically, it generates maximum revenue from the United States, followed by Taiwan, Spain, England, Japan, China, Germany, and other countries.
85GF Score
Get the complete analysis for ROCO:6612
Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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