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Toho Holdings CoFRA:TON +2.78%81 Forward Rate of Return (Yacktman) % is 18.37% as of Mar. 2026, which is 412% above its 10-year median of 3.59. GuruFocus rates FRA:TON with a GF Score™ of 81/100 and a GF Value™ of €26.60. The stock has 3 warning signs investors should review. Among 86 Medical Distribution companies, Toho Holdings Co ranks better than 76.74% on this metric.
Yacktman defines forward rate of return as the normalized free cash flow yield plus real growth plus inflation. Toho Holdings Co's forward rate of return for was 18.37%.
The historical rank and industry rank for Toho Holdings Co's Forward Rate of Return (Yacktman) % or its related term are showing as below:
FRA:TON'
s Forward Rate of Return (Yacktman) % Range Over the Past 10 Years
Min: -12.88 Med: 3.59 Max: 22.12
Current: 18.83
During the past 13 years, Toho Holdings Co's highest Forward Rate of Return was 22.12. The lowest was -12.88. And the median was 3.59.
FRA:TON's Forward Rate of Return (Yacktman) % is ranked better than 76.74% of 86
companies
in the Medical Distribution industry
Industry Median: 9.12
vs FRA:TON: 18.83
Unlike the Earnings Yield %, the Forward Rate of Return uses the normalized Free Cash Flow of the past five years, and considers growth. The forward rate of return can be thought of as the return that investors buying the stock today can expect from it in the future.
Toho Holdings Co (FRA:TON) Forward Rate of Return (Yacktman) % Explanation
Unlike the Earnings Yield, the Forward Rate of Return uses the normalized Free Cash Flow of the past five years, and considers growth. The forward rate of return can be thought of as the return that investors buying the stock today can expect from it in the future.
For the growth part of the Forward Rate of Return calculation, GuruFocus uses the 5-year average growth rate of EBITDA per share as the growth rate, and the growth rate is always capped at 20%. For the Free Cash Flow we use per share data averaged over five years. The reason we use five years is to make it comparable to the growth rate.
Be Aware
In the Forward Rate of Return calculation, the growth rate is added directly to today's free cash flow yield. Therefore the calculation is reliable only if the company can grow at the same rate in the future as it did in the past. Investors should pay close attention to this when researching growth stocks. A more accurate measurement for return is Return on Capital.
Toho Holdings Co Forward Rate of Return (Yacktman) % Related Terms
Toho Holdings Co Forward Rate of Return (Yacktman) % Historical Data
* Premium members only.
The historical data trend for Toho Holdings Co's Forward Rate of Return (Yacktman) % 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.
Toho Holdings Co Forward Rate of Return (Yacktman) % Chart
FRA:TON vs MCK, COR, CAH: Forward Rate of Return (Yacktman) % Comparison
For the Medical Distribution subindustry, Toho Holdings Co's Forward Rate of Return (Yacktman) %, along with its competitors' market caps and Forward Rate of Return (Yacktman) % 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.
Toho Holdings Co Forward Rate of Return (Yacktman) % vs Medical Distribution Industry
For the Medical Distribution industry and Healthcare sector, Toho Holdings Co's Forward Rate of Return (Yacktman) % distribution charts can be found below:
* The bar in red indicates where Toho Holdings Co's Forward Rate of Return (Yacktman) % falls into.
Toho Holdings Co Forward Rate of Return (Yacktman) % Calculation
Forward Rate of Return is a concept that Don Yacktman uses in his investment approach. Yacktman explained the forward rate of return concept in detail in his interview with GuruFocus. Yacktman defines forward rate of return as the normalized free cash flow yield plus real growth plus inflation. He said in the interview (March 2012, when the S&P 500 was at about 1400):
If the business is stable, this calculation is fairly straightforward. For instance, on the S&P 500 we would normalize earnings. We would then calculate what percentage of those earnings are not reinvested in the underlying businesses and are therefore free. Historically, for the S&P 500, this has been just under 50% of earnings. Currently, we expect the S&P to earn about 70 on a normalized basis, a number which is far below reported earnings due to our adjusting for record high profit margins. $70 X ½ / 1400 gives you a normalized free cash flow yield of approximately 2.5%.
The historical real growth rate of the S&P 500 (companies) is about 1.5%. Assuming an inflation rate of 2.5%, the forward rate of return on an investment in the S&P 500 is about 6.5% today (2.5% free cash flow yield plus 1.5% real growth plus 2.5% inflation).
* 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.
What does a Forward Rate of Return (Yacktman) % of 18.37% mean?
Toho Holdings Co (FRA:TON) has a Forward Rate of Return (Yacktman) % of 18.37% as of Mar. 2026. Yacktman's forward rate of return equals the sum of normalized free-cash-flow yield plus earnings growth. View historical data on Toho Holdings Co and its competitors. This is 412% above median its historical median of 3.59. According to the industry distribution chart, Toho Holdings Co ranks #20 out of 86 companies in the Medical Distribution industry, placing it in the top 23.3%.
Is Toho Holdings Co's Forward Rate of Return (Yacktman) % too high?
Toho Holdings Co's current Forward Rate of Return (Yacktman) % of 18.37% is 412% above median its 10-year median of 3.59. The Medical Distribution industry median Forward Rate of Return (Yacktman) % is 9.12. Toho Holdings Co's value of 18.37% is 101.4% above this industry median. Based on the distribution chart, Toho Holdings Co ranks #20 out of 86 companies in the Medical Distribution industry, which is in the top quartile — a strong position relative to peers. Overall, Toho Holdings Co has a GF Score™ of 81/100, reflecting its overall financial health beyond just this single metric.
How does Toho Holdings Co's Forward Rate of Return (Yacktman) % compare to MCK and COR?
According to the Medical Distribution industry distribution chart, Toho Holdings Co ranks #20 out of 86 companies for Forward Rate of Return (Yacktman) %. This places Toho Holdings Co in the top 23% of its industry — outperforming the majority of peers. The industry median Forward Rate of Return (Yacktman) % is 9.12. Toho Holdings Co's value of 18.37% is 101.4% above this benchmark. While the company's 10-year median is 3.59 vs. the industry median of 9.12, Toho Holdings Co has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Forward Rate of Return (Yacktman) % for a Medical Distribution company?
The median Forward Rate of Return (Yacktman) % among Medical Distribution companies is 9.12, based on 86 companies in the industry. Companies in the top quartile (top 25%) have a Forward Rate of Return (Yacktman) % significantly above this median, while those in the bottom quartile fall well below. However, Forward Rate of Return (Yacktman) % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Toho Holdings Co's current Forward Rate of Return (Yacktman) % of 18.37% is 101.4% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Forward Rate of Return (Yacktman) % mean?
A high Forward Rate of Return (Yacktman) % can signal that a stock is expensive relative to its fundamentals. Yacktman's forward rate of return equals the sum of normalized free-cash-flow yield plus earnings growth. View historical data on Toho Holdings Co and its competitors. For the Medical Distribution industry, the median Forward Rate of Return (Yacktman) % is 9.12 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Toho Holdings Co's current Forward Rate of Return (Yacktman) % is 18.37%, which is 412% above median its own 10-year median of 3.59. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Toho Holdings Co stock overvalued right now?
Toho Holdings Co (FRA:TON) has a current Forward Rate of Return (Yacktman) % of 18.37%. The stock's GF Value™ is €26.60, compared to a current price of €22.20 — trading 16.5% below its estimated fair value. The current Forward Rate of Return (Yacktman) % is 18.37%, which is 412% above median its 10-year median of 3.59 and 101.4% above the Medical Distribution industry median of 9.12. Toho Holdings Co's overall GF Score™ is 81/100 with 3 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Forward Rate of Return (Yacktman) % calculated?
Forward Rate of Return (Yacktman) % is calculated from a company's financial statements. For Toho Holdings Co (FRA:TON), the current Forward Rate of Return (Yacktman) % is 18.37% as of Mar. 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 Toho Holdings Co (FRA:TON) Overvalued in 2026?
Based on GuruFocus' analysis, Toho Holdings Co stock appears to be undervalued.
The current stock price of €22.20 is trading 16.5% below its estimated GF Value™ of €26.60.
Key valuation signals for FRA:TON:
Forward Rate of Return (Yacktman) %: 18.37% (412% above median its 10-year median of 3.59)
GF Value™: €26.60 vs. price of €22.20 (16.5% below fair value)
Industry Position: 101.4% above the Medical Distribution median (#20 of 86)
No single metric tells the full story. See the FRA:TON stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Toho Holdings Co Ltd is a specialty and generic drug manufacturing company. The company's business includes pharmaceutical wholesaling and pharmacy dispensing. It also maintains a site-management organization business that assists a variety of medical establishments, ranging from large medical institutions to private clinics, with a wide range of clinical trials under contract. The company supports medical institutions suitable for respective trials to improve the quality and speed of clinical trials. It generates additional revenue through software sales to medical institutions.
81GF Score
Get the complete analysis for FRA:TON
Forward Rate of Return (Yacktman) % is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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