Bionet Therapeutics (ROCO:7808) Beneish M-Score: -2.90 (As of Jul. 15, 2026)

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ROCO:7808 Bionet Therapeutics Corp ROCO:7808
12 GF Score
Price NT$31.00
! 2 Warning Signs
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What is Bionet Therapeutics Beneish M-Score?

Bionet Therapeutics ROCO:7808 12 Beneish M-Score is -2.90 as of Jul. 15, 2026. GuruFocus rates ROCO:7808 with a GF Score™ of 12/100. The stock has 2 warning signs investors should review. Among 824 Biotechnology companies, Bionet Therapeutics ranks better than 71.36% 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 -2.9 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ROCO:7808' s Beneish M-Score Range Over the Past 10 Years
Min: -2.9   Med: 7.01   Max: 16.92
Current: -2.9

During the past 4 years, the highest Beneish M-Score of Bionet Therapeutics was 16.92. The lowest was -2.90. And the median was 7.01.

Bionet Therapeutics Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Bionet Therapeutics'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.

Bionet Therapeutics Beneish M-Score Chart

Bionet Therapeutics Annual Data
Trend Dec22 Dec23 Dec24 Dec25
Beneish M-Score
0.00 0.00 16.92 -2.90

Bionet Therapeutics Semi-Annual Data
Dec22 Jun23 Dec23 Jun24 Dec24 Jun25 Dec25
Beneish M-Score Get a 7-Day Free Trial 0.00 0.00 16.92 0.00 -2.90

ROCO:7808 vs VRTX, REGN, ALNY: Beneish M-Score Comparison

For the Biotechnology subindustry, Bionet Therapeutics'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.

Bionet Therapeutics Beneish M-Score vs Biotechnology Industry

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

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


ROCO:7808
12GF Score
Bionet Therapeutics Corp ROCO:7808
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Bionet Therapeutics 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 Bionet Therapeutics 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 * 0.836+0.528 * 0.0622+0.404 * 0.3411+0.892 * 1.8997+0.115 * 0.72
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.1269+4.679 * -0.03113-0.327 * 1.3254
=-2.90

* 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$33.3 Mil.
Revenue was NT$154.5 Mil.
Gross Profit was NT$61.7 Mil.
Total Current Assets was NT$1,137.8 Mil.
Total Assets was NT$1,283.1 Mil.
Property, Plant and Equipment(Net PPE) was NT$138.5 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$11.8 Mil.
Selling, General, & Admin. Expense(SGA) was NT$115.9 Mil.
Total Current Liabilities was NT$57.8 Mil.
Long-Term Debt & Capital Lease Obligation was NT$9.9 Mil.
Net Income was NT$-97.4 Mil.
Gross Profit was NT$0.0 Mil.
Cash Flow from Operations was NT$-57.5 Mil.
 Total Receivables was NT$21.0 Mil.
Revenue was NT$81.3 Mil.
Gross Profit was NT$2.0 Mil.
Total Current Assets was NT$1,275.0 Mil.
Total Assets was NT$1,350.0 Mil.
Property, Plant and Equipment(Net PPE) was NT$54.2 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$3.2 Mil.
Selling, General, & Admin. Expense(SGA) was NT$54.1 Mil.
Total Current Liabilities was NT$53.7 Mil.
Long-Term Debt & Capital Lease Obligation was NT$0.0 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)
=(33.309 / 154.478) / (20.974 / 81.319)
=0.215623 / 0.257923
=0.836

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)
=(2.018 / 81.319) / (61.652 / 154.478)
=0.024816 / 0.399099
=0.0622

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 - (1137.8 + 138.508) / 1283.061) / (1 - (1274.97 + 54.22) / 1350.022)
=0.005263 / 0.015431
=0.3411

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
=154.478 / 81.319
=1.8997

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))
=(3.239 / (3.239 + 54.22)) / (11.765 / (11.765 + 138.508))
=0.056371 / 0.078291
=0.72

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)
=(115.888 / 154.478) / (54.137 / 81.319)
=0.750191 / 0.665736
=1.1269

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)
=((9.882 + 57.767) / 1283.061) / ((0 + 53.702) / 1350.022)
=0.052725 / 0.039779
=1.3254

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
=(-97.426 - 0 - -57.484) / 1283.061
=-0.03113

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.

Bionet Therapeutics has a M-score of -2.90 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 -2.90 mean?
Bionet Therapeutics (ROCO:7808) has a Beneish M-Score of -2.90 as of Jul. 15, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Bionet Therapeutics and its competitors. According to the industry distribution chart, Bionet Therapeutics ranks #236 out of 824 companies in the Biotechnology industry, placing it in the top 28.6%.
Is Bionet Therapeutics' Beneish M-Score too high?
Bionet Therapeutics' current Beneish M-Score is -2.90. Based on the distribution chart, Bionet Therapeutics ranks #236 out of 824 companies in the Biotechnology industry, which is above the industry midpoint. Overall, Bionet Therapeutics has a GF Score™ of 12/100, reflecting its overall financial health beyond just this single metric.
How does Bionet Therapeutics' Beneish M-Score compare to VRTX and REGN?
According to the Biotechnology industry distribution chart, Bionet Therapeutics ranks #236 out of 824 companies for Beneish M-Score. This puts Bionet Therapeutics in the upper 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 Bionet Therapeutics and its competitors. Bionet Therapeutics's current Beneish M-Score is -2.90. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Bionet Therapeutics stock overvalued right now?
Bionet Therapeutics (ROCO:7808) has a current Beneish M-Score of -2.90. The current Beneish M-Score is -2.90. Bionet Therapeutics' overall GF Score™ is 12/100 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 Bionet Therapeutics (ROCO:7808), the current Beneish M-Score is -2.90 as of Jul. 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.

Bionet Therapeutics Business Description

Address No.28, Lane. 36 , Xinhu 1st Road, 1st Floor, Neihu District, Taipei, TWN, 11497
Bionet Therapeutics Corp is a patient-focused on regenerative medicinal products, R&D, exosomes, and gene/cell therapy biopharmaceutical company. The group develops, manufactures, and provides regenerative medicine preparations and cellular therapies to meet the evolving health needs of people at different stages of life. It focused on treatments that improve patient outcomes. It provides Cell Therapy Products and CRDMO Services.
12GF Score

Get the complete analysis for ROCO:7808

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

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