Tongcheng Travel HoldingsTNGCF 86 ROC (Joel Greenblatt) % is 89.25% as of Mar. 2026, which is 28% above its 10-year median of 69.75. GuruFocus rates TNGCF with a GF Scoreâ„¢ of 86/100 and a GF Valueâ„¢ of $5.66. The stock has 3 warning signs investors should review. Among 843 Travel & Leisure companies, Tongcheng Travel Holdings ranks better than 88.02% 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. Tongcheng Travel Holdings's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 was 89.25%.
The historical rank and industry rank for Tongcheng Travel Holdings's ROC (Joel Greenblatt) % or its related term are showing as below:
TNGCF'
s ROC (Joel Greenblatt) % Range Over the Past 10 Years
Min: -2043.77 Med: 69.75 Max: 86.23
Current: 77.33
During the past 11 years, Tongcheng Travel Holdings's highest ROC (Joel Greenblatt) % was 86.23%. The lowest was -2043.77%. And the median was 69.75%.
TNGCF's ROC (Joel Greenblatt) % is ranked better than 88.02% of 843
companies
in the Travel & Leisure industry
Industry Median: 10.04
vs TNGCF: 77.33
Tongcheng Travel Holdings's 5-Year average Growth Rate of ROC (Joel Greenblatt) % was 0.00% 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.
Tongcheng Travel Holdings ROC (Joel Greenblatt) % Related Terms
Tongcheng Travel Holdings ROC (Joel Greenblatt) % Historical Data
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The historical data trend for Tongcheng Travel Holdings'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.
TNGCF vs BKNG, ABNB, RCL: ROC (Joel Greenblatt) % Comparison
For the Travel Services subindustry, Tongcheng Travel Holdings'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.
Tongcheng Travel Holdings ROC (Joel Greenblatt) % vs Travel & Leisure Industry
For the Travel & Leisure industry and Consumer Cyclical sector, Tongcheng Travel Holdings's ROC (Joel Greenblatt) % distribution charts can be found below:
* The bar in red indicates where Tongcheng Travel Holdings'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 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 89.25% mean?
Tongcheng Travel Holdings (TNGCF) has a ROC (Joel Greenblatt) % of 89.25% 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 Tongcheng Travel Holdings and its competitors. This is 28% above median its historical median of 69.75. According to the industry distribution chart, Tongcheng Travel Holdings ranks #101 out of 843 companies in the Travel & Leisure industry, placing it in the top 12%.
Is Tongcheng Travel Holdings' ROC (Joel Greenblatt) % too high?
Tongcheng Travel Holdings' current ROC (Joel Greenblatt) % of 89.25% is 28% above median its 10-year median of 69.75. The Travel & Leisure industry median ROC (Joel Greenblatt) % is 10.04. Tongcheng Travel Holdings' value of 89.25% is 788.9% above this industry median. Based on the distribution chart, Tongcheng Travel Holdings ranks #101 out of 843 companies in the Travel & Leisure industry, which is in the top quartile — a strong position relative to peers. Overall, Tongcheng Travel Holdings has a GF Score™ of 86/100, reflecting its overall financial health beyond just this single metric.
How does Tongcheng Travel Holdings' ROC (Joel Greenblatt) % compare to BKNG and ABNB?
According to the Travel & Leisure industry distribution chart, Tongcheng Travel Holdings ranks #101 out of 843 companies for ROC (Joel Greenblatt) %. This places Tongcheng Travel Holdings in the top 12% of its industry — outperforming the majority of peers. The industry median ROC (Joel Greenblatt) % is 10.04. Tongcheng Travel Holdings' value of 89.25% is 788.9% above this benchmark. While the company's 10-year median is 69.75 vs. the industry median of 10.04, Tongcheng Travel Holdings 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 Travel & Leisure company?
The median ROC (Joel Greenblatt) % among Travel & Leisure companies is 10.04, based on 843 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. Tongcheng Travel Holdings's current ROC (Joel Greenblatt) % of 89.25% is 788.9% 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 Tongcheng Travel Holdings and its competitors. For the Travel & Leisure industry, the median ROC (Joel Greenblatt) % is 10.04 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Tongcheng Travel Holdings's current ROC (Joel Greenblatt) % is 89.25%, which is 28% above median its own 10-year median of 69.75. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Tongcheng Travel Holdings stock overvalued right now?
Tongcheng Travel Holdings (TNGCF) has a current ROC (Joel Greenblatt) % of 89.25%. The stock's GF Value™ is $5.66, compared to a current price of $2.80 — trading 50.5% below its estimated fair value. The current ROC (Joel Greenblatt) % is 89.25%, which is 28% above median its 10-year median of 69.75 and 788.9% above the Travel & Leisure industry median of 10.04. Tongcheng Travel Holdings' overall GF Score™ is 86/100 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 Tongcheng Travel Holdings (TNGCF), the current ROC (Joel Greenblatt) % is 89.25% 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 Tongcheng Travel Holdings (TNGCF) Overvalued in 2026?
Based on GuruFocus' analysis, Tongcheng Travel Holdings stock appears to be undervalued.
The current stock price of $2.80 is trading 50.5% below its estimated GF Value™ of $5.66.
Key valuation signals for TNGCF:
ROC (Joel Greenblatt) %: 89.25% (28% above median its 10-year median of 69.75)
GF Value™: $5.66 vs. price of $2.80 (50.5% below fair value)
Industry Position: 788.9% above the Travel & Leisure median (#101 of 843)
No single metric tells the full story. See the TNGCF stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Tongcheng Travel is an online travel agency platform that provides booking services for hotel and ticketing in China. It generated 84% of its revenue from accommodation reservations and transportation ticketing in 2023. The rest came from advertising and in-house software sales. The platform provides both online and offline services in the form of call centers and travel kiosks. Tongcheng Travel was formed from the merger of Tongcheng Network and eLong in 2018. It is currently 21.38% owned by Tencent and 20.86% by Trip.com. Tongcheng targets lower-tier cities and as of 2021, 86.7% of its users are from non-first-tier cities in China and 61.7% of new paying users on Weixin were from Tier 3 or below cities in China. The company competes with Trip.com, Alibaba's Fliggy, and Meituan.
86GF Score
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