Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.
KeyenceFRA:KEE -2.24%100 ROC (Joel Greenblatt) % is 180.41% as of Mar. 2026, which is 4% below its 10-year median of 187.40. GuruFocus rates FRA:KEE with a GF Score™ of 100/100 and a GF Value™ of €421.87 (Fairly Valued). The stock has 4 warning signs investors should review. Among 2,494 Hardware companies, Keyence ranks better than 97.19% 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. Keyence's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 was 180.41%.
The historical rank and industry rank for Keyence's ROC (Joel Greenblatt) % or its related term are showing as below:
FRA:KEE'
s ROC (Joel Greenblatt) % Range Over the Past 10 Years
Min: 153.91 Med: 187.4 Max: 263.3
Current: 162.62
During the past 13 years, Keyence's highest ROC (Joel Greenblatt) % was 263.30%. The lowest was 153.91%. And the median was 187.40%.
FRA:KEE's ROC (Joel Greenblatt) % is ranked better than 97.19% of 2494
companies
in the Hardware industry
Industry Median: 10.42
vs FRA:KEE: 162.62
Keyence's 5-Year average Growth Rate of ROC (Joel Greenblatt) % was -4.30% 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.
The historical data trend for Keyence'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.
FRA:KEE vs COHR, KEYS, GRMN: ROC (Joel Greenblatt) % Comparison
For the Scientific & Technical Instruments subindustry, Keyence'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.
Keyence ROC (Joel Greenblatt) % vs Hardware Industry
For the Hardware industry and Technology sector, Keyence's ROC (Joel Greenblatt) % distribution charts can be found below:
* The bar in red indicates where Keyence'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 180.41% mean?
Keyence (FRA:KEE) has a ROC (Joel Greenblatt) % of 180.41% 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 Keyence and its competitors. This is near median its historical median of 187.40. Over the past decade, Keyence's ROC (Joel Greenblatt) % has ranged from 153.91 to 263.30. According to the industry distribution chart, Keyence ranks #70 out of 2494 companies in the Hardware industry, placing it in the top 2.8%.
Is Keyence's ROC (Joel Greenblatt) % too high?
Keyence's current ROC (Joel Greenblatt) % of 180.41% is near median its 10-year median of 187.40. Over the past 10 years, this metric has ranged from a low of 153.91 to a high of 263.30. The Hardware industry median ROC (Joel Greenblatt) % is 10.42. Keyence's value of 180.41% is 1631.4% above this industry median. Based on the distribution chart, Keyence ranks #70 out of 2494 companies in the Hardware industry, which is in the top quartile — a strong position relative to peers. Overall, Keyence has a GF Score™ of 100/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Keyence's ROC (Joel Greenblatt) % compare to COHR and KEYS?
According to the Hardware industry distribution chart, Keyence ranks #70 out of 2494 companies for ROC (Joel Greenblatt) %. This places Keyence in the top 3% of its industry — outperforming the majority of peers. The industry median ROC (Joel Greenblatt) % is 10.42. Keyence's value of 180.41% is 1631.4% above this benchmark. Historically, Keyence's own ROC (Joel Greenblatt) % has ranged from 153.91 to 263.30 over the past decade. While the company's 10-year median is 187.40 vs. the industry median of 10.42, Keyence 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 Hardware company?
The median ROC (Joel Greenblatt) % among Hardware companies is 10.42, based on 2,494 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. Keyence's current ROC (Joel Greenblatt) % of 180.41% is 1631.4% 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 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 Keyence and its competitors. For the Hardware industry, the median ROC (Joel Greenblatt) % is 10.42 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Keyence's current ROC (Joel Greenblatt) % is 180.41%, which is near median its own 10-year median of 187.40. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Keyence stock overvalued right now?
Based on GuruFocus' analysis, Keyence (FRA:KEE) is currently considered Fairly Valued. The stock's GF Value™ is €421.87, compared to a current price of €387.90 — trading 8.1% below its estimated fair value. The current ROC (Joel Greenblatt) % is 180.41%, which is near median its 10-year median of 187.40 and 1631.4% above the Hardware industry median of 10.42. Keyence's overall GF Score™ is 100/100 with 4 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 Keyence (FRA:KEE), the current ROC (Joel Greenblatt) % is 180.41% 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 Keyence (FRA:KEE) Overvalued in 2026?
Based on GuruFocus' analysis, Keyence stock appears to be undervalued.
The current stock price of €387.90 is trading 8.1% below its estimated GF Value™ of €421.87.
GuruFocus considers Keyence to be Fairly Valued.
Key valuation signals for FRA:KEE:
ROC (Joel Greenblatt) %: 180.41% (near median its 10-year median of 187.40)
GF Value™: €421.87 vs. price of €387.90 (8.1% below fair value)
Industry Position: 1631.4% above the Hardware median (#70 of 2494)
No single metric tells the full story. See the FRA:KEE stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Keyence Corporation, founded in May 1974 by Takemitsu Takizaki and headquartered in Osaka, Japan, began as Lead Electric Co., Ltd. before rebranding to Keyence (derived from "KEY of sciENCE") in 1986. As a global leader in industrial automation, the company designs and manufactures a comprehensive range of high-precision products, including sensors (photoelectric, laser, proximity), machine vision systems, measurement instruments (laser displacement sensors, 3D scanners), control systems (PLCs, HMIs), laser markers, digital microscopes, and safety equipment.
100GF Score
Get the complete analysis for FRA:KEE
ROC (Joel Greenblatt) % is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
FRA:KEE has been successfully added to your 
