Ina Energy (ROCO:6987) Beneish M-Score: -3.30 (As of Jul. 13, 2026)


ROCO:6987 Ina Energy Corp ROCO:6987
9 GF Score
Price NT$19.75
! 5 Warning Signs
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What is Ina Energy Beneish M-Score?

Ina Energy ROCO:6987 9 Beneish M-Score is -3.30 as of Jul. 13, 2026. GuruFocus rates ROCO:6987 with a GF Score™ of 9/100. The stock has 5 warning signs investors should review. Among 393 Utilities - Independent Power Producers companies, Ina Energy ranks better than 90.08% 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 -3.3 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ROCO:6987' s Beneish M-Score Range Over the Past 10 Years
Min: -3.3   Med: -2.6   Max: -1.89
Current: -3.3

During the past 4 years, the highest Beneish M-Score of Ina Energy was -1.89. The lowest was -3.30. And the median was -2.60.

Ina Energy Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Ina Energy'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.

Ina Energy Beneish M-Score Chart

Ina Energy Annual Data
Trend Dec22 Dec23 Dec24 Dec25
Beneish M-Score
0.00 0.00 -1.89 -3.30

Ina Energy Semi-Annual Data
Dec22 Jun23 Dec23 Jun24 Dec24 Jun25 Dec25
Beneish M-Score Get a 7-Day Free Trial 0.00 0.00 -1.89 0.00 -3.30

Ina Energy Beneish M-Score Competitor Comparison

For the Utilities - Renewable subindustry, Ina Energy'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.

Ina Energy Beneish M-Score vs Utilities - Independent Power Producers Industry

For the Utilities - Independent Power Producers industry and Utilities sector, Ina Energy's Beneish M-Score distribution charts can be found below:

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


ROCO:6987
9GF Score
Ina Energy Corp ROCO:6987
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Ina Energy 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 Ina Energy 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 * 0.1995+0.528 * 1.1514+0.404 * 1.0393+0.892 * 1.2973+0.115 * 0.851
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.8828+4.679 * -0.09796-0.327 * 0.9562
=-3.30

* 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$326 Mil.
Revenue was NT$1,232 Mil.
Gross Profit was NT$524 Mil.
Total Current Assets was NT$1,100 Mil.
Total Assets was NT$13,020 Mil.
Property, Plant and Equipment(Net PPE) was NT$9,711 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$504 Mil.
Selling, General, & Admin. Expense(SGA) was NT$183 Mil.
Total Current Liabilities was NT$2,563 Mil.
Long-Term Debt & Capital Lease Obligation was NT$6,192 Mil.
Net Income was NT$232 Mil.
Gross Profit was NT$0 Mil.
Cash Flow from Operations was NT$1,507 Mil.
 Total Receivables was NT$1,259 Mil.
Revenue was NT$949 Mil.
Gross Profit was NT$465 Mil.
Total Current Assets was NT$2,378 Mil.
Total Assets was NT$13,852 Mil.
Property, Plant and Equipment(Net PPE) was NT$9,213 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$404 Mil.
Selling, General, & Admin. Expense(SGA) was NT$160 Mil.
Total Current Liabilities was NT$8,503 Mil.
Long-Term Debt & Capital Lease Obligation was NT$1,239 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)
=(325.927 / 1231.509) / (1259.081 / 949.289)
=0.264657 / 1.326341
=0.1995

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)
=(465.483 / 949.289) / (524.484 / 1231.509)
=0.490349 / 0.425887
=1.1514

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 - (1100.434 + 9710.629) / 13020.322) / (1 - (2378.286 + 9212.542) / 13852.405)
=0.169678 / 0.163262
=1.0393

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
=1231.509 / 949.289
=1.2973

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))
=(404.156 / (404.156 + 9212.542)) / (504.48 / (504.48 + 9710.629))
=0.042026 / 0.049386
=0.851

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)
=(182.87 / 1231.509) / (159.685 / 949.289)
=0.148493 / 0.168215
=0.8828

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)
=((6192.494 + 2562.818) / 13020.322) / ((1238.816 + 8503.02) / 13852.405)
=0.672434 / 0.70326
=0.9562

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
=(231.875 - 0 - 1507.343) / 13020.322
=-0.09796

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.

Ina Energy has a M-score of -3.30 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 -3.30 mean?
Ina Energy (ROCO:6987) has a Beneish M-Score of -3.30 as of Jul. 13, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Ina Energy and its competitors. According to the industry distribution chart, Ina Energy ranks #39 out of 393 companies in the Utilities - Independent Power Producers industry, placing it in the top 9.9%.
Is Ina Energy's Beneish M-Score too high?
Ina Energy's current Beneish M-Score is -3.30. Based on the distribution chart, Ina Energy ranks #39 out of 393 companies in the Utilities - Independent Power Producers industry, which is in the top quartile — a strong position relative to peers. Overall, Ina Energy has a GF Score™ of 9/100, reflecting its overall financial health beyond just this single metric.
How does Ina Energy's Beneish M-Score compare to competitors?
According to the Utilities - Independent Power Producers industry distribution chart, Ina Energy ranks #39 out of 393 companies for Beneish M-Score. This places Ina Energy in the top 10% 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 an Utilities - Independent Power Producers company?
A good Beneish M-Score depends on the Utilities - Independent Power Producers 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 Ina Energy and its competitors. Ina Energy's current Beneish M-Score is -3.30. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Ina Energy stock overvalued right now?
Ina Energy (ROCO:6987) has a current Beneish M-Score of -3.30. The current Beneish M-Score is -3.30. Ina Energy's overall GF Score™ is 9/100 with 5 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 Ina Energy (ROCO:6987), the current Beneish M-Score is -3.30 as of Jul. 13, 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.

Ina Energy Business Description

Address No. 463, Xingshan Road, 114, 8th Floor, Neihu District, Taipei, TWN
Ina Energy Corp is focused on the development and construction of solar power plants. It combines the professional strength of all parties - from the development, design, procurement, and construction to subsequent operation and maintenance of the project site, it all adheres to the coexistence with the land. As a professional renewable energy service provider, It has become the most trustworthy partner for enterprises in achieving short, medium and long-term carbon reduction goals with its rich practical experience.
9GF Score

Get the complete analysis for ROCO:6987

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

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