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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 Jun. 2026, Ta-Yuan Cogeneration Co has a Sloan Ratio of 3.58%, indicating the company is in the safe zone and there is no funny business with accruals.
Ta-Yuan Cogeneration Co (ROCO:8931) 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 Jun. 2026, Ta-Yuan Cogeneration Co has a Sloan Ratio of 3.58%, indicating the company is in the safe zone and there is no funny business with accruals.
Ta-Yuan Cogeneration Co Sloan Ratio % Related Terms
Ta-Yuan Cogeneration Co 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.
ROCO:8931 vs NEE, SO, DUK: Sloan Ratio % Comparison
For the Utilities - Regulated Electric subindustry, Ta-Yuan Cogeneration Co'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.
Ta-Yuan Cogeneration Co Sloan Ratio % vs Utilities - Regulated Industry
For the Utilities - Regulated industry and Utilities sector, Ta-Yuan Cogeneration Co's Sloan Ratio % distribution charts can be found below:
* The bar in red indicates where Ta-Yuan Cogeneration Co's Sloan Ratio % falls into.
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.
Ta-Yuan Cogeneration Co's Sloan Ratio for the fiscal year that ended in Dec. 2025 is calculated as
Ta-Yuan Cogeneration Co's Net Income for the trailing twelve months (TTM) ended in Jun. 2026 was 48.994 (Sep. 2025 ) + 3.885 (Dec. 2025 ) + 46.884 (Mar. 2026 ) + 42.825 (Jun. 2026 ) = NT$143 Mil.
Ta-Yuan Cogeneration Co's Cash Flow from Operations for the trailing twelve months (TTM) ended in Jun. 2026 was 175.965 (Sep. 2025 ) + 108.342 (Dec. 2025 ) + 37.688 (Mar. 2026 ) + 190.942 (Jun. 2026 ) = NT$513 Mil.
Ta-Yuan Cogeneration Co's Cash Flow from Investing for the trailing twelve months (TTM) ended in Jun. 2026 was -240.962 (Sep. 2025 ) + -120.825 (Dec. 2025 ) + -100.946 (Mar. 2026 ) + -93.554 (Jun. 2026 ) = NT$-556 Mil.
* 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.
Ta-Yuan Cogeneration Co (ROCO:8931) has a Sloan Ratio % of 3.58% as of Jun. 2026. Sloan ratio measures earnings quality based on the amount of accruals. View historical data on Ta-Yuan Cogeneration Co and its competitors.
Is Ta-Yuan Cogeneration Co's Sloan Ratio % too high?
Ta-Yuan Cogeneration Co's current Sloan Ratio % is 3.58%. Overall, Ta-Yuan Cogeneration Co has a GF Score™ of 78/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Ta-Yuan Cogeneration Co's Sloan Ratio % compare to NEE and SO?
Ta-Yuan Cogeneration Co's Sloan Ratio % of 3.58% can be compared against companies in the Utilities - Regulated 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 an Utilities - Regulated company?
A good Sloan Ratio % depends on the Utilities - Regulated 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 Ta-Yuan Cogeneration Co and its competitors. Ta-Yuan Cogeneration Co's current Sloan Ratio % is 3.58%. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Ta-Yuan Cogeneration Co stock overvalued right now?
Based on GuruFocus' analysis, Ta-Yuan Cogeneration Co (ROCO:8931) is currently considered Modestly Undervalued. The stock's GF Value™ is NT$48.72, compared to a current price of NT$43.05 — trading 11.6% below its estimated fair value. The current Sloan Ratio % is 3.58%. Ta-Yuan Cogeneration Co's overall GF Score™ is 78/100 with 10 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 Ta-Yuan Cogeneration Co (ROCO:8931), the current Sloan Ratio % is 3.58% as of Jun. 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 Ta-Yuan Cogeneration Co (ROCO:8931) Overvalued in 2026?
Based on GuruFocus' analysis, Ta-Yuan Cogeneration Co stock appears to be undervalued.
The current stock price of NT$43.05 is trading 11.6% below its estimated GF Value™ of NT$48.72.
GuruFocus considers Ta-Yuan Cogeneration Co to be Modestly Undervalued.
Key valuation signals for ROCO:8931:
Sloan Ratio %: 3.58%
GF Value™: NT$48.72 vs. price of NT$43.05 (11.6% below fair value)
No single metric tells the full story. See the ROCO:8931 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Ta-Yuan Cogeneration Co Ltd engages mainly in operating the cogeneration business, operating and repairing equipment, processing waste disposal, managing incinerators, and processing refuse-derived fuel. It is involved in the operation, management, and maintenance of cogeneration plants, as well as waste disposal and incinerator management. Through the development of cogeneration, the company focuses on supplying power to industrial areas and balancing peak and off-peak electricity demand. The company's reportable segments are: Plant of Cogeneration, which generates the maximum revenue, and Plant of Renewable Energy. Geographically, it operates only in Taiwan.
78GF Score
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