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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. Vascular Biogenics's annualized ROC (Joel Greenblatt) % for the quarter that ended in Jun. 2023 was -430.42%.
The historical rank and industry rank for Vascular Biogenics's ROC (Joel Greenblatt) % or its related term are showing as below:
During the past 11 years, Vascular Biogenics's highest ROC (Joel Greenblatt) % was -201.97%. The lowest was -4348.25%. And the median was -371.05%.
Vascular Biogenics's 5-Year average Growth Rate of ROC (Joel Greenblatt) % was -10.00% per year.
The historical data trend for Vascular Biogenics'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.
Vascular Biogenics Annual Data | |||||||||||||||||||||
Trend | Dec13 | Dec14 | Dec15 | Dec16 | Dec17 | Dec18 | Dec19 | Dec20 | Dec21 | Dec22 | |||||||||||
ROC (Joel Greenblatt) % | Get a 7-Day Free Trial | -253.44 | -201.97 | -255.78 | -339.29 | -402.81 |
Vascular Biogenics Quarterly Data | ||||||||||||||||||||
Sep18 | Dec18 | Mar19 | Jun19 | Sep19 | Dec19 | Mar20 | Jun20 | Sep20 | Dec20 | Mar21 | Jun21 | Sep21 | Dec21 | Mar22 | Jun22 | Sep22 | Dec22 | Mar23 | Jun23 | |
ROC (Joel Greenblatt) % | Get a 7-Day Free Trial | -427.78 | -455.90 | -180.73 | -263.85 | -430.42 |
For the Biotechnology subindustry, Vascular Biogenics'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.
For the Biotechnology industry and Healthcare sector, Vascular Biogenics's ROC (Joel Greenblatt) % distribution charts can be found below:
* The bar in red indicates where Vascular Biogenics's ROC (Joel Greenblatt) % falls into.
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. 2023 ) | ||||||||||
= | (Accounts Receivable | + | Total Inventories | + | Other Current Assets) | - | (Accounts Payable & Accrued Expense | + | Defer. Rev. | + | Other Current Liabilities) |
= | (0 | + | 0 | + | 0.877) | - | (7.755 | + | 0 | + | 0) |
= | -6.878 |
Working Capital | (Q: Jun. 2023 ) | ||||||||||
= | (Accounts Receivable | + | Total Inventories | + | Other Current Assets) | - | (Accounts Payable & Accrued Expense | + | Defer. Rev. | + | Other Current Liabilities) |
= | (0 | + | 0 | + | 0.284) | - | (3.76 | + | 0 | + | 1.541) |
= | -5.017 |
When net working capital is negative, 0 is used.
So ROC (Joel Greenblatt) % of Vascular Biogenics for the quarter that ended in Jun. 2023 can be restated as:
ROC (Joel Greenblatt) % | (Q: Jun. 2023 ) | ||||||
= | EBIT | / | Average of (Net fixed Assets | + | Net Working Capital) | ||
= | EBIT | / | Average of (Property, Plant and Equipment | + | Net Working Capital) | ||
Q: Mar. 2023 | Q: Jun. 2023 | ||||||
= | EBIT | / | ( ( (Property, Plant and Equipment + Net Working Capital) | + | (Property, Plant and Equipment + Net Working Capital) ) | / | count ) |
= | -3.452 | / | ( ( (0.802 + max(-6.878, 0)) | + | (0 + max(-5.017, 0)) ) | / | 1 ) |
= | -3.452 | / | ( ( 0.802 | + | 0 ) | / | 1 ) |
= | -3.452 | / | 0.802 | ||||
= | -430.42 % |
Note: The EBIT data used here is four times the quarterly (Jun. 2023) EBIT 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.
Vascular Biogenics (NAS:VBLT) 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.
Thank you for viewing the detailed overview of Vascular Biogenics's ROC (Joel Greenblatt) % provided by GuruFocus.com. Please click on the following links to see related term pages.
Builders Vc Fund I, L.p. | 10 percent owner | 201 MISSION STREET, SUITE 2350, SAN FRANCISCO CA 94105 |
James Jimin Kim | 10 percent owner | C/O NOTABLE LABS, INC., 320 HATCH DRIVE, FOSTER CITY CA 94404 |
B Capital Group Management, L.p. | 10 percent owner | 1240 ROSECRANS AVE., 5TH FLOOR, MANHATTAN BEACH CA 90266 |
B Capital Group Investors Ii Ltd. | 10 percent owner | 1240 ROSECRANS AVE., 5TH FLOOR, MANHATTAN BEACH CA 90266 |
B Capital Group Partners Ii, L.p. | 10 percent owner | 1240 ROSECRANS AVE., 5TH FLOOR, MANHATTAN BEACH CA 90266 |
Joseph P Wagner | officer: Chief Scientific Officer | 320 HATCH DRIVE, FOSTER CITY CA 94404 |
Tuomo Patsi | director | 320 HATCH DRIVE, FOSTER CITY NY 94404 |
Thomas Bock | director, officer: Chief Executive Officer | 320 HATCH DRIVE, FOSTER CITY NY 94404 |
Michele Galen | director | 320 HATCH DRIVE, FOSTER CITY CA 94404 |
Fr Capital Holdings, L.p. | 10 percent owner | 2400 MARKET STREET, SUITE 237, PHILADELPHIA PA 19103 |
B Capital Fund Ii, L.p. | 10 percent owner | C/O B CAPITAL GROUP MANAGEMENT, L.P., 1240 ROSECRANS AVE., 5TH FLOOR, MANHATTAN BEACH CA 90266 |
Builders Vc Fund I (canada), L.p. | 10 percent owner | 201 MISSION STREET, SUITE 2350, SAN FRANCISCO CA 94105 |
Builders Vc Entrepreneurs Fund I, L.p. | 10 percent owner | 201 MISSION STREET, SUITE 2350, SAN FRANCISCO CA 94105 |
Dubin Thomas I H | director | C/O ALEXION PHARMACEUTICALS INC, 352 KNOTTER DRIVE, CHESHIRE CT 06410 |
Peter Feinberg | director | C/O IMMUNEERING CORPORATION, 245 MAIN STREET, SECOND FLOOR, CAMBRIDGE MA 02142 |
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