Netbay PCLBKK:NETBAY -1.02%78 ROC (Joel Greenblatt) % is 252.72% as of Mar. 2026, which is 65% below its 10-year median of 728.74. GuruFocus rates BKK:NETBAY with a GF Score™ of 78/100 and a GF Value™ of ฿21.54 (Significantly Undervalued). The stock has 3 warning signs investors should review. Among 2,809 Software companies, Netbay PCL ranks better than 91.17% on this metric.
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. Netbay PCL's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 was 252.72%.
The historical rank and industry rank for Netbay PCL's ROC (Joel Greenblatt) % or its related term are showing as below:
BKK:NETBAY'
s ROC (Joel Greenblatt) % Range Over the Past 10 Years
Min: 376.62 Med: 728.74 Max: 2035.51
Current: 376.62
During the past 11 years, Netbay PCL's highest ROC (Joel Greenblatt) % was 2035.51%. The lowest was 376.62%. And the median was 728.74%.
BKK:NETBAY's ROC (Joel Greenblatt) % is ranked better than 91.17% of 2809
companies
in the Software industry
Industry Median: 19.89
vs BKK:NETBAY: 376.62
Netbay PCL's 5-Year average Growth Rate of ROC (Joel Greenblatt) % was -7.90% per year.
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.
Netbay PCL ROC (Joel Greenblatt) % Historical Data
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The historical data trend for Netbay PCL'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.
BKK:NETBAY vs CRM, SHOP, UBER: ROC (Joel Greenblatt) % Comparison
For the Software - Application subindustry, Netbay PCL'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.
Netbay PCL ROC (Joel Greenblatt) % vs Software Industry
For the Software industry and Technology sector, Netbay PCL's ROC (Joel Greenblatt) % distribution charts can be found below:
* The bar in red indicates where Netbay PCL'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:
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.
Note:
The EBIT data used here is four times the quarterly (Mar. 2026) 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.
What does a ROC (Joel Greenblatt) % of 252.72% mean?
Netbay PCL (BKK:NETBAY) has a ROC (Joel Greenblatt) % of 252.72% as of Mar. 2026. Joel Greenblatt's return on capital is the ratio of EBIT to average fixed assets and net working capital. View historical data on Netbay PCL and its competitors. This is 65% below median its historical median of 728.74. Over the past decade, Netbay PCL's ROC (Joel Greenblatt) % has ranged from 376.62 to 2,035.51. According to the industry distribution chart, Netbay PCL ranks #248 out of 2809 companies in the Software industry, placing it in the top 8.8%.
Is Netbay PCL's ROC (Joel Greenblatt) % too high?
Netbay PCL's current ROC (Joel Greenblatt) % of 252.72% is 65% below median its 10-year median of 728.74. Over the past 10 years, this metric has ranged from a low of 376.62 to a high of 2,035.51. The Software industry median ROC (Joel Greenblatt) % is 19.89. Netbay PCL's value of 252.72% is 1170.6% above this industry median. Based on the distribution chart, Netbay PCL ranks #248 out of 2809 companies in the Software industry, which is in the top quartile — a strong position relative to peers. Overall, Netbay PCL has a GF Score™ of 78/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Netbay PCL's ROC (Joel Greenblatt) % compare to CRM and SHOP?
According to the Software industry distribution chart, Netbay PCL ranks #248 out of 2809 companies for ROC (Joel Greenblatt) %. This places Netbay PCL in the top 9% of its industry — outperforming the majority of peers. The industry median ROC (Joel Greenblatt) % is 19.89. Netbay PCL's value of 252.72% is 1170.6% above this benchmark. Historically, Netbay PCL's own ROC (Joel Greenblatt) % has ranged from 376.62 to 2,035.51 over the past decade. While the company's 10-year median is 728.74 vs. the industry median of 19.89, Netbay PCL 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 ROC (Joel Greenblatt) % for a Software company?
The median ROC (Joel Greenblatt) % among Software companies is 19.89, based on 2,809 companies in the industry. Companies in the top quartile (top 25%) have a ROC (Joel Greenblatt) % significantly above this median, while those in the bottom quartile fall well below. However, ROC (Joel Greenblatt) % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Netbay PCL's current ROC (Joel Greenblatt) % of 252.72% is 1170.6% 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 ROC (Joel Greenblatt) % mean?
A high ROC (Joel Greenblatt) % can signal that a stock is expensive relative to its fundamentals. Joel Greenblatt's return on capital is the ratio of EBIT to average fixed assets and net working capital. View historical data on Netbay PCL and its competitors. For the Software industry, the median ROC (Joel Greenblatt) % is 19.89 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Netbay PCL's current ROC (Joel Greenblatt) % is 252.72%, which is 65% below median its own 10-year median of 728.74. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Netbay PCL stock overvalued right now?
Based on GuruFocus' analysis, Netbay PCL (BKK:NETBAY) is currently considered Significantly Undervalued. The stock's GF Value™ is ฿21.54, compared to a current price of ฿9.75 — trading 54.7% below its estimated fair value. The current ROC (Joel Greenblatt) % is 252.72%, which is 65% below median its 10-year median of 728.74 and 1170.6% above the Software industry median of 19.89. Netbay PCL's overall GF Score™ is 78/100 with 3 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is ROC (Joel Greenblatt) % calculated?
ROC (Joel Greenblatt) % is calculated from a company's financial statements. For Netbay PCL (BKK:NETBAY), the current ROC (Joel Greenblatt) % is 252.72% 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 Netbay PCL (BKK:NETBAY) Overvalued in 2026?
Based on GuruFocus' analysis, Netbay PCL stock appears to be undervalued.
The current stock price of ฿9.75 is trading 54.7% below its estimated GF Value™ of ฿21.54.
GuruFocus considers Netbay PCL to be Significantly Undervalued.
Key valuation signals for BKK:NETBAY:
ROC (Joel Greenblatt) %: 252.72% (65% below median its 10-year median of 728.74)
GF Value™: ฿21.54 vs. price of ฿9.75 (54.7% below fair value)
Industry Position: 1170.6% above the Software median (#248 of 2809)
No single metric tells the full story. See the BKK:NETBAY stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Netbay PCL is a Thailand-based company engaged in the provision and development of computer software used in the transmission of information electronically. The company creates, designs, and develops a digital business technology platform and omnichannel connectivity gateway. It operates in two segments: The e-Business segment, which develops an e-Business product in the form of services (SaaS: Software As A Service), and the e-Service segment, which rendered an e-Business service for the Business segment to Government (B2G) transaction, and Business segment to Business segment (B2B) transaction. The company operates only in Thailand and generates the majority of its revenue from the e-Business segment.
78GF Score
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