Fusion Co (SSE:3977) ROC (Joel Greenblatt) %: 68.53% (As of Feb. 2026) — 283% Above Median

Author: Vera Yuan Vera Yuan
Vera Yuan
Vera Yuan
Director of Data and Quant Analytics at GuruFocus
Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Reviewed by: Charlie Tian Charlie Tian
Charlie Tian
Charlie Tian
Founder & CEO of GuruFocus
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.

SSE:3977 Fusion Co Ltd SSE:3977
63 GF Score
Price 円500.00
GF Value 円517.18
Valuation Fairly Valued
! 3 Warning Signs
View Full Analysis

What is Fusion Co ROC (Joel Greenblatt) %?

Fusion Co SSE:3977 +0.40% 63 ROC (Joel Greenblatt) % is 68.53% as of Feb. 2026, which is 283% above its 10-year median of 17.90. GuruFocus rates SSE:3977 with a GF Score™ of 63/100 and a GF Value™ of 円517.18 (Fairly Valued). The stock has 3 warning signs investors should review. Among 1,016 Media - Diversified companies, Fusion Co ranks worse than 57.09% 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. Fusion Co's annualized ROC (Joel Greenblatt) % for the quarter that ended in Feb. 2026 was 68.53%.

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

SSE:3977' s ROC (Joel Greenblatt) % Range Over the Past 10 Years
Min: -76.05   Med: 17.9   Max: 57.85
Current: 3.21

During the past 11 years, Fusion Co's highest ROC (Joel Greenblatt) % was 57.85%. The lowest was -76.05%. And the median was 17.90%.

SSE:3977's ROC (Joel Greenblatt) % is ranked worse than
57.09% of 1016 companies
in the Media - Diversified industry
Industry Median: 9.83 vs SSE:3977: 3.21

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


Fusion Co  (SSE:3977) 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.


Fusion Co ROC (Joel Greenblatt) % Related Terms


Fusion Co ROC (Joel Greenblatt) % Historical Data

* Premium members only.

The historical data trend for Fusion 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.

Fusion Co ROC (Joel Greenblatt) % Chart

Fusion Co Annual Data
Trend Feb17 Feb18 Feb19 Feb20 Feb21 Feb22 Feb23 Feb24 Feb25 Feb26
ROC (Joel Greenblatt) %
Get a 7-Day Free Trial Premium Member Only Premium Member Only 26.10 57.85 47.52 -4.88 3.15

Fusion Co Semi-Annual Data
Feb16 Feb17 Aug17 Feb18 Aug18 Feb19 Aug19 Feb20 Aug20 Feb21 Aug21 Feb22 Aug22 Feb23 Aug23 Feb24 Aug24 Feb25 Aug25 Feb26
ROC (Joel Greenblatt) % Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 54.57 6.62 -15.69 -66.17 68.53

SSE:3977 vs APP, OMC, TTD: ROC (Joel Greenblatt) % Comparison

For the Advertising Agencies subindustry, Fusion 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.


Fusion Co ROC (Joel Greenblatt) % vs Media - Diversified Industry

For the Media - Diversified industry and Communication Services sector, Fusion Co's ROC (Joel Greenblatt) % distribution charts can be found below:

* The bar in red indicates where Fusion Co's ROC (Joel Greenblatt) % falls into.


SSE:3977
63GF Score
Fusion Co Ltd SSE:3977
ROC (Joel Greenblatt) % is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Fusion 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: Aug. 2025 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(140.845 + 11.435 + 36.12) - (79.206 + 0 + 61.339)
=47.855

Working Capital(Q: Feb. 2026 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(183.184 + 7.565 + 33.017) - (128.927 + 0 + 17.221)
=77.618

When net working capital is negative, 0 is used.

So ROC (Joel Greenblatt) % of Fusion Co for the quarter that ended in Feb. 2026 can be restated as:

ROC (Joel Greenblatt) %(Q: Feb. 2026 )
=EBIT/Average of (Net fixed Assets + Net Working Capital)
=EBIT/Average of (Property, Plant and Equipment+Net Working Capital)
     Q: Aug. 2025  Q: Feb. 2026
=EBIT/( ( (Property, Plant and Equipment + Net Working Capital) + (Property, Plant and Equipment + Net Working Capital) )/ count )
=95.338/( ( (83.515 + max(47.855, 0)) + (69.268 + max(77.618, 0)) )/ 2 )
=95.338/( ( 131.37 + 146.886 )/ 2 )
=95.338/139.128
=68.53 %

Note: The EBIT data used here is two times the semi-annual (Feb. 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 68.53% mean?
Fusion Co (SSE:3977) has a ROC (Joel Greenblatt) % of 68.53% as of Feb. 2026. Joel Greenblatt's return on capital is the ratio of EBIT to average fixed assets and net working capital. View historical data on Fusion Co and its competitors. This is 283% above median its historical median of 17.90. According to the industry distribution chart, Fusion Co ranks #580 out of 1016 companies in the Media - Diversified industry, placing it in the top 57.1%.
Is Fusion Co's ROC (Joel Greenblatt) % too high?
Fusion Co's current ROC (Joel Greenblatt) % of 68.53% is 283% above median its 10-year median of 17.90. The Media - Diversified industry median ROC (Joel Greenblatt) % is 9.83. Fusion Co's value of 68.53% is 597.2% above this industry median. Based on the distribution chart, Fusion Co ranks #580 out of 1016 companies in the Media - Diversified industry, which is below the industry midpoint. Overall, Fusion Co has a GF Score™ of 63/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Fusion Co's ROC (Joel Greenblatt) % compare to APP and OMC?
According to the Media - Diversified industry distribution chart, Fusion Co ranks #580 out of 1016 companies for ROC (Joel Greenblatt) %. This places Fusion Co in the lower half of its industry. The industry median ROC (Joel Greenblatt) % is 9.83. Fusion Co's value of 68.53% is 597.2% above this benchmark. While the company's 10-year median is 17.90 vs. the industry median of 9.83, Fusion 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 a Media - Diversified company?
The median ROC (Joel Greenblatt) % among Media - Diversified companies is 9.83, based on 1,016 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. Fusion Co's current ROC (Joel Greenblatt) % of 68.53% is 597.2% 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 Fusion Co and its competitors. For the Media - Diversified industry, the median ROC (Joel Greenblatt) % is 9.83 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Fusion Co's current ROC (Joel Greenblatt) % is 68.53%, which is 283% above median its own 10-year median of 17.90. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Fusion Co stock overvalued right now?
Based on GuruFocus' analysis, Fusion Co (SSE:3977) is currently considered Fairly Valued. The stock's GF Value™ is 円517.18, compared to a current price of 円500.00 — trading 3.3% below its estimated fair value. The current ROC (Joel Greenblatt) % is 68.53%, which is 283% above median its 10-year median of 17.90 and 597.2% above the Media - Diversified industry median of 9.83. Fusion Co's overall GF Score™ is 63/100 with 3 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 Fusion Co (SSE:3977), the current ROC (Joel Greenblatt) % is 68.53% as of Feb. 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 Fusion Co (SSE:3977) Overvalued in 2026?

Based on GuruFocus' analysis, Fusion Co stock appears to be undervalued. The current stock price of 円500.00 is trading 3.3% below its estimated GF Value™ of 円517.18. GuruFocus considers Fusion Co to be Fairly Valued.

Key valuation signals for SSE:3977:

  • ROC (Joel Greenblatt) %: 68.53% (283% above median its 10-year median of 17.90)
  • GF Value™: 円517.18 vs. price of 円500.00 (3.3% below fair value)
  • GF Score™: 63/100 with 3 warning signs
  • Industry Position: 597.2% above the Media - Diversified median (#580 of 1016)

No single metric tells the full story. See the SSE:3977 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.


Fusion Co Business Description

Address Kita 4-chome Nishi 4-chome 1, 4th Floor, Ito Building, Chuo Ward, Sapporo, JPN, 060-0004
Fusion Co Ltd is a direct marketing company. It provides systematic planning, production, and consultation of various promotions. Its total solution of marketing consists of three services: marketing research, marketing system, and direct promotion.
63GF Score

Get the complete analysis for SSE:3977

ROC (Joel Greenblatt) % is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

円500.00
Price
円517.18
GF Value