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Good Will Instrument CoTPE:2423 +0.60%75 ROC (Joel Greenblatt) % is 56.41% as of Mar. 2026, which is 126% above its 10-year median of 24.98. GuruFocus rates TPE:2423 with a GF Score™ of 75/100 and a GF Value™ of NT$41.48 (Significantly Overvalued). Among 2,490 Hardware companies, Good Will Instrument Co ranks better than 78.96% 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. Good Will Instrument Co's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 was 56.41%.
The historical rank and industry rank for Good Will Instrument Co's ROC (Joel Greenblatt) % or its related term are showing as below:
TPE:2423'
s ROC (Joel Greenblatt) % Range Over the Past 10 Years
Min: 16.64 Med: 24.98 Max: 31.66
Current: 31.66
During the past 13 years, Good Will Instrument Co's highest ROC (Joel Greenblatt) % was 31.66%. The lowest was 16.64%. And the median was 24.98%.
TPE:2423's ROC (Joel Greenblatt) % is ranked better than 78.96% of 2490
companies
in the Hardware industry
Industry Median: 10.445
vs TPE:2423: 31.66
Good Will Instrument Co's 5-Year average Growth Rate of ROC (Joel Greenblatt) % was 8.60% per year.
Good Will Instrument Co (TPE:2423) 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.
Good Will Instrument Co ROC (Joel Greenblatt) % Related Terms
Good Will Instrument Co ROC (Joel Greenblatt) % Historical Data
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The historical data trend for Good Will Instrument 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.
Good Will Instrument Co ROC (Joel Greenblatt) % Chart
TPE:2423 vs COHR, KEYS, GRMN: ROC (Joel Greenblatt) % Comparison
For the Scientific & Technical Instruments subindustry, Good Will Instrument 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.
Good Will Instrument Co ROC (Joel Greenblatt) % vs Hardware Industry
For the Hardware industry and Technology sector, Good Will Instrument Co's ROC (Joel Greenblatt) % distribution charts can be found below:
* The bar in red indicates where Good Will Instrument Co's ROC (Joel Greenblatt) % falls into.
Good Will Instrument 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:
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 56.41% mean?
Good Will Instrument Co (TPE:2423) has a ROC (Joel Greenblatt) % of 56.41% 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 Good Will Instrument Co and its competitors. This is 126% above median its historical median of 24.98. Over the past decade, Good Will Instrument Co's ROC (Joel Greenblatt) % has ranged from 16.64 to 31.66. According to the industry distribution chart, Good Will Instrument Co ranks #524 out of 2490 companies in the Hardware industry, placing it in the top 21%.
Is Good Will Instrument Co's ROC (Joel Greenblatt) % too high?
Good Will Instrument Co's current ROC (Joel Greenblatt) % of 56.41% is 126% above median its 10-year median of 24.98. Over the past 10 years, this metric has ranged from a low of 16.64 to a high of 31.66. The Hardware industry median ROC (Joel Greenblatt) % is 10.45. Good Will Instrument Co's value of 56.41% is 440.1% above this industry median. Based on the distribution chart, Good Will Instrument Co ranks #524 out of 2490 companies in the Hardware industry, which is in the top quartile — a strong position relative to peers. Overall, Good Will Instrument Co has a GF Score™ of 75/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Good Will Instrument Co's ROC (Joel Greenblatt) % compare to COHR and KEYS?
According to the Hardware industry distribution chart, Good Will Instrument Co ranks #524 out of 2490 companies for ROC (Joel Greenblatt) %. This places Good Will Instrument Co in the top 21% of its industry — outperforming the majority of peers. The industry median ROC (Joel Greenblatt) % is 10.45. Good Will Instrument Co's value of 56.41% is 440.1% above this benchmark. Historically, Good Will Instrument Co's own ROC (Joel Greenblatt) % has ranged from 16.64 to 31.66 over the past decade. While the company's 10-year median is 24.98 vs. the industry median of 10.45, Good Will Instrument 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 Hardware company?
The median ROC (Joel Greenblatt) % among Hardware companies is 10.45, based on 2,490 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. Good Will Instrument Co's current ROC (Joel Greenblatt) % of 56.41% is 440.1% 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 Good Will Instrument Co and its competitors. For the Hardware industry, the median ROC (Joel Greenblatt) % is 10.45 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Good Will Instrument Co's current ROC (Joel Greenblatt) % is 56.41%, which is 126% above median its own 10-year median of 24.98. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Good Will Instrument Co stock overvalued right now?
Based on GuruFocus' analysis, Good Will Instrument Co (TPE:2423) is currently considered Significantly Overvalued. The stock's GF Value™ is NT$41.48, compared to a current price of NT$66.90 — trading 61.3% above its estimated fair value. The current ROC (Joel Greenblatt) % is 56.41%, which is 126% above median its 10-year median of 24.98 and 440.1% above the Hardware industry median of 10.45. Good Will Instrument Co's overall GF Score™ is 75/100. 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 Good Will Instrument Co (TPE:2423), the current ROC (Joel Greenblatt) % is 56.41% 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 Good Will Instrument Co (TPE:2423) Overvalued in 2026?
Based on GuruFocus' analysis, Good Will Instrument Co stock appears to be overvalued.
The current stock price of NT$66.90 is trading 61.3% above its estimated GF Value™ of NT$41.48.
GuruFocus considers Good Will Instrument Co to be Significantly Overvalued.
Key valuation signals for TPE:2423:
ROC (Joel Greenblatt) %: 56.41% (126% above median its 10-year median of 24.98)
GF Value™: NT$41.48 vs. price of NT$66.90 (61.3% above fair value)
Industry Position: 440.1% above the Hardware median (#524 of 2490)
No single metric tells the full story. See the TPE:2423 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Good Will Instrument Co Ltd manufactures and sells electrical testing instruments, communication equipment, and related products. Its products include oscilloscopes, spectrum analyzers, signal sources, power supplies, public broadcasting and video monitoring systems, environmental testing equipment, constant temperature and humidity equipment, and vibration test equipment, among others. Geographically, the company generates a majority of its revenue from China and the rest from Japan, Taiwan, America, Europe, and other countries.
75GF Score
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