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Richard Sloan from the University of Michigan was first to document what is referred to as the "accrual anomaly". His 1996 paper found that shares of companies with small or negative accruals vastly outperform (+10%) those of companies with large ones.
As of Dec. 2025, ImmuneOnco Biopharmaceuticals (Shanghai) has a Sloan Ratio of -2.32%, indicating the company is in the safe zone and there is no funny business with accruals.
ImmuneOnco Biopharmaceuticals (Shanghai) (FRA:R9Z) Sloan Ratio % Explanation
A former University of Michigan researcher, Richard Sloan's 1996 paper found that shares of companies with small or negative accruals vastly outperform (+10%) those of companies with large ones. In fact, for the 40-year period between 1962 and 2001, buying the lowest accrual companies and shorting the highest accrual companies resulted in an average annual compounded return of 18%, more than double the S&P 500's 7.4% annual return over the same period.
If the Sloan Ratio is between -10% and 10%, the company is in the safe zone and there is no funny business with accruals.
If the Sloan Ratio is less than between -25% and -10% on the negative side, and between 10% and 25% on the positive side, this is a warning stage of accrual build up.
If the Sloan Ratio is less than -25% or greater than 25%, and this ratio is consistent over several quarters or even years, be careful. Earnings are highly likely to be made up of accruals.
As of Dec. 2025, ImmuneOnco Biopharmaceuticals (Shanghai) has a Sloan Ratio of -2.32%, indicating the company is in the safe zone and there is no funny business with accruals.
ImmuneOnco Biopharmaceuticals (Shanghai) Sloan Ratio % Related Terms
ImmuneOnco Biopharmaceuticals (Shanghai) Sloan Ratio % Historical Data
* 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.
ImmuneOnco Biopharmaceuticals (Shanghai) Sloan Ratio % Chart
ImmuneOnco Biopharmaceuticals (Shanghai) Annual Data
Trend
Dec21
Dec22
Dec23
Dec24
Dec25
Sloan Ratio %
-48.57
-19.55
32.35
-24.49
-2.34
ImmuneOnco Biopharmaceuticals (Shanghai) Semi-Annual Data
FRA:R9Z vs VRTX, REGN, MRNA: Sloan Ratio % Comparison
For the Biotechnology subindustry, ImmuneOnco Biopharmaceuticals (Shanghai)'s Sloan Ratio %, along with its competitors' market caps and Sloan Ratio % 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.
ImmuneOnco Biopharmaceuticals (Shanghai) Sloan Ratio % vs Biotechnology Industry
ImmuneOnco Biopharmaceuticals (Shanghai) Sloan Ratio % Calculation
Earnings contain a lot of non cash earnings which is called accruals. The Sloan ratio is a way to identify firms with low non-cash or accrual-derived earnings relative to their cash flow.
* 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.
ImmuneOnco Biopharmaceuticals (Shanghai) (FRA:R9Z) has a Sloan Ratio % of -2.32% as of Dec. 2025. Sloan ratio measures earnings quality based on the amount of accruals. View historical data on ImmuneOnco Biopharmaceuticals (Shanghai) and its competitors.
Is ImmuneOnco Biopharmaceuticals (Shanghai)'s Sloan Ratio % too high?
ImmuneOnco Biopharmaceuticals (Shanghai)'s current Sloan Ratio % is -2.32%. Overall, ImmuneOnco Biopharmaceuticals (Shanghai) has a GF Score™ of 16/100, reflecting its overall financial health beyond just this single metric.
How does ImmuneOnco Biopharmaceuticals (Shanghai)'s Sloan Ratio % compare to VRTX and REGN?
ImmuneOnco Biopharmaceuticals (Shanghai)'s Sloan Ratio % of -2.32% can be compared against companies in the Biotechnology industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Sloan Ratio % for a Biotechnology company?
A good Sloan Ratio % depends on the Biotechnology industry context. However, Sloan Ratio % 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 Sloan Ratio % mean?
A high Sloan Ratio % can signal that a stock is expensive relative to its fundamentals. Sloan ratio measures earnings quality based on the amount of accruals. View historical data on ImmuneOnco Biopharmaceuticals (Shanghai) and its competitors. ImmuneOnco Biopharmaceuticals (Shanghai)'s current Sloan Ratio % is -2.32%. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is ImmuneOnco Biopharmaceuticals (Shanghai) stock overvalued right now?
ImmuneOnco Biopharmaceuticals (Shanghai) (FRA:R9Z) has a current Sloan Ratio % of -2.32%. The current Sloan Ratio % is -2.32%. ImmuneOnco Biopharmaceuticals (Shanghai)'s overall GF Score™ is 16/100 with 5 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Sloan Ratio % calculated?
Sloan Ratio % is calculated from a company's financial statements. For ImmuneOnco Biopharmaceuticals (Shanghai) (FRA:R9Z), the current Sloan Ratio % is -2.32% as of Dec. 2025. 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.
ImmuneOnco Biopharmaceuticals (Shanghai) Inc is a science-driven biotechnology company dedicated to the development of immuno-oncology therapies. It is one of the few biotechnology companies globally adopting a systematic approach to harness both the innate and adaptive immune systems. It has designed a robust pipeline of over ten drug candidates with 12 ongoing clinical programs., featured by a comprehensive innate-immunity-based asset portfolio. Its pipeline reflects its extensive understanding of the frontiers of cancer biology and immunology and its expertise in turning scientific research into drug candidates.
16GF Score
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