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. Integrated Research's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2025 was -27.44%.
The historical rank and industry rank for Integrated Research's ROC (Joel Greenblatt) % or its related term are showing as below:
IREHF'
s ROC (Joel Greenblatt) % Range Over the Past 10 Years
Min: -54.09 Med: 118.7 Max: 1143.33
Current: 32.54
During the past 13 years, Integrated Research's highest ROC (Joel Greenblatt) % was 1143.33%. The lowest was -54.09%. And the median was 118.70%.
IREHF's ROC (Joel Greenblatt) % is ranked better than 55.09% of 2799
companies
in the Software industry
Industry Median: 19.63
vs IREHF: 32.54
Integrated Research's 5-Year average Growth Rate of ROC (Joel Greenblatt) % was 0.00% per year.
Integrated Research (OTCPK:IREHF) 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.
Integrated Research ROC (Joel Greenblatt) % Related Terms
Integrated Research ROC (Joel Greenblatt) % Historical Data
* Premium members only.
The historical data trend for Integrated Research'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.
IREHF vs UBER, SHOP, CRM: ROC (Joel Greenblatt) % Comparison
For the Software - Application subindustry, Integrated Research'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.
Integrated Research ROC (Joel Greenblatt) % vs Software Industry
For the Software industry and Technology sector, Integrated Research's ROC (Joel Greenblatt) % distribution charts can be found below:
* The bar in red indicates where Integrated Research's ROC (Joel Greenblatt) % falls into.
Integrated Research 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 two times the semi-annual (Dec. 2025) 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 -27.44% mean?
Integrated Research (IREHF) has a ROC (Joel Greenblatt) % of -27.44% as of Dec. 2025. Joel Greenblatt's return on capital is the ratio of EBIT to average fixed assets and net working capital. View historical data on Integrated Research and its competitors. According to the industry distribution chart, Integrated Research ranks #1257 out of 2799 companies in the Software industry, placing it in the top 44.9%.
Is Integrated Research's ROC (Joel Greenblatt) % too high?
Integrated Research's current ROC (Joel Greenblatt) % is -27.44%. Based on the distribution chart, Integrated Research ranks #1257 out of 2799 companies in the Software industry, which is above the industry midpoint. Overall, Integrated Research has a GF Score™ of 53/100, reflecting its overall financial health beyond just this single metric.
How does Integrated Research's ROC (Joel Greenblatt) % compare to UBER and SHOP?
According to the Software industry distribution chart, Integrated Research ranks #1257 out of 2799 companies for ROC (Joel Greenblatt) %. This puts Integrated Research in the upper half of its industry. The industry median ROC (Joel Greenblatt) % is 19.63. 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 19.63, based on 2,799 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. 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 Integrated Research and its competitors. For the Software industry, the median ROC (Joel Greenblatt) % is 19.63 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Integrated Research's current ROC (Joel Greenblatt) % is -27.44%. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Integrated Research stock overvalued right now?
Integrated Research (IREHF) has a current ROC (Joel Greenblatt) % of -27.44%. The stock's GF Value™ is $0.22, compared to a current price of $0.18 — trading 18.2% below its estimated fair value. The current ROC (Joel Greenblatt) % is -27.44%. Integrated Research's overall GF Score™ is 53/100 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 Integrated Research (IREHF), the current ROC (Joel Greenblatt) % is -27.44% as of Dec. 2025. 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 Integrated Research (IREHF) Overvalued in 2026?
Based on GuruFocus' analysis, Integrated Research stock appears to be undervalued.
The current stock price of $0.18 is trading 18.2% below its estimated GF Value™ of $0.22.
Key valuation signals for IREHF:
ROC (Joel Greenblatt) %: -27.44%
GF Value™: $0.22 vs. price of $0.18 (18.2% below fair value)
No single metric tells the full story. See the IREHF stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Integrated Research Ltd is engaged in the design, development, implementation, and sale of systems and applications management computer software for business-critical computing, Unified Communication networks, and Payment networks. Its Prognosis platform is an integrated suite of monitoring and management software, designed to give its clients, an operational insight into and optimize the operation of their HP NonStop, distributed system servers, Unified Communications (UC), Payment environments, and the business applications that run on these platforms. The company's geographic segments include Asia Pacific, Americas, and Europe. It generates revenue from licence fees, maintenance fees, subscription fees, testing solution services, and professional services.
53GF Score
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