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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. Forest Water Environmental Eng'g Co's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 was 198.46%.
The historical rank and industry rank for Forest Water Environmental Eng'g Co's ROC (Joel Greenblatt) % or its related term are showing as below:
TPE:8473'
s ROC (Joel Greenblatt) % Range Over the Past 10 Years
Min: 1.58 Med: 100.16 Max: 351.03
Current: 122.27
During the past 13 years, Forest Water Environmental Eng'g Co's highest ROC (Joel Greenblatt) % was 351.03%. The lowest was 1.58%. And the median was 100.16%.
TPE:8473's ROC (Joel Greenblatt) % is ranked better than 97.13% of 244
companies
in the Waste Management industry
Industry Median: 11.48
vs TPE:8473: 122.27
Forest Water Environmental Eng'g Co (TPE:8473) 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.
* 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.
Forest Water Environmental Eng'g Co ROC (Joel Greenblatt) % Chart
TPE:8473 vs WM, RSG, WCN: ROC (Joel Greenblatt) % Comparison
For the Waste Management subindustry, Forest Water Environmental Eng'g 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.
Forest Water Environmental Eng'g Co ROC (Joel Greenblatt) % vs Waste Management Industry
For the Waste Management industry and Industrials sector, Forest Water Environmental Eng'g Co's ROC (Joel Greenblatt) % distribution charts can be found below:
* The bar in red indicates where Forest Water Environmental Eng'g Co's ROC (Joel Greenblatt) % falls into.
Forest Water Environmental Eng'g 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 198.46% mean?
Forest Water Environmental Eng'g Co (TPE:8473) has a ROC (Joel Greenblatt) % of 198.46% 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 Forest Water Environmental Eng'g Co and its competitors. This is 98% above median its historical median of 100.16. Over the past decade, Forest Water Environmental Eng'g Co's ROC (Joel Greenblatt) % has ranged from 1.58 to 351.03. According to the industry distribution chart, Forest Water Environmental Eng'g Co ranks #7 out of 244 companies in the Waste Management industry, placing it in the top 2.9%.
Is Forest Water Environmental Eng'g Co's ROC (Joel Greenblatt) % too high?
Forest Water Environmental Eng'g Co's current ROC (Joel Greenblatt) % of 198.46% is 98% above median its 10-year median of 100.16. Over the past 10 years, this metric has ranged from a low of 1.58 to a high of 351.03. The Waste Management industry median ROC (Joel Greenblatt) % is 11.48. Forest Water Environmental Eng'g Co's value of 198.46% is 1628.7% above this industry median. Based on the distribution chart, Forest Water Environmental Eng'g Co ranks #7 out of 244 companies in the Waste Management industry, which is in the top quartile — a strong position relative to peers. Overall, Forest Water Environmental Eng'g Co has a GF Score™ of 80/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Forest Water Environmental Eng'g Co's ROC (Joel Greenblatt) % compare to WM and RSG?
According to the Waste Management industry distribution chart, Forest Water Environmental Eng'g Co ranks #7 out of 244 companies for ROC (Joel Greenblatt) %. This places Forest Water Environmental Eng'g Co in the top 3% of its industry — outperforming the majority of peers. The industry median ROC (Joel Greenblatt) % is 11.48. Forest Water Environmental Eng'g Co's value of 198.46% is 1628.7% above this benchmark. Historically, Forest Water Environmental Eng'g Co's own ROC (Joel Greenblatt) % has ranged from 1.58 to 351.03 over the past decade. While the company's 10-year median is 100.16 vs. the industry median of 11.48, Forest Water Environmental Eng'g 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 Waste Management company?
The median ROC (Joel Greenblatt) % among Waste Management companies is 11.48, based on 244 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. Forest Water Environmental Eng'g Co's current ROC (Joel Greenblatt) % of 198.46% is 1628.7% 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 Forest Water Environmental Eng'g Co and its competitors. For the Waste Management industry, the median ROC (Joel Greenblatt) % is 11.48 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Forest Water Environmental Eng'g Co's current ROC (Joel Greenblatt) % is 198.46%, which is 98% above median its own 10-year median of 100.16. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Forest Water Environmental Eng'g Co stock overvalued right now?
Based on GuruFocus' analysis, Forest Water Environmental Eng'g Co (TPE:8473) is currently considered Fairly Valued. The stock's GF Value™ is NT$42.90, compared to a current price of NT$40.75 — trading 5% below its estimated fair value. The current ROC (Joel Greenblatt) % is 198.46%, which is 98% above median its 10-year median of 100.16 and 1628.7% above the Waste Management industry median of 11.48. Forest Water Environmental Eng'g Co's overall GF Score™ is 80/100 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 Forest Water Environmental Eng'g Co (TPE:8473), the current ROC (Joel Greenblatt) % is 198.46% 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 Forest Water Environmental Eng'g Co (TPE:8473) Overvalued in 2026?
Based on GuruFocus' analysis, Forest Water Environmental Eng'g Co stock appears to be undervalued.
The current stock price of NT$40.75 is trading 5% below its estimated GF Value™ of NT$42.90.
GuruFocus considers Forest Water Environmental Eng'g Co to be Fairly Valued.
Key valuation signals for TPE:8473:
ROC (Joel Greenblatt) %: 198.46% (98% above median its 10-year median of 100.16)
GF Value™: NT$42.90 vs. price of NT$40.75 (5% below fair value)
Industry Position: 1628.7% above the Waste Management median (#7 of 244)
No single metric tells the full story. See the TPE:8473 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Forest Water Environmental Eng'g Co Ltd is engaged includes engineering projects for environmental protection, sewage treatment, waste treatment and recycling, and the recycling and decomposition of compostable food waste. It also provides the construction of a water purification plant, the construction of a sewage treatment plant in the scientific industrial park, and the construction of a sewage treatment plant.
80GF Score
Get the complete analysis for TPE:8473
ROC (Joel Greenblatt) % is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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