Annji Pharmaceutical Co (ROCO:7754) Beneish M-Score: 2.59 (As of Jun. 30, 2026) — Near Median


ROCO:7754 Annji Pharmaceutical Co Ltd ROCO:7754
9 GF Score
Price NT$58.70
! 3 Warning Signs
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What is Annji Pharmaceutical Co Beneish M-Score?

Annji Pharmaceutical Co ROCO:7754 -0.68% 9 Beneish M-Score is 2.59 as of Jun. 30, 2026, which is at its 10-year median of 2.59. GuruFocus rates ROCO:7754 with a GF Score™ of 9/100. The stock has 3 warning signs investors should review. Among 829 Biotechnology companies, Annji Pharmaceutical Co ranks worse than 89.99% 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.

Warning Sign:

Beneish M-Score 2.59 higher than -1.78, which implies that the company might have manipulated its financial results.

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

ROCO:7754' s Beneish M-Score Range Over the Past 10 Years
Min: -3.98   Med: 2.59   Max: 74.84
Current: 2.59

During the past 5 years, the highest Beneish M-Score of Annji Pharmaceutical Co was 74.84. The lowest was -3.98. And the median was 2.59.

Annji Pharmaceutical Co Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Annji Pharmaceutical 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.

Annji Pharmaceutical Co Beneish M-Score Chart

Annji Pharmaceutical Co Annual Data
Trend Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
0.00 0.00 74.84 -3.98 2.59

Annji Pharmaceutical Co Semi-Annual Data
Dec21 Dec22 Jun23 Dec23 Jun24 Dec24 Jun25 Dec25
Beneish M-Score Get a 7-Day Free Trial 74.84 0.00 -3.98 0.00 2.59

ROCO:7754 vs VRTX, REGN, ALNY: Beneish M-Score Comparison

For the Biotechnology subindustry, Annji Pharmaceutical 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.

Annji Pharmaceutical Co Beneish M-Score vs Biotechnology Industry

For the Biotechnology industry and Healthcare sector, Annji Pharmaceutical Co's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Annji Pharmaceutical Co's Beneish M-Score falls into.


ROCO:7754
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Annji Pharmaceutical Co Ltd ROCO:7754
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Annji Pharmaceutical 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 Annji Pharmaceutical 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 * 8.811+0.528 * 0.5539+0.404 * 1.4218+0.892 * 0.0783+0.115 * 0.929
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 8.2656+4.679 * -0.012852-0.327 * 0.7287
=2.59

* 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$0.56 Mil.
Revenue was NT$7.55 Mil.
Gross Profit was NT$1.26 Mil.
Total Current Assets was NT$369.78 Mil.
Total Assets was NT$590.11 Mil.
Property, Plant and Equipment(Net PPE) was NT$68.10 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$45.16 Mil.
Selling, General, & Admin. Expense(SGA) was NT$30.77 Mil.
Total Current Liabilities was NT$102.77 Mil.
Long-Term Debt & Capital Lease Obligation was NT$43.10 Mil.
Net Income was NT$-357.87 Mil.
Gross Profit was NT$0.00 Mil.
Cash Flow from Operations was NT$-350.29 Mil.
 Total Receivables was NT$0.82 Mil.
Revenue was NT$96.45 Mil.
Gross Profit was NT$8.89 Mil.
Total Current Assets was NT$743.80 Mil.
Total Assets was NT$1,002.00 Mil.
Property, Plant and Equipment(Net PPE) was NT$76.40 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$44.95 Mil.
Selling, General, & Admin. Expense(SGA) was NT$47.54 Mil.
Total Current Liabilities was NT$290.54 Mil.
Long-Term Debt & Capital Lease Obligation was NT$49.36 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)
=(0.563 / 7.552) / (0.816 / 96.448)
=0.07455 / 0.008461
=8.811

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)
=(8.892 / 96.448) / (1.257 / 7.552)
=0.092195 / 0.166446
=0.5539

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 - (369.775 + 68.104) / 590.109) / (1 - (743.8 + 76.402) / 1002.001)
=0.257969 / 0.181436
=1.4218

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
=7.552 / 96.448
=0.0783

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))
=(44.95 / (44.95 + 76.402)) / (45.161 / (45.161 + 68.104))
=0.37041 / 0.39872
=0.929

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)
=(30.769 / 7.552) / (47.541 / 96.448)
=4.074285 / 0.492918
=8.2656

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)
=((43.103 + 102.773) / 590.109) / ((49.362 + 290.542) / 1002.001)
=0.247202 / 0.339225
=0.7287

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
=(-357.869 - 0 - -350.285) / 590.109
=-0.012852

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.

Annji Pharmaceutical Co has a M-score of 2.59 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 2.59 mean?
Annji Pharmaceutical Co (ROCO:7754) has a Beneish M-Score of 2.59 as of Jun. 30, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Annji Pharmaceutical Co and its competitors. This is near median its historical median of 2.59. According to the industry distribution chart, Annji Pharmaceutical Co ranks #746 out of 829 companies in the Biotechnology industry, placing it in the top 90%.
Is Annji Pharmaceutical Co's Beneish M-Score too high?
Annji Pharmaceutical Co's current Beneish M-Score of 2.59 is near median its 10-year median of 2.59. Based on the distribution chart, Annji Pharmaceutical Co ranks #746 out of 829 companies in the Biotechnology industry, which is in the bottom quartile relative to peers. Overall, Annji Pharmaceutical Co has a GF Score™ of 9/100, reflecting its overall financial health beyond just this single metric.
How does Annji Pharmaceutical Co's Beneish M-Score compare to VRTX and REGN?
According to the Biotechnology industry distribution chart, Annji Pharmaceutical Co ranks #746 out of 829 companies for Beneish M-Score. This places Annji Pharmaceutical Co 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 Biotechnology company?
A good Beneish M-Score depends on the Biotechnology 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 Annji Pharmaceutical Co and its competitors. Annji Pharmaceutical Co's current Beneish M-Score is 2.59, which is near median its own 10-year median of 2.59. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Annji Pharmaceutical Co stock overvalued right now?
Annji Pharmaceutical Co (ROCO:7754) has a current Beneish M-Score of 2.59. The current Beneish M-Score is 2.59, which is near median its 10-year median of 2.59. Annji Pharmaceutical Co's overall GF Score™ is 9/100 with 3 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 Annji Pharmaceutical Co (ROCO:7754), the current Beneish M-Score is 2.59 as of Jun. 30, 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.

Annji Pharmaceutical Co Business Description

Address Zhongxiao E. Raod, 16th Floor-6, No. 508, Sector 7, Nangang Distrist, Taipei, TWN, 115011
Annji Pharmaceutical Co Ltd is an R&D based, clinical-stage new drug company dedicated to the development of first-in-class small molecules focusing on indications with highly unmet needs in the therapeutic areas of neurology, dermatology, and inflammatory disorders, including rare diseases such as idiopathic pulmonary fibrosis and Kennedy's disease, or SBMA (Spinal and bulbar muscular atrophy). Its pipeline products include AJ201, AJ302 and AJ303.
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Get the complete analysis for ROCO:7754

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

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