Measurement Specialties (FRA:MEG) ROC (Joel Greenblatt) % : 10.90% (As of Jun. 2014)

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What is Measurement Specialties ROC (Joel Greenblatt) %?

Joel Greenblatt defined Return on Capital differently in his book The Little Book That Still Beats the Market (Little Books. Big Profits). He defines ROC (Joel Greenblatt) % as EBIT divided by the total of Property, Plant and Equipment and net working capital. Measurement Specialties's annualized ROC (Joel Greenblatt) % for the quarter that ended in Jun. 2014 was 10.90%.

The historical rank and industry rank for Measurement Specialties's ROC (Joel Greenblatt) % or its related term are showing as below:

FRA:MEG' s ROC (Joel Greenblatt) % Range Over the Past 10 Years
Min: -44.1 Med: 31.03 Max: 74.07
Current: 25.57

During the past 13 years, Measurement Specialties's highest ROC (Joel Greenblatt) % was 74.07%. The lowest was -44.10%. And the median was 31.03%.

FRA:MEG's ROC (Joel Greenblatt) % is not ranked
in the Hardware industry.
Industry Median: 9.98 vs FRA:MEG: 25.57

Measurement Specialties's 5-Year average Growth Rate of ROC (Joel Greenblatt) % was 25.50% per year.

Measurement Specialties ROC (Joel Greenblatt) % Historical Data

The historical data trend for Measurement Specialties's ROC (Joel Greenblatt) % 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.

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Measurement Specialties ROC (Joel Greenblatt) % Chart

Measurement Specialties Annual Data

Trend

Mar05

Mar06

Mar07

Mar08

Mar09

Mar10

Mar11

Mar12

Mar13

Mar14

ROC (Joel Greenblatt) %

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10.67

36.41

32.20

31.87

33.31

Measurement Specialties Quarterly Data
	Sep09	Dec09	Mar10	Jun10	Sep10	Dec10	Mar11	Jun11	Sep11	Dec11	Mar12	Jun12	Sep12	Dec12	Mar13	Jun13	Sep13	Dec13	Mar14	Jun14
ROC (Joel Greenblatt) %	Get a 7-Day Free Trial															35.44	34.19	30.94	29.62	10.90

Competitive Comparison of Measurement Specialties's ROC (Joel Greenblatt) %

For the Scientific & Technical Instruments subindustry, Measurement Specialties's ROC (Joel Greenblatt) %, along with its competitors' market caps and ROC (Joel Greenblatt) % 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.

Measurement Specialties's ROC (Joel Greenblatt) % Distribution in the Hardware Industry

For the Hardware industry and Technology sector, Measurement Specialties's ROC (Joel Greenblatt) % distribution charts can be found below:

* The bar in red indicates where Measurement Specialties's ROC (Joel Greenblatt) % falls into.

Measurement Specialties ROC (Joel Greenblatt) % Calculation

Joel Greenblatt defined Return on Capital differently in his book The Little Book That Still Beats the Market (Little Books. Big Profits) . He defines Return on Capital as follows:

ROC (Joel Greenblatt) %

EBIT

Average of (Net fixed Assets

Net Working Capital)

EBIT stands for Earnings Before Interest and Taxes.

Fixed Assets are also known as non-current assets. They include the Property, Plant and Equipment that the firm needs in its operation.

GuruFocus calculates net working capital as: (Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Deferred Revenue + Other Current Liabilities). We're trying to account for OPERATING assets and liabilities (part of daily business) when calculating working capital. Cash and marketable securities are considered NON-OPERATING assets and are not included in calculation. We will also back out all interest bearing debt, short term debt and the portion of long term debt that is due in the current period from the current liabilities. This debt will be considered when computing cost of capital and it would be inappropriate to count it twice.

	Working Capital		(Q: Mar. 2014 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(47.321	+	49.366	+	5.652)	-	(41.398	+	0.11	+	2.576)
=	58.255

	Working Capital		(Q: Jun. 2014 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(65.325	+	70.613	+	11.108)	-	(59.937	+	0.11	+	3.643)
=	83.356

When net working capital is negative, 0 is used.

So ROC (Joel Greenblatt) % of Measurement Specialties for the quarter that ended in Jun. 2014 can be restated as:

	ROC (Joel Greenblatt) %		(Q: Jun. 2014 )
=	EBIT	/	Average of (Net fixed Assets	+	Net Working Capital)
=	EBIT	/	Average of (Property, Plant and Equipment	+	Net Working Capital)
			Q: Mar. 2014		Q: Jun. 2014
=	EBIT	/	( ( (Property, Plant and Equipment + Net Working Capital)	+	(Property, Plant and Equipment + Net Working Capital) )	/	count )
=	14.08	/	( ( (55.854 + max(58.255, 0))	+	(60.932 + max(83.356, 0)) )	/	2 )
=	14.08	/	( ( 114.109	+	144.288 )	/	2 )
=	14.08	/	129.1985
=	10.90 %

Note: The EBIT data used here is four times the quarterly (Jun. 2014) EBIT data.

Measurement Specialties (FRA:MEG) ROC (Joel Greenblatt) % Explanation

The way Joel Greenblatt defines Return on Capital is a more accurate measure of how efficiently the company generates returns onthe capital actually invested in the business. EBIT is used instead of net income because the tax and interest payment may be affected by factors other than the core business operation. Intangible assets are not included in the calculation because they don't need to be replaced.

Joel Greenblatt uses his definition of Return on Capital and Earnings Yield (Joel Greenblatt) % to rank companies.

Measurement Specialties ROC (Joel Greenblatt) % Related Terms

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Measurement Specialties (FRA:MEG) Business Description

Industry

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Traded in Other Exchanges

N/A

Address

Website

http://www.meas-spec.com

Measurement Specialties, Inc. is a New Jersey corporation organized in 1981. The Company is engaged in the design, development and manufacture of sensors and sensor-based systems for original equipment manufacturers (OEM) and end users, based on a broad portfolio of proprietary technology and typically characterized by the MEAS brand name. The Company is a multi-national corporation with fifteen main manufacturing facilities strategically located in the United States, China and Europe, enabling the Company to produce and market an array of sensors that use advanced technologies to measure precise ranges of physical characteristics. These sensors are used for engine and vehicle, medical, general industrial, consumer and home appliance, military/aerospace, and test and measurement applications. The Company's products include sensors for measuring pressure, linear/rotary position, force, torque, piezoelectric polymer film sensors, custom microstructures, load cells, vibrations and acceleration, optical absorption, humidity, gas concentration, gas flow rate, temperature, fluid properties and fluid level. The Company's advanced technologies include piezoresistive silicon, polymer and ceramic piezoelectric materials, application specific integrated circuits, micro-electromechanical systems ('MEMS'), foil strain gauges, electromagnetic force balance systems, fluid capacitive devices, linear and rotational variable differential transformers, anisotropic magneto-resistive devices, electromagnetic displacement sensors, hygroscopic capacitive structures, ultrasonic measurement systems, optical measurement systems, negative thermal coefficient ('NTC') ceramic sensors, 3-6 DOF (degree of freedom) force/torque structures, complex mechanical resonators, magnetic reed switches, high frequency multipoint scanning algorithms, and high precision submersible hydrostatic level detection. The Company's competitors include small independent companies and divisions of large corporations such as Danaher, General Electric, Schneider-Electric and Honeywell.