Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.
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 -2.53 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Formosa Chemicals & Fibre's Beneish M-Score or its related term are showing as below:
TPE:1326'
s Beneish M-Score Range Over the Past 10 Years
Min: -15.46 Med: -2.6 Max: 1.39
Current: -2.53
During the past 13 years, the highest Beneish M-Score of Formosa Chemicals & Fibre was 1.39. The lowest was -15.46. And the median was -2.60.
* 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 Chemicals subindustry, Formosa Chemicals & Fibre'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.
Formosa Chemicals & Fibre Beneish M-Score vs Chemicals Industry
For the Chemicals industry and Basic Materials sector, Formosa Chemicals & Fibre's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Formosa Chemicals & Fibre's Beneish M-Score falls into.
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 Formosa Chemicals & Fibre 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 * 1.2065
+
0.528 * 0.4561
+
0.404 * 0.9034
+
0.892 * 0.9465
+
0.115 * 1.0687
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 0.9962
+
4.679 * -0.001127
-
0.327 * 0.6099
=
-2.53
* 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))
=
(15548.663 / (15548.663 + 145761.113))
/
(14910.457 / (14910.457 + 150412.215))
=
0.09639
/
0.09019
=
1.0687
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
=
(13818.605 - 0
-
14639.3)
/
728084.007
=
-0.001127
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.
Formosa Chemicals & Fibre has a M-score of -2.53 suggests that the company is unlikely to be a manipulator.
Formosa Chemicals & Fibre (TPE:1326) has a Beneish M-Score of -2.53 as of Aug. 19, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Formosa Chemicals & Fibre and its competitors. According to the industry distribution chart, Formosa Chemicals & Fibre ranks #731 out of 1527 companies in the Chemicals industry, placing it in the top 47.9%.
Is Formosa Chemicals & Fibre's Beneish M-Score too high?
Formosa Chemicals & Fibre's current Beneish M-Score is -2.53. Based on the distribution chart, Formosa Chemicals & Fibre ranks #731 out of 1527 companies in the Chemicals industry, which is above the industry midpoint. Overall, Formosa Chemicals & Fibre has a GF Score™ of 66/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Formosa Chemicals & Fibre's Beneish M-Score compare to DOW?
According to the Chemicals industry distribution chart, Formosa Chemicals & Fibre ranks #731 out of 1527 companies for Beneish M-Score. This puts Formosa Chemicals & Fibre 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 Chemicals company?
A good Beneish M-Score depends on the Chemicals 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 Formosa Chemicals & Fibre and its competitors. Formosa Chemicals & Fibre's current Beneish M-Score is -2.53. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Formosa Chemicals & Fibre stock overvalued right now?
Based on GuruFocus' analysis, Formosa Chemicals & Fibre (TPE:1326) is currently considered Modestly Overvalued. The stock's GF Value™ is NT$43.52, compared to a current price of NT$56.70 — trading 30.3% above its estimated fair value. The current Beneish M-Score is -2.53. Formosa Chemicals & Fibre's overall GF Score™ is 66/100 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 Formosa Chemicals & Fibre (TPE:1326), the current Beneish M-Score is -2.53 as of Aug. 19, 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 Formosa Chemicals & Fibre (TPE:1326) Overvalued in 2026?
Based on GuruFocus' analysis, Formosa Chemicals & Fibre stock appears to be overvalued.
The current stock price of NT$56.70 is trading 30.3% above its estimated GF Value™ of NT$43.52.
GuruFocus considers Formosa Chemicals & Fibre to be Modestly Overvalued.
Key valuation signals for TPE:1326:
Beneish M-Score: -2.53
GF Value™: NT$43.52 vs. price of NT$56.70 (30.3% above fair value)
No single metric tells the full story. See the TPE:1326 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Formosa Chemicals & Fibre Corp businesses are the production and sales of petrochemical products, including PTA, PS, AN, Butadiene, SM polymer, SM, benzene, toluene, pxylene (PX) and o-xylene (OX), as well as nylon fiber, and rayon staple fiber. The Company is also engaged in spinning, weaving, dyeing, and finishing.
66GF Score
Get the complete analysis for TPE:1326
Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
TPE:1326 has been successfully added to your 
