Providence & Worcester Railroad Co (Providence & Worcester Railroad Co) ROC (Joel Greenblatt) % : 1.20% (As of Jun. 2016)

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What is Providence & Worcester Railroad Co 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. Providence & Worcester Railroad Co's annualized ROC (Joel Greenblatt) % for the quarter that ended in Jun. 2016 was 1.20%.

The historical rank and industry rank for Providence & Worcester Railroad Co's ROC (Joel Greenblatt) % or its related term are showing as below:

PWX's ROC (Joel Greenblatt) % is not ranked ^*
in the Transportation industry.
Industry Median: 12.64
* Ranked among companies with meaningful ROC (Joel Greenblatt) % only.

Providence & Worcester Railroad Co's 5-Year average Growth Rate of ROC (Joel Greenblatt) % was 0.00% per year.

Providence & Worcester Railroad Co ROC (Joel Greenblatt) % Historical Data

The historical data trend for Providence & Worcester Railroad 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.

* Premium members only.

Providence & Worcester Railroad Co ROC (Joel Greenblatt) % Chart

Providence & Worcester Railroad Co Annual Data

Trend

Dec06

Dec07

Dec08

Dec09

Dec10

Dec11

Dec12

Dec13

Dec14

Dec15

ROC (Joel Greenblatt) %

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1.90

5.34

1.83

3.37

3.02

Providence & Worcester Railroad Co Quarterly Data
	Sep11	Dec11	Mar12	Jun12	Sep12	Dec12	Mar13	Jun13	Sep13	Dec13	Mar14	Jun14	Sep14	Dec14	Mar15	Jun15	Sep15	Dec15	Mar16	Jun16
ROC (Joel Greenblatt) %	Get a 7-Day Free Trial															4.92	2.95	9.71	-6.89	1.20

Competitive Comparison of Providence & Worcester Railroad Co's ROC (Joel Greenblatt) %

For the Railroads subindustry, Providence & Worcester Railroad 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.

Providence & Worcester Railroad Co's ROC (Joel Greenblatt) % Distribution in the Transportation Industry

For the Transportation industry and Industrials sector, Providence & Worcester Railroad Co's ROC (Joel Greenblatt) % distribution charts can be found below:

* The bar in red indicates where Providence & Worcester Railroad Co's ROC (Joel Greenblatt) % falls into.

Providence & Worcester Railroad 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:

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: Mar. 2016 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(4.167	+	0.942	+	0.303)	-	(5.334	+	0.447	+	8.8817841970013E-16)
=	-0.369

	Working Capital		(Q: Jun. 2016 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(5.466	+	1.208	+	0.146)	-	(7.848	+	0.433	+	0)
=	-1.461

When net working capital is negative, 0 is used.

So ROC (Joel Greenblatt) % of Providence & Worcester Railroad Co for the quarter that ended in Jun. 2016 can be restated as:

	ROC (Joel Greenblatt) %		(Q: Jun. 2016 )
=	EBIT	/	Average of (Net fixed Assets	+	Net Working Capital)
=	EBIT	/	Average of (Property, Plant and Equipment	+	Net Working Capital)
			Q: Mar. 2016		Q: Jun. 2016
=	EBIT	/	( ( (Property, Plant and Equipment + Net Working Capital)	+	(Property, Plant and Equipment + Net Working Capital) )	/	count )
=	1.08	/	( ( (88.508 + max(-0.369, 0))	+	(91.328 + max(-1.461, 0)) )	/	2 )
=	1.08	/	( ( 88.508	+	91.328 )	/	2 )
=	1.08	/	89.918
=	1.20 %

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

Providence & Worcester Railroad Co (NAS:PWX) 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.

Providence & Worcester Railroad Co ROC (Joel Greenblatt) % Related Terms

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Providence & Worcester Railroad Co (Providence & Worcester Railroad Co) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Transportation » Providence & Worcester Railroad Co (NAS:PWX) » Definitions » ROC (Joel Greenblatt) %

Comparable Companies

Traded in Other Exchanges

N/A

Address

Website

http://www.pwrr.com

Providence & Worcester Railroad Co commenced its operations in 1973. The Company is a short-line freight railroad as defined by the American Association of Railroads operating in Massachusetts, Rhode Island, Connecticut and New York. The Company is the only interstate freight carrier serving the State of Rhode Island. The Company services the international double-stack intermodal terminal facility in New England in Worcester, Massachusetts, a strategic location for regional transportation and distribution enterprises. The Company transports commodities for its customers, including automobiles, construction aggregates, iron and steel products, chemicals and plastics, lumber, scrap metals, plastic resins, cement, coal, construction and demolition debris, and processed foods and edible foodstuffs, such as corn syrup and vegetable oils. Its customers include Exxon Mobil Corporation, Ford Motor Company, Frito-Lay, Inc., Global LLP, GDF SUEZ Energy North America, International Paper Company, Lehigh Cement, Cargill, Inc., Northeast Utilities, Nucor Steel, Rawson Materials, Renewable Products Marketing Group, Subaru of New England, Tilcon Connecticut, Inc. and Toray Plastics, Inc. The Company competes with other carriers in the siting of new rail-oriented businesses in the region. The Company also competes with other modes of transportation, particularly long-haul trucking companies, for the transportation of commodities, and ocean-going vessels for the transportation of containers. The Company is subject to governmental regulation by the STB, the FRA, the Transportation Security Administration and other federal, state and local regulatory authorities with respect to certain rates and railroad operations, as well as a variety of health, safety, labor, environmental and other matters.

Executives

Daniel T Noreck	officer: Treasurer and CFO	75 HAMMOND STREET, WORCESTER MA 01610
P Scott Conti	director, officer: President and COO	75 HAMMOND STREET, WORCESTER MA 01610
Robert H Eder	director, 10 percent owner, officer: Chief Executive Officer	5 STEEPLE STREET, #303, PROVIDENCE RI 02903
Linda Eder	10 percent owner	100 DEXTER ROAD, EAST PROVIDENCE RI 02914
Craig M Scott	director	75 HAMMOND STREET, WORCESTER MA 01610
Stephen J Carlotti	10 percent owner	1500 FLEET CENTER, PROVIDENCE RI 02903
Merrill W Sherman	director	131 CLARENDON STREET, BOSTON MA 02116

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