Bellwether Electronic (ROCO:7861) Beneish M-Score: -1.41 (As of Jul. 08, 2026)


ROCO:7861 Bellwether Electronic Corp ROCO:7861
22 GF Score
Price NT$1,185.00
! 3 Warning Signs
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What is Bellwether Electronic Beneish M-Score?

Bellwether Electronic ROCO:7861 -5.95% 22 Beneish M-Score is -1.41 as of Jul. 08, 2026. GuruFocus rates ROCO:7861 with a GF Score™ of 22/100. The stock has 3 warning signs investors should review. Among 2,405 Hardware companies, Bellwether Electronic ranks worse than 89.65% 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 -1.41 higher than -1.78, which implies that the company might have manipulated its financial results.

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

ROCO:7861' s Beneish M-Score Range Over the Past 10 Years
Min: -1.41   Med: -1.41   Max: -1.41
Current: -1.41

During the past 3 years, the highest Beneish M-Score of Bellwether Electronic was -1.41. The lowest was -1.41. And the median was -1.41.

Bellwether Electronic Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Bellwether Electronic'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.

Bellwether Electronic Beneish M-Score Chart

Bellwether Electronic Annual Data
Trend Dec23 Dec24 Dec25
Beneish M-Score
0.00 0.00 -1.41

Bellwether Electronic Semi-Annual Data
Dec23 Jun24 Dec24 Jun25 Dec25
Beneish M-Score 0.00 0.00 0.00 0.00 -1.41

ROCO:7861 vs APH, GLW: Beneish M-Score Comparison

For the Electronic Components subindustry, Bellwether Electronic'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.

Bellwether Electronic Beneish M-Score vs Hardware Industry

For the Hardware industry and Technology sector, Bellwether Electronic's Beneish M-Score distribution charts can be found below:

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


ROCO:7861
22GF Score
Bellwether Electronic Corp ROCO:7861
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Bellwether Electronic 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 Bellwether Electronic 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 * 1.2489+0.528 * 0.8803+0.404 * 0.6897+0.892 * 2.1331+0.115 * 1.0406
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.8047+4.679 * -0.012483-0.327 * 0.8831
=-1.41

* 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$2,439 Mil.
Revenue was NT$4,909 Mil.
Gross Profit was NT$2,521 Mil.
Total Current Assets was NT$4,332 Mil.
Total Assets was NT$6,770 Mil.
Property, Plant and Equipment(Net PPE) was NT$2,219 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$158 Mil.
Selling, General, & Admin. Expense(SGA) was NT$650 Mil.
Total Current Liabilities was NT$3,269 Mil.
Long-Term Debt & Capital Lease Obligation was NT$754 Mil.
Net Income was NT$1,084 Mil.
Gross Profit was NT$0 Mil.
Cash Flow from Operations was NT$1,168 Mil.
 Total Receivables was NT$916 Mil.
Revenue was NT$2,301 Mil.
Gross Profit was NT$1,041 Mil.
Total Current Assets was NT$1,807 Mil.
Total Assets was NT$3,789 Mil.
Property, Plant and Equipment(Net PPE) was NT$1,804 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$134 Mil.
Selling, General, & Admin. Expense(SGA) was NT$379 Mil.
Total Current Liabilities was NT$1,806 Mil.
Long-Term Debt & Capital Lease Obligation was NT$744 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)
=(2439.409 / 4909.089) / (915.724 / 2301.41)
=0.496917 / 0.397897
=1.2489

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)
=(1040.597 / 2301.41) / (2521.369 / 4909.089)
=0.452156 / 0.513612
=0.8803

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 - (4331.685 + 2219.309) / 6769.965) / (1 - (1807.276 + 1803.98) / 3788.943)
=0.032344 / 0.046896
=0.6897

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
=4909.089 / 2301.41
=2.1331

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))
=(134.03 / (134.03 + 1803.98)) / (157.998 / (157.998 + 2219.309))
=0.069159 / 0.066461
=1.0406

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)
=(649.969 / 4909.089) / (378.639 / 2301.41)
=0.132401 / 0.164525
=0.8047

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)
=((754.346 + 3269.495) / 6769.965) / ((744.239 + 1805.891) / 3788.943)
=0.594367 / 0.673045
=0.8831

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
=(1083.948 - 0 - 1168.459) / 6769.965
=-0.012483

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.

Bellwether Electronic has a M-score of -1.41 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 -1.41 mean?
Bellwether Electronic (ROCO:7861) has a Beneish M-Score of -1.41 as of Jul. 08, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Bellwether Electronic and its competitors. According to the industry distribution chart, Bellwether Electronic ranks #2156 out of 2405 companies in the Hardware industry, placing it in the top 89.6%.
Is Bellwether Electronic's Beneish M-Score too high?
Bellwether Electronic's current Beneish M-Score is -1.41. Based on the distribution chart, Bellwether Electronic ranks #2156 out of 2405 companies in the Hardware industry, which is in the bottom quartile relative to peers. Overall, Bellwether Electronic has a GF Score™ of 22/100, reflecting its overall financial health beyond just this single metric.
How does Bellwether Electronic's Beneish M-Score compare to APH and GLW?
According to the Hardware industry distribution chart, Bellwether Electronic ranks #2156 out of 2405 companies for Beneish M-Score. This places Bellwether Electronic 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 Hardware company?
A good Beneish M-Score depends on the Hardware 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 Bellwether Electronic and its competitors. Bellwether Electronic's current Beneish M-Score is -1.41. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Bellwether Electronic stock overvalued right now?
Bellwether Electronic (ROCO:7861) has a current Beneish M-Score of -1.41. The current Beneish M-Score is -1.41. Bellwether Electronic's overall GF Score™ is 22/100 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 Bellwether Electronic (ROCO:7861), the current Beneish M-Score is -1.41 as of Jul. 08, 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.

Bellwether Electronic Business Description

Address Zhong Zheng Road, 9th Floor -1, No. 1071, Taoyuan District, Taoyuan, TWN, 330010
Bellwether Electronic Corp specializes in the design, production, and after-sales service of high-quality connectors, cables, pogo pins, flexible printed circuit assemblies (FPCA), and metal injection molding (MIM) components. The company's core products include a wide range of electronic components and peripheral solutions, such as Open Compute Project connectors, POGO pin connectors, CrystalBand metal injection molding parts, FPC cables and wires, and SlimChroma solutions.
22GF Score

Get the complete analysis for ROCO:7861

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

NT$1,185.00
Price