Thai BeverageTBVPF 60 ROC (Joel Greenblatt) % is 36.45% as of Mar. 2026, which is 16% below its 10-year median of 43.20. GuruFocus rates TBVPF with a GF Score™ of 60/100 and a GF Value™ of $0.40 (Modestly Undervalued). The stock has 3 warning signs investors should review. Among 212 Beverages - Alcoholic companies, Thai Beverage ranks better than 78.77% 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. Thai Beverage's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 was 36.45%.
The historical rank and industry rank for Thai Beverage's ROC (Joel Greenblatt) % or its related term are showing as below:
TBVPF'
s ROC (Joel Greenblatt) % Range Over the Past 10 Years
Min: 32.84 Med: 43.2 Max: 54.62
Current: 32.84
During the past 13 years, Thai Beverage's highest ROC (Joel Greenblatt) % was 54.62%. The lowest was 32.84%. And the median was 43.20%.
TBVPF's ROC (Joel Greenblatt) % is ranked better than 78.77% of 212
companies
in the Beverages - Alcoholic industry
Industry Median: 11.825
vs TBVPF: 32.84
Thai Beverage's 5-Year average Growth Rate of ROC (Joel Greenblatt) % was -5.40% 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.
Thai Beverage ROC (Joel Greenblatt) % Related Terms
Thai Beverage ROC (Joel Greenblatt) % Historical Data
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The historical data trend for Thai Beverage'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.
For the Beverages - Wineries & Distilleries subindustry, Thai Beverage'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.
Thai Beverage ROC (Joel Greenblatt) % vs Beverages - Alcoholic Industry
For the Beverages - Alcoholic industry and Consumer Defensive sector, Thai Beverage's ROC (Joel Greenblatt) % distribution charts can be found below:
* The bar in red indicates where Thai Beverage'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 (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 36.45% mean?
Thai Beverage (TBVPF) has a ROC (Joel Greenblatt) % of 36.45% 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 Thai Beverage and its competitors. This is 16% below median its historical median of 43.20. Over the past decade, Thai Beverage's ROC (Joel Greenblatt) % has ranged from 32.84 to 54.62. According to the industry distribution chart, Thai Beverage ranks #45 out of 212 companies in the Beverages - Alcoholic industry, placing it in the top 21.2%.
Is Thai Beverage's ROC (Joel Greenblatt) % too high?
Thai Beverage's current ROC (Joel Greenblatt) % of 36.45% is 16% below median its 10-year median of 43.20. Over the past 10 years, this metric has ranged from a low of 32.84 to a high of 54.62. The Beverages - Alcoholic industry median ROC (Joel Greenblatt) % is 11.83. Thai Beverage's value of 36.45% is 208.2% above this industry median. Based on the distribution chart, Thai Beverage ranks #45 out of 212 companies in the Beverages - Alcoholic industry, which is in the top quartile — a strong position relative to peers. Overall, Thai Beverage has a GF Score™ of 60/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Thai Beverage's ROC (Joel Greenblatt) % compare to BF.B?
According to the Beverages - Alcoholic industry distribution chart, Thai Beverage ranks #45 out of 212 companies for ROC (Joel Greenblatt) %. This places Thai Beverage in the top 21% of its industry — outperforming the majority of peers. The industry median ROC (Joel Greenblatt) % is 11.83. Thai Beverage's value of 36.45% is 208.2% above this benchmark. Historically, Thai Beverage's own ROC (Joel Greenblatt) % has ranged from 32.84 to 54.62 over the past decade. While the company's 10-year median is 43.20 vs. the industry median of 11.83, Thai Beverage 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 Beverages - Alcoholic company?
The median ROC (Joel Greenblatt) % among Beverages - Alcoholic companies is 11.83, based on 212 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. Thai Beverage's current ROC (Joel Greenblatt) % of 36.45% is 208.2% 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 Thai Beverage and its competitors. For the Beverages - Alcoholic industry, the median ROC (Joel Greenblatt) % is 11.83 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Thai Beverage's current ROC (Joel Greenblatt) % is 36.45%, which is 16% below median its own 10-year median of 43.20. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Thai Beverage stock overvalued right now?
Based on GuruFocus' analysis, Thai Beverage (TBVPF) is currently considered Modestly Undervalued. The stock's GF Value™ is $0.40, compared to a current price of $0.34 — trading 16.1% below its estimated fair value. The current ROC (Joel Greenblatt) % is 36.45%, which is 16% below median its 10-year median of 43.20 and 208.2% above the Beverages - Alcoholic industry median of 11.83. Thai Beverage's overall GF Score™ is 60/100 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 Thai Beverage (TBVPF), the current ROC (Joel Greenblatt) % is 36.45% 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 Thai Beverage (TBVPF) Overvalued in 2026?
Based on GuruFocus' analysis, Thai Beverage stock appears to be undervalued.
The current stock price of $0.34 is trading 16.1% below its estimated GF Value™ of $0.40.
GuruFocus considers Thai Beverage to be Modestly Undervalued.
Key valuation signals for TBVPF:
ROC (Joel Greenblatt) %: 36.45% (16% below median its 10-year median of 43.20)
GF Value™: $0.40 vs. price of $0.34 (16.1% below fair value)
Industry Position: 208.2% above the Beverages - Alcoholic median (#45 of 212)
No single metric tells the full story. See the TBVPF stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Thai Beverage PLC is a Thailand-based company engaged in producing and distributing alcoholic and non-alcoholic beverages and food. The company's operating segments include Spirits; production and sales of branded spirits products and soda. Beer: production and sales of raw materials, branded beer products, Chang soda and Chang water. Non-alcoholic beverages: production and sales of branded water, ready-to-drink coffee, energy drink, green tea, fruit flavored drinks and dairy products. Food: restaurants and distribution of food and beverages; and Others: publishing and printing. Key revenue is generated from Beer. It operates in Thailand, which generates the majority of revenue, Vietnam, Malaysia, Myanmar, Singapore and others.
60GF Score
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