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Ushine PhotonicsROCO:3678 -4.76%75 ROC (Joel Greenblatt) % is 29.42% as of Dec. 2025, which is 492% above its 10-year median of 4.97. GuruFocus rates ROCO:3678 with a GF Score™ of 75/100 and a GF Value™ of NT$57.44 (Modestly Undervalued). The stock has 2 warning signs investors should review. Among 1,606 Chemicals companies, Ushine Photonics ranks better than 76.59% 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. Ushine Photonics's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2025 was 29.42%.
The historical rank and industry rank for Ushine Photonics's ROC (Joel Greenblatt) % or its related term are showing as below:
ROCO:3678'
s ROC (Joel Greenblatt) % Range Over the Past 10 Years
Min: -2.65 Med: 4.97 Max: 49.9
Current: 21.09
During the past 13 years, Ushine Photonics's highest ROC (Joel Greenblatt) % was 49.90%. The lowest was -2.65%. And the median was 4.97%.
ROCO:3678's ROC (Joel Greenblatt) % is ranked better than 76.59% of 1606
companies
in the Chemicals industry
Industry Median: 9.755
vs ROCO:3678: 21.09
Ushine Photonics's 5-Year average Growth Rate of ROC (Joel Greenblatt) % was 47.70% 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.
Ushine Photonics ROC (Joel Greenblatt) % Related Terms
Ushine Photonics ROC (Joel Greenblatt) % Historical Data
* Premium members only.
The historical data trend for Ushine Photonics'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.
ROCO:3678 vs DOW: ROC (Joel Greenblatt) % Comparison
For the Chemicals subindustry, Ushine Photonics'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.
Ushine Photonics ROC (Joel Greenblatt) % vs Chemicals Industry
For the Chemicals industry and Basic Materials sector, Ushine Photonics's ROC (Joel Greenblatt) % distribution charts can be found below:
* The bar in red indicates where Ushine Photonics'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 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 29.42% mean?
Ushine Photonics (ROCO:3678) has a ROC (Joel Greenblatt) % of 29.42% 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 Ushine Photonics and its competitors. This is 492% above median its historical median of 4.97. According to the industry distribution chart, Ushine Photonics ranks #376 out of 1606 companies in the Chemicals industry, placing it in the top 23.4%.
Is Ushine Photonics' ROC (Joel Greenblatt) % too high?
Ushine Photonics' current ROC (Joel Greenblatt) % of 29.42% is 492% above median its 10-year median of 4.97. The Chemicals industry median ROC (Joel Greenblatt) % is 9.76. Ushine Photonics' value of 29.42% is 201.6% above this industry median. Based on the distribution chart, Ushine Photonics ranks #376 out of 1606 companies in the Chemicals industry, which is in the top quartile — a strong position relative to peers. Overall, Ushine Photonics has a GF Score™ of 75/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Ushine Photonics' ROC (Joel Greenblatt) % compare to DOW?
According to the Chemicals industry distribution chart, Ushine Photonics ranks #376 out of 1606 companies for ROC (Joel Greenblatt) %. This places Ushine Photonics in the top 23% of its industry — outperforming the majority of peers. The industry median ROC (Joel Greenblatt) % is 9.76. Ushine Photonics' value of 29.42% is 201.6% above this benchmark. While the company's 10-year median is 4.97 vs. the industry median of 9.76, Ushine Photonics 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 Chemicals company?
The median ROC (Joel Greenblatt) % among Chemicals companies is 9.76, based on 1,606 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. Ushine Photonics's current ROC (Joel Greenblatt) % of 29.42% is 201.6% 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 Ushine Photonics and its competitors. For the Chemicals industry, the median ROC (Joel Greenblatt) % is 9.76 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Ushine Photonics's current ROC (Joel Greenblatt) % is 29.42%, which is 492% above median its own 10-year median of 4.97. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Ushine Photonics stock overvalued right now?
Based on GuruFocus' analysis, Ushine Photonics (ROCO:3678) is currently considered Modestly Undervalued. The stock's GF Value™ is NT$57.44, compared to a current price of NT$50.00 — trading 13% below its estimated fair value. The current ROC (Joel Greenblatt) % is 29.42%, which is 492% above median its 10-year median of 4.97 and 201.6% above the Chemicals industry median of 9.76. Ushine Photonics' overall GF Score™ is 75/100 with 2 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 Ushine Photonics (ROCO:3678), the current ROC (Joel Greenblatt) % is 29.42% 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 Ushine Photonics (ROCO:3678) Overvalued in 2026?
Based on GuruFocus' analysis, Ushine Photonics stock appears to be undervalued.
The current stock price of NT$50.00 is trading 13% below its estimated GF Value™ of NT$57.44.
GuruFocus considers Ushine Photonics to be Modestly Undervalued.
Key valuation signals for ROCO:3678:
ROC (Joel Greenblatt) %: 29.42% (492% above median its 10-year median of 4.97)
GF Value™: NT$57.44 vs. price of NT$50.00 (13% below fair value)
Industry Position: 201.6% above the Chemicals median (#376 of 1606)
No single metric tells the full story. See the ROCO:3678 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Ushine Photonics Corp produces indium tin oxide film products for the touch panel and display industries. Its products include ITO-films for resistive touch panels, Low resistivity TCO-films, Optical Clear Adhesives, and Anti-static protective film. It is specialized in material analysis, roll-to-roll vacuum coater design, and reactive sputtering process.
75GF Score
Get the complete analysis for ROCO:3678
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