Manila Electric CoPHS:MER -0.35%93 ROC (Joel Greenblatt) % is 15.68% as of Mar. 2026, which is 28% below its 10-year median of 21.91. GuruFocus rates PHS:MER with a GF Score™ of 93/100 and a GF Value™ of ₱528.39 (Fairly Valued). The stock has 6 warning signs investors should review. Among 507 Utilities - Regulated companies, Manila Electric Co ranks better than 72.39% 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. Manila Electric Co's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 was 15.68%.
The historical rank and industry rank for Manila Electric Co's ROC (Joel Greenblatt) % or its related term are showing as below:
PHS:MER'
s ROC (Joel Greenblatt) % Range Over the Past 10 Years
Min: 15.21 Med: 21.91 Max: 23.37
Current: 20.61
During the past 13 years, Manila Electric Co's highest ROC (Joel Greenblatt) % was 23.37%. The lowest was 15.21%. And the median was 21.91%.
PHS:MER's ROC (Joel Greenblatt) % is ranked better than 72.39% of 507
companies
in the Utilities - Regulated industry
Industry Median: 10.71
vs PHS:MER: 20.61
Manila Electric Co's 5-Year average Growth Rate of ROC (Joel Greenblatt) % was 7.30% per year.
Manila Electric Co (PHS:MER) 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.
Manila Electric Co ROC (Joel Greenblatt) % Related Terms
Manila Electric Co ROC (Joel Greenblatt) % Historical Data
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The historical data trend for Manila Electric Co'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.
PHS:MER vs NEE, SO, DUK: ROC (Joel Greenblatt) % Comparison
For the Utilities - Regulated Electric subindustry, Manila Electric Co'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.
Manila Electric Co ROC (Joel Greenblatt) % vs Utilities - Regulated Industry
For the Utilities - Regulated industry and Utilities sector, Manila Electric Co's ROC (Joel Greenblatt) % distribution charts can be found below:
* The bar in red indicates where Manila Electric Co's ROC (Joel Greenblatt) % falls into.
Manila Electric Co 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 15.68% mean?
Manila Electric Co (PHS:MER) has a ROC (Joel Greenblatt) % of 15.68% 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 Manila Electric Co and its competitors. This is 28% below median its historical median of 21.91. Over the past decade, Manila Electric Co's ROC (Joel Greenblatt) % has ranged from 15.21 to 23.37. According to the industry distribution chart, Manila Electric Co ranks #140 out of 507 companies in the Utilities - Regulated industry, placing it in the top 27.6%.
Is Manila Electric Co's ROC (Joel Greenblatt) % too high?
Manila Electric Co's current ROC (Joel Greenblatt) % of 15.68% is 28% below median its 10-year median of 21.91. Over the past 10 years, this metric has ranged from a low of 15.21 to a high of 23.37. The Utilities - Regulated industry median ROC (Joel Greenblatt) % is 10.71. Manila Electric Co's value of 15.68% is 46.4% above this industry median. Based on the distribution chart, Manila Electric Co ranks #140 out of 507 companies in the Utilities - Regulated industry, which is above the industry midpoint. Overall, Manila Electric Co has a GF Score™ of 93/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Manila Electric Co's ROC (Joel Greenblatt) % compare to NEE and SO?
According to the Utilities - Regulated industry distribution chart, Manila Electric Co ranks #140 out of 507 companies for ROC (Joel Greenblatt) %. This puts Manila Electric Co in the upper half of its industry. The industry median ROC (Joel Greenblatt) % is 10.71. Manila Electric Co's value of 15.68% is 46.4% above this benchmark. Historically, Manila Electric Co's own ROC (Joel Greenblatt) % has ranged from 15.21 to 23.37 over the past decade. While the company's 10-year median is 21.91 vs. the industry median of 10.71, Manila Electric Co 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 - Regulated company?
The median ROC (Joel Greenblatt) % among Utilities - Regulated companies is 10.71, based on 507 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. Manila Electric Co's current ROC (Joel Greenblatt) % of 15.68% is 46.4% 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 Manila Electric Co and its competitors. For the Utilities - Regulated industry, the median ROC (Joel Greenblatt) % is 10.71 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Manila Electric Co's current ROC (Joel Greenblatt) % is 15.68%, which is 28% below median its own 10-year median of 21.91. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Manila Electric Co stock overvalued right now?
Based on GuruFocus' analysis, Manila Electric Co (PHS:MER) is currently considered Fairly Valued. The stock's GF Value™ is ₱528.39, compared to a current price of ₱574.00 — trading 8.6% above its estimated fair value. The current ROC (Joel Greenblatt) % is 15.68%, which is 28% below median its 10-year median of 21.91 and 46.4% above the Utilities - Regulated industry median of 10.71. Manila Electric Co's overall GF Score™ is 93/100 with 6 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 Manila Electric Co (PHS:MER), the current ROC (Joel Greenblatt) % is 15.68% 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 Manila Electric Co (PHS:MER) Overvalued in 2026?
Based on GuruFocus' analysis, Manila Electric Co stock appears to be overvalued.
The current stock price of ₱574.00 is trading 8.6% above its estimated GF Value™ of ₱528.39.
GuruFocus considers Manila Electric Co to be Fairly Valued.
Key valuation signals for PHS:MER:
ROC (Joel Greenblatt) %: 15.68% (28% below median its 10-year median of 21.91)
GF Value™: ₱528.39 vs. price of ₱574.00 (8.6% above fair value)
Industry Position: 46.4% above the Utilities - Regulated median (#140 of 507)
No single metric tells the full story. See the PHS:MER stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Manila Electric Co is an electric utility company operating in the Philippines. Along with its subsidiaries, it is mainly engaged in the distribution and sale of electric energy through the distribution network facilities in its franchise area. The company's market is categorized into four classes, namely, residential, commercial, industrial, and streetlights. Additionally, it is involved in certain unregulated activities, which consist of power generation; retail electricity supply (RES); energy infrastructure, payment fulfilment, bills collection, after-the-meter and energy management, telecommunications services, insurance and re-insurance, and other businesses. The group's reportable segments are: Power and Other Services. The majority of its revenue is derived from the Power segment.
93GF Score
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