The First Marblehead (The First Marblehead) ROC (Joel Greenblatt) % : -422.37% (As of Mar. 2016)

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What is The First Marblehead 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. The First Marblehead's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2016 was -422.37%.

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

FMD's ROC (Joel Greenblatt) % is not ranked ^*
in the Credit Services industry.
Industry Median: 33.005
* Ranked among companies with meaningful ROC (Joel Greenblatt) % only.

The First Marblehead's 5-Year average Growth Rate of ROC (Joel Greenblatt) % was 0.00% per year.

The First Marblehead ROC (Joel Greenblatt) % Historical Data

The historical data trend for The First Marblehead'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.

* Premium members only.

The First Marblehead ROC (Joel Greenblatt) % Chart

The First Marblehead Annual Data

Trend

Jun06

Jun07

Jun08

Jun09

Jun10

Jun11

Jun12

Jun13

Jun14

Jun15

ROC (Joel Greenblatt) %

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-218.89

-1,039.31

-954.64

-662.34

-764.07

The First Marblehead Quarterly Data
	Jun11	Sep11	Dec11	Mar12	Jun12	Sep12	Dec12	Mar13	Jun13	Sep13	Dec13	Mar14	Jun14	Sep14	Dec14	Mar15	Jun15	Sep15	Dec15	Mar16
ROC (Joel Greenblatt) %	Get a 7-Day Free Trial															-559.50	-863.44	-463.32	-400.57	-422.37

Competitive Comparison of The First Marblehead's ROC (Joel Greenblatt) %

For the Credit Services subindustry, The First Marblehead'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.

The First Marblehead's ROC (Joel Greenblatt) % Distribution in the Credit Services Industry

For the Credit Services industry and Financial Services sector, The First Marblehead's ROC (Joel Greenblatt) % distribution charts can be found below:

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

The First Marblehead 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: Dec. 2015 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(11.137	+	0	+	206.072)	-	(37.388	+	2.361	+	183.416)
=	-5.956

	Working Capital		(Q: Mar. 2016 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(10.716	+	0	+	88.8)	-	(35.374	+	2.478	+	66.173)
=	-4.509

When net working capital is negative, 0 is used.

So ROC (Joel Greenblatt) % of The First Marblehead for the quarter that ended in Mar. 2016 can be restated as:

	ROC (Joel Greenblatt) %		(Q: Mar. 2016 )
=	EBIT	/	Average of (Net fixed Assets	+	Net Working Capital)
=	EBIT	/	Average of (Property, Plant and Equipment	+	Net Working Capital)
			Q: Dec. 2015		Q: Mar. 2016
=	EBIT	/	( ( (Property, Plant and Equipment + Net Working Capital)	+	(Property, Plant and Equipment + Net Working Capital) )	/	count )
=	-20.392	/	( ( (4.934 + max(-5.956, 0))	+	(4.722 + max(-4.509, 0)) )	/	2 )
=	-20.392	/	( ( 4.934	+	4.722 )	/	2 )
=	-20.392	/	4.828
=	-422.37 %

Note: The EBIT data used here is four times the quarterly (Mar. 2016) EBIT data.

The First Marblehead (NYSE:FMD) 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.

The First Marblehead ROC (Joel Greenblatt) % Related Terms

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The First Marblehead (The First Marblehead) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Financial Services » Credit Services » The First Marblehead Corp (NYSE:FMD) » Definitions » ROC (Joel Greenblatt) %

Comparable Companies

Traded in Other Exchanges

N/A

Address

Website

http://www.firstmarblehead.com

The First Marblehead Corp was formed as a limited partnership in 1991 and was incorporated in Delaware in August 1994. It is a specialty finance company focused on the education financing marketplace in the United States. It provides loan programs on behalf of its lender clients for K-12, undergraduate and graduate students and for college graduates seeking to refinance private education loan obligations, as well as tuition planning, tuition billing, refund management and payment technology services. It provides a fully integrated suite of services through its Monogram loan product service platform, which it refer to as its Monogram platform, as well as certain services on a stand-alone, fee-for-service basis. These loan programs are designed to be marketed to prospective student borrowers and their families directly or through educational institutions and to generate portfolios which might be held by the originating lender or financed in the capital markets. It offers a fully integrated suite of services, including its new Monogram loan product, as well as certain services on a standalone, fee-for-service basis. In addition, it provides administrative and other services to securitization trusts that it has facilitated and asset servicing to the third-party owner of certain securitization trusts. The Company's bank subsidiary, Union Federal Savings Bank is a federally chartered thrift that offers residential and commercial mortgage loans, and certain other banking products. Through its Monogram product offering, it enables lenders to offer borrowers private education loans with competitive terms and clear pricing alternatives, but which are also structured to align product options made available to qualified applicants with their credit risk. The Monogram product integrates all of its service offerings, including program design, marketing support, loan origination and portfolio management. The product enables its lender clients to customize their loan programs to meet their risk control and return objectives without a third-party guaranty. Specifically, the client could customize the range of loan terms offered to their qualified applicants, such as repayment options, loan limits and borrower pricing. The Monogram product is based on its proprietary origination risk score model, which was independently reviewed by a credit bureau. It helps clients design their private education loan programs. The Company's design approach begins with a standard set of pricing options, legal agreements and third-party relationships that it could then customize for its clients in order to satisfy their particular needs. The Company's systems have been designed to provide applicants with consumer protection disclosures required by law and regulation, as well as information helpful for making informed decisions about private education loans. It operates in a competitive environment.FIRSTMARBLEHEAD, the checkered logo, MONOGRAM, MONTICELLO STUDENT LOA

Executives

William Dean Hansen	director
John Carter Risley	10 percent owner	757 BEDFORD HIGHWAY, BEDFORD A5 B4A3Z7
Peter S Drotch	director
Second Curve Capital Llc	10 percent owner	150 N RADNOR CHESTER ROAD, SUITE F120, RADNOR PA 19087
Thomas K Brown	10 percent owner	C/O SECOND CURVE CAPITAL, LLC, 237 PARK AVENUE, 9TH FLOOR, NEW YORK NY 10017
Cameron Dort A Iii	director
George G Daly	director	C/O STERN SCHOOL OF BUSINESS NYU, 44 WEST 4TH ST SUITE 8-69, NEW YORK NY 10012
William R Berkley	director	165 MASON STREET, GREENWICH CT 06830
Michael Joseph Plunkett	officer: Managing Director	C/O ALPHATEC HOLDINGS, INC., 5818 EL CAMINO REAL, CARLSBAD CA 92008
Ryan Randall Brenneman	officer: Managing Director	C/O EYEGATE PHARMACEUTICALS, INC., 271 WAVERLEY OAKS ROAD, SUITE 108, WALTHAM MA 02452
Henry Cornell	director	1099 18TH STREET, SUITE 2300, DENVER CO 80202
Jack L Kopnisky	director, officer: CEO, President and COO	C/O STERLING NATIONAL BANK, 400 RELLA BOULEVARD, MONTEBELLO NY 10901

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