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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. Associated Industries China's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2025 was 3.65%.
The historical rank and industry rank for Associated Industries China's ROC (Joel Greenblatt) % or its related term are showing as below:
TPE:9912'
s ROC (Joel Greenblatt) % Range Over the Past 10 Years
Min: -31.55 Med: -8.68 Max: 9.33
Current: -14.89
During the past 13 years, Associated Industries China's highest ROC (Joel Greenblatt) % was 9.33%. The lowest was -31.55%. And the median was -8.68%.
TPE:9912's ROC (Joel Greenblatt) % is ranked worse than 81.29% of 2491
companies
in the Hardware industry
Industry Median: 10.44
vs TPE:9912: -14.89
Associated Industries China (TPE:9912) 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.
Associated Industries China ROC (Joel Greenblatt) % Chart
TPE:9912 vs APH, GLW: ROC (Joel Greenblatt) % Comparison
For the Electronic Components subindustry, Associated Industries China'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.
Associated Industries China ROC (Joel Greenblatt) % vs Hardware Industry
For the Hardware industry and Technology sector, Associated Industries China's ROC (Joel Greenblatt) % distribution charts can be found below:
* The bar in red indicates where Associated Industries China's ROC (Joel Greenblatt) % falls into.
Associated Industries China 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 (Dec. 2025) 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 3.65% mean?
Associated Industries China (TPE:9912) has a ROC (Joel Greenblatt) % of 3.65% as of Dec. 2025. Joel Greenblatt's return on capital is the ratio of EBIT to average fixed assets and net working capital. View historical data on Associated Industries China and its competitors. According to the industry distribution chart, Associated Industries China ranks #2025 out of 2491 companies in the Hardware industry, placing it in the top 81.3%.
Is Associated Industries China's ROC (Joel Greenblatt) % too high?
Associated Industries China's current ROC (Joel Greenblatt) % is 3.65%. The Hardware industry median ROC (Joel Greenblatt) % is 10.44. Associated Industries China's value of 3.65% is 65% below this industry median. Based on the distribution chart, Associated Industries China ranks #2025 out of 2491 companies in the Hardware industry, which is in the bottom quartile relative to peers. Overall, Associated Industries China has a GF Score™ of 61/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Associated Industries China's ROC (Joel Greenblatt) % compare to APH and GLW?
According to the Hardware industry distribution chart, Associated Industries China ranks #2025 out of 2491 companies for ROC (Joel Greenblatt) %. This places Associated Industries China in the lower half of its industry. The industry median ROC (Joel Greenblatt) % is 10.44. Associated Industries China's value of 3.65% is 65% below this benchmark. 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 10.44, based on 2,491 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. Associated Industries China's current ROC (Joel Greenblatt) % of 3.65% is 65% below 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 Associated Industries China and its competitors. For the Hardware industry, the median ROC (Joel Greenblatt) % is 10.44 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Associated Industries China's current ROC (Joel Greenblatt) % is 3.65%. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Associated Industries China stock overvalued right now?
Based on GuruFocus' analysis, Associated Industries China (TPE:9912) is currently considered Modestly Overvalued. The stock's GF Value™ is NT$11.32, compared to a current price of NT$12.65 — trading 11.7% above its estimated fair value. The current ROC (Joel Greenblatt) % is 3.65% and 65% below the Hardware industry median of 10.44. Associated Industries China's overall GF Score™ is 61/100 with 7 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 Associated Industries China (TPE:9912), the current ROC (Joel Greenblatt) % is 3.65% as of Dec. 2025. 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 Associated Industries China (TPE:9912) Overvalued in 2026?
Based on GuruFocus' analysis, Associated Industries China stock appears to be overvalued.
The current stock price of NT$12.65 is trading 11.7% above its estimated GF Value™ of NT$11.32.
GuruFocus considers Associated Industries China to be Modestly Overvalued.
Key valuation signals for TPE:9912:
ROC (Joel Greenblatt) %: 3.65%
GF Value™: NT$11.32 vs. price of NT$12.65 (11.7% above fair value)
Industry Position: 65% below the Hardware median (#2025 of 2491)
No single metric tells the full story. See the TPE:9912 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Associated Industries China Inc is engaged in the research, development, and sale of LCD monitors, Medical equipment and Healthcare products, Other accessories, and the Real estate rental business. The company earns maximum revenue from LCD monitors, and geographically, the company earns maximum revenue from the Netherlands, followed by the United States, Taiwan, and others.
61GF Score
Get the complete analysis for TPE:9912
ROC (Joel Greenblatt) % is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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