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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. Money Forward's annualized ROC (Joel Greenblatt) % for the quarter that ended in May. 2026 was 0.00%.
The historical rank and industry rank for Money Forward's ROC (Joel Greenblatt) % or its related term are showing as below:
MNYFF'
s ROC (Joel Greenblatt) % Range Over the Past 10 Years
Min: -930.99 Med: -291.88 Max: 169.99
Current: 169.99
During the past 11 years, Money Forward's highest ROC (Joel Greenblatt) % was 169.99%. The lowest was -930.99%. And the median was -291.88%.
MNYFF's ROC (Joel Greenblatt) % is ranked better than 81.53% of 2810
companies
in the Software industry
Industry Median: 19.94
vs MNYFF: 169.99
Money Forward's 5-Year average Growth Rate of ROC (Joel Greenblatt) % was 0.00% 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.
Money Forward ROC (Joel Greenblatt) % Related Terms
Money Forward ROC (Joel Greenblatt) % Historical Data
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The historical data trend for Money Forward'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.
MNYFF vs UBER, SHOP, CRM: ROC (Joel Greenblatt) % Comparison
For the Software - Application subindustry, Money Forward'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.
Money Forward ROC (Joel Greenblatt) % vs Software Industry
For the Software industry and Technology sector, Money Forward's ROC (Joel Greenblatt) % distribution charts can be found below:
* The bar in red indicates where Money Forward'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 (May. 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 0.00% mean?
Money Forward (MNYFF) has a ROC (Joel Greenblatt) % of 0.00% as of May. 2026. Joel Greenblatt's return on capital is the ratio of EBIT to average fixed assets and net working capital. View historical data on Money Forward and its competitors. According to the industry distribution chart, Money Forward ranks #519 out of 2810 companies in the Software industry, placing it in the top 18.5%.
Is Money Forward's ROC (Joel Greenblatt) % too high?
Money Forward's current ROC (Joel Greenblatt) % is 0.00%. Based on the distribution chart, Money Forward ranks #519 out of 2810 companies in the Software industry, which is in the top quartile — a strong position relative to peers. Overall, Money Forward has a GF Score™ of 61/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Money Forward's ROC (Joel Greenblatt) % compare to UBER and SHOP?
According to the Software industry distribution chart, Money Forward ranks #519 out of 2810 companies for ROC (Joel Greenblatt) %. This places Money Forward in the top 19% of its industry — outperforming the majority of peers. The industry median ROC (Joel Greenblatt) % is 19.94. 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 19.94, based on 2,810 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 Money Forward and its competitors. For the Software industry, the median ROC (Joel Greenblatt) % is 19.94 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Money Forward's current ROC (Joel Greenblatt) % is 0.00%. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Money Forward stock overvalued right now?
Based on GuruFocus' analysis, Money Forward (MNYFF) is currently considered Modestly Undervalued. The stock's GF Value™ is $29.88, compared to a current price of $26.76 — trading 10.4% below its estimated fair value. The current ROC (Joel Greenblatt) % is 0.00%. Money Forward's overall GF Score™ is 61/100 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 Money Forward (MNYFF), the current ROC (Joel Greenblatt) % is 0.00% as of May. 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 Money Forward (MNYFF) Overvalued in 2026?
Based on GuruFocus' analysis, Money Forward stock appears to be undervalued.
The current stock price of $26.76 is trading 10.4% below its estimated GF Value™ of $29.88.
GuruFocus considers Money Forward to be Modestly Undervalued.
Key valuation signals for MNYFF:
ROC (Joel Greenblatt) %: 0.00%
GF Value™: $29.88 vs. price of $26.76 (10.4% below fair value)
No single metric tells the full story. See the MNYFF stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Money Forward Inc provides money-related services for individuals and corporations. Its service portfolio comprises personal financial management services and MF cloud services. Its personal financial management services include economic media that conveys money related themes, automatic savings app and mirai talk channel where customers can resolve their financial concerns together directly with financial planners. Its MF Cloud services comprise cloud accounting software, cloud-based tax return, invoice preparation software, payroll calculation, and cloud-based payment reconciliation.
61GF Score
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