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Thachang Green Energy PCLBKK:TGE 73 ROC (Joel Greenblatt) % is 8.32% as of Mar. 2026, which is 24% below its 10-year median of 10.88. GuruFocus rates BKK:TGE with a GF Score™ of 73/100 and a GF Value™ of ฿1.77 (Possible Value Trap). The stock has 5 warning signs investors should review. Among 443 Utilities - Independent Power Producers companies, Thachang Green Energy PCL ranks better than 65.69% 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. Thachang Green Energy PCL's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 was 8.32%.
The historical rank and industry rank for Thachang Green Energy PCL's ROC (Joel Greenblatt) % or its related term are showing as below:
BKK:TGE'
s ROC (Joel Greenblatt) % Range Over the Past 10 Years
Min: -0.87 Med: 10.88 Max: 13.72
Current: 10.86
During the past 10 years, Thachang Green Energy PCL's highest ROC (Joel Greenblatt) % was 13.72%. The lowest was -0.87%. And the median was 10.88%.
BKK:TGE's ROC (Joel Greenblatt) % is ranked better than 65.69% of 443
companies
in the Utilities - Independent Power Producers industry
Industry Median: 6.13
vs BKK:TGE: 10.86
Thachang Green Energy PCL's 5-Year average Growth Rate of ROC (Joel Greenblatt) % was 2.30% per year.
Thachang Green Energy PCL (BKK:TGE) 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.
Thachang Green Energy PCL ROC (Joel Greenblatt) % Related Terms
Thachang Green Energy PCL ROC (Joel Greenblatt) % Historical Data
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The historical data trend for Thachang Green Energy 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.
Thachang Green Energy PCL ROC (Joel Greenblatt) % Chart
Thachang Green Energy PCL ROC (Joel Greenblatt) % Competitor Comparison
For the Utilities - Renewable subindustry, Thachang Green Energy 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.
Thachang Green Energy PCL ROC (Joel Greenblatt) % vs Utilities - Independent Power Producers Industry
For the Utilities - Independent Power Producers industry and Utilities sector, Thachang Green Energy PCL's ROC (Joel Greenblatt) % distribution charts can be found below:
* The bar in red indicates where Thachang Green Energy PCL's ROC (Joel Greenblatt) % falls into.
Thachang Green Energy PCL 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:
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 8.32% mean?
Thachang Green Energy PCL (BKK:TGE) has a ROC (Joel Greenblatt) % of 8.32% 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 Thachang Green Energy PCL and its competitors. This is 24% below median its historical median of 10.88. According to the industry distribution chart, Thachang Green Energy PCL ranks #152 out of 443 companies in the Utilities - Independent Power Producers industry, placing it in the top 34.3%.
Is Thachang Green Energy PCL's ROC (Joel Greenblatt) % too high?
Thachang Green Energy PCL's current ROC (Joel Greenblatt) % of 8.32% is 24% below median its 10-year median of 10.88. The Utilities - Independent Power Producers industry median ROC (Joel Greenblatt) % is 6.13. Thachang Green Energy PCL's value of 8.32% is 35.7% above this industry median. Based on the distribution chart, Thachang Green Energy PCL ranks #152 out of 443 companies in the Utilities - Independent Power Producers industry, which is above the industry midpoint. Overall, Thachang Green Energy PCL has a GF Score™ of 73/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does Thachang Green Energy PCL's ROC (Joel Greenblatt) % compare to competitors?
According to the Utilities - Independent Power Producers industry distribution chart, Thachang Green Energy PCL ranks #152 out of 443 companies for ROC (Joel Greenblatt) %. This puts Thachang Green Energy PCL in the upper half of its industry. The industry median ROC (Joel Greenblatt) % is 6.13. Thachang Green Energy PCL's value of 8.32% is 35.7% above this benchmark. While the company's 10-year median is 10.88 vs. the industry median of 6.13, Thachang Green Energy 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 an Utilities - Independent Power Producers company?
The median ROC (Joel Greenblatt) % among Utilities - Independent Power Producers companies is 6.13, based on 443 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. Thachang Green Energy PCL's current ROC (Joel Greenblatt) % of 8.32% is 35.7% 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 Thachang Green Energy PCL and its competitors. For the Utilities - Independent Power Producers industry, the median ROC (Joel Greenblatt) % is 6.13 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Thachang Green Energy PCL's current ROC (Joel Greenblatt) % is 8.32%, which is 24% below median its own 10-year median of 10.88. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Thachang Green Energy PCL stock overvalued right now?
Based on GuruFocus' analysis, Thachang Green Energy PCL (BKK:TGE) is currently considered Possible Value Trap. The stock's GF Value™ is ฿1.77, compared to a current price of ฿1.12 — trading 36.7% below its estimated fair value. The current ROC (Joel Greenblatt) % is 8.32%, which is 24% below median its 10-year median of 10.88 and 35.7% above the Utilities - Independent Power Producers industry median of 6.13. Thachang Green Energy PCL's overall GF Score™ is 73/100 with 5 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 Thachang Green Energy PCL (BKK:TGE), the current ROC (Joel Greenblatt) % is 8.32% 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 Thachang Green Energy PCL (BKK:TGE) Overvalued in 2026?
Based on GuruFocus' analysis, Thachang Green Energy PCL stock appears to be undervalued.
The current stock price of ฿1.12 is trading 36.7% below its estimated GF Value™ of ฿1.77.
GuruFocus considers Thachang Green Energy PCL to be Possible Value Trap.
Key valuation signals for BKK:TGE:
ROC (Joel Greenblatt) %: 8.32% (24% below median its 10-year median of 10.88)
GF Value™: ฿1.77 vs. price of ฿1.12 (36.7% below fair value)
Industry Position: 35.7% above the Utilities - Independent Power Producers median (#152 of 443)
No single metric tells the full story. See the BKK:TGE stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Thachang Green Energy PCL is engaged in generating and supplying electricity and steam from biomass. The group has two segments, which are comprised of the biomass power plant business and waste power plant business. The company derives the majority of its revenue from the Biomass Power plant segment.
73GF Score
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