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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 -2.75 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Forward Electronics Co's Beneish M-Score or its related term are showing as below:
ROCO:8085'
s Beneish M-Score Range Over the Past 10 Years
Min: -5.12 Med: -2.81 Max: 56.17
Current: -2.75
During the past 13 years, the highest Beneish M-Score of Forward Electronics Co was 56.17. The lowest was -5.12. And the median was -2.81.
Forward Electronics Co Beneish M-Score Related Terms
Forward Electronics Co Beneish M-Score Historical Data
* Premium members only.
The historical data trend for Forward Electronics 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.
For the Electronic Components subindustry, Forward Electronics 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.
Forward Electronics Co Beneish M-Score vs Hardware Industry
For the Hardware industry and Technology sector, Forward Electronics Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Forward Electronics Co's Beneish M-Score falls into.
Forward Electronics 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 Forward Electronics 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 * 1.0841
+
0.528 * 0.6916
+
0.404 * 0.7721
+
0.892 * 1.1043
+
0.115 * 1.0689
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 0.7302
+
4.679 * -0.042333
-
0.327 * 1.1137
=
-2.75
* 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.
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.
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))
=
(42.333 / (42.333 + 580.329))
/
(38.349 / (38.349 + 564.573))
=
0.067987
/
0.063605
=
1.0689
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
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
=
(-141.92 - 0
-
-28.969)
/
2668.178
=
-0.042333
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.
Forward Electronics Co has a M-score of -2.75 suggests that the company is unlikely to be a manipulator.
Forward Electronics Co (ROCO:8085) has a Beneish M-Score of -2.75 as of Jul. 14, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Forward Electronics Co and its competitors. According to the industry distribution chart, Forward Electronics Co ranks #685 out of 2408 companies in the Hardware industry, placing it in the top 28.4%.
Is Forward Electronics Co's Beneish M-Score too high?
Forward Electronics Co's current Beneish M-Score is -2.75. Based on the distribution chart, Forward Electronics Co ranks #685 out of 2408 companies in the Hardware industry, which is above the industry midpoint. Overall, Forward Electronics Co has a GF Score™ of 44/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does Forward Electronics Co's Beneish M-Score compare to APH and GLW?
According to the Hardware industry distribution chart, Forward Electronics Co ranks #685 out of 2408 companies for Beneish M-Score. This puts Forward Electronics Co 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 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 Forward Electronics Co and its competitors. Forward Electronics Co's current Beneish M-Score is -2.75. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Forward Electronics Co stock overvalued right now?
Based on GuruFocus' analysis, Forward Electronics Co (ROCO:8085) is currently considered Possible Value Trap. The stock's GF Value™ is NT$29.93, compared to a current price of NT$11.80 — trading 60.6% below its estimated fair value. The current Beneish M-Score is -2.75. Forward Electronics Co's overall GF Score™ is 44/100 with 4 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 Forward Electronics Co (ROCO:8085), the current Beneish M-Score is -2.75 as of Jul. 14, 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.
Is Forward Electronics Co (ROCO:8085) Overvalued in 2026?
Based on GuruFocus' analysis, Forward Electronics Co stock appears to be undervalued.
The current stock price of NT$11.80 is trading 60.6% below its estimated GF Value™ of NT$29.93.
GuruFocus considers Forward Electronics Co to be Possible Value Trap.
Key valuation signals for ROCO:8085:
Beneish M-Score: -2.75
GF Value™: NT$29.93 vs. price of NT$11.80 (60.6% below fair value)
No single metric tells the full story. See the ROCO:8085 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Forward Electronics Co Ltd is engaged in the manufacturing, development, and sales of backlight modules, liquid crystal display modules, switches, variable resistors, sensors, and bit generators, Produces peripheral products for information appliances, including game consoles, vehicle anti-collision systems, and lighting products as well as carbon credits development, carbon neutral consulting, and energy storage solutions. Company has divided its business into three segments Optoelectronic segment, Electronics components products segment and Electronics applications products segment. Geographically, company has it's presence in Mainland China, Taiwan and others.
44GF Score
Get the complete analysis for ROCO:8085
Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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