Formosaint Jose (ROCO:7764) Beneish M-Score: -2.24 (As of Jul. 13, 2026)

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ROCO:7764 Formosa Saint Jose Corp ROCO:7764
17 GF Score
Price NT$12.00
! 5 Warning Signs
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What is Formosaint Jose Beneish M-Score?

Formosaint Jose ROCO:7764 -2.83% 17 Beneish M-Score is -2.24 as of Jul. 13, 2026. GuruFocus rates ROCO:7764 with a GF Score™ of 17/100. The stock has 5 warning signs investors should review. Among 1,275 Vehicles & Parts companies, Formosaint Jose ranks worse than 72.78% 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 -2.24 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ROCO:7764' s Beneish M-Score Range Over the Past 10 Years
Min: -2.77   Med: -2.55   Max: -2.24
Current: -2.24

During the past 5 years, the highest Beneish M-Score of Formosaint Jose was -2.24. The lowest was -2.77. And the median was -2.55.

Formosaint Jose Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Formosaint Jose'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.

Formosaint Jose Beneish M-Score Chart

Formosaint Jose Annual Data
Trend Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
0.00 0.00 -2.55 -2.77 -2.24

Formosaint Jose Semi-Annual Data
Dec21 Dec22 Jun23 Dec23 Jun24 Dec24 Jun25 Dec25
Beneish M-Score Get a 7-Day Free Trial -2.55 0.00 -2.77 0.00 -2.24

ROCO:7764 vs ORLY, AZO: Beneish M-Score Comparison

For the Auto Parts subindustry, Formosaint Jose'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.

Formosaint Jose Beneish M-Score vs Vehicles & Parts Industry

For the Vehicles & Parts industry and Consumer Cyclical sector, Formosaint Jose's Beneish M-Score distribution charts can be found below:

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


ROCO:7764
17GF Score
Formosa Saint Jose Corp ROCO:7764
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Formosaint Jose 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 Formosaint Jose 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 * 1.2098+0.528 * 0.9958+0.404 * 1.0613+0.892 * 1.028+0.115 * 0.7969
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0946+4.679 * 0.009191-0.327 * 1.0121
=-2.24

* 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$66.6 Mil.
Revenue was NT$764.6 Mil.
Gross Profit was NT$517.2 Mil.
Total Current Assets was NT$481.9 Mil.
Total Assets was NT$2,549.4 Mil.
Property, Plant and Equipment(Net PPE) was NT$1,980.2 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$76.5 Mil.
Selling, General, & Admin. Expense(SGA) was NT$394.2 Mil.
Total Current Liabilities was NT$312.4 Mil.
Long-Term Debt & Capital Lease Obligation was NT$722.6 Mil.
Net Income was NT$61.6 Mil.
Gross Profit was NT$0.0 Mil.
Cash Flow from Operations was NT$38.2 Mil.
 Total Receivables was NT$53.6 Mil.
Revenue was NT$743.8 Mil.
Gross Profit was NT$500.9 Mil.
Total Current Assets was NT$507.5 Mil.
Total Assets was NT$2,492.5 Mil.
Property, Plant and Equipment(Net PPE) was NT$1,904.6 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$58.2 Mil.
Selling, General, & Admin. Expense(SGA) was NT$350.3 Mil.
Total Current Liabilities was NT$286.0 Mil.
Long-Term Debt & Capital Lease Obligation was NT$713.8 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)
=(66.625 / 764.647) / (53.568 / 743.799)
=0.087132 / 0.072019
=1.2098

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)
=(500.939 / 743.799) / (517.17 / 764.647)
=0.673487 / 0.676351
=0.9958

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 - (481.933 + 1980.213) / 2549.431) / (1 - (507.472 + 1904.592) / 2492.468)
=0.034237 / 0.032259
=1.0613

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
=764.647 / 743.799
=1.028

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))
=(58.208 / (58.208 + 1904.592)) / (76.539 / (76.539 + 1980.213))
=0.029656 / 0.037214
=0.7969

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)
=(394.186 / 764.647) / (350.315 / 743.799)
=0.515514 / 0.470981
=1.0946

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)
=((722.609 + 312.448) / 2549.431) / ((713.828 + 286.009) / 2492.468)
=0.405995 / 0.401143
=1.0121

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
=(61.595 - 0 - 38.164) / 2549.431
=0.009191

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.

Formosaint Jose has a M-score of -2.24 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 -2.24 mean?
Formosaint Jose (ROCO:7764) has a Beneish M-Score of -2.24 as of Jul. 13, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Formosaint Jose and its competitors. According to the industry distribution chart, Formosaint Jose ranks #928 out of 1275 companies in the Vehicles & Parts industry, placing it in the top 72.8%.
Is Formosaint Jose's Beneish M-Score too high?
Formosaint Jose's current Beneish M-Score is -2.24. Based on the distribution chart, Formosaint Jose ranks #928 out of 1275 companies in the Vehicles & Parts industry, which is below the industry midpoint. Overall, Formosaint Jose has a GF Score™ of 17/100, reflecting its overall financial health beyond just this single metric.
How does Formosaint Jose's Beneish M-Score compare to ORLY and AZO?
According to the Vehicles & Parts industry distribution chart, Formosaint Jose ranks #928 out of 1275 companies for Beneish M-Score. This places Formosaint Jose 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 Vehicles & Parts company?
A good Beneish M-Score depends on the Vehicles & Parts 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 Formosaint Jose and its competitors. Formosaint Jose's current Beneish M-Score is -2.24. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Formosaint Jose stock overvalued right now?
Formosaint Jose (ROCO:7764) has a current Beneish M-Score of -2.24. The current Beneish M-Score is -2.24. Formosaint Jose's overall GF Score™ is 17/100 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 Formosaint Jose (ROCO:7764), the current Beneish M-Score is -2.24 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.

Formosaint Jose Business Description

Address 1st Floor, No. 319 Jiaxing Street, Daan District, Taipei, TWN, 106
Formosa Saint Jose Corp is a Company engaged in manufacturing and wholesale trading of various auto parts and molds.
17GF Score

Get the complete analysis for ROCO:7764

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

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