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Taiwan PaihoTPE:9938 -0.21%79 ROC (Joel Greenblatt) % is 8.46% as of Dec. 2025, which is 49% below its 10-year median of 16.54. GuruFocus rates TPE:9938 with a GF Score™ of 79/100 and a GF Value™ of NT$68.69 (Possible Value Trap). The stock has 7 warning signs investors should review. Among 1,061 Manufacturing - Apparel & Accessories companies, Taiwan Paiho ranks better than 58.34% 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. Taiwan Paiho's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2025 was 8.46%.
The historical rank and industry rank for Taiwan Paiho's ROC (Joel Greenblatt) % or its related term are showing as below:
TPE:9938'
s ROC (Joel Greenblatt) % Range Over the Past 10 Years
Min: 4.62 Med: 16.54 Max: 27.08
Current: 11.3
During the past 13 years, Taiwan Paiho's highest ROC (Joel Greenblatt) % was 27.08%. The lowest was 4.62%. And the median was 16.54%.
TPE:9938's ROC (Joel Greenblatt) % is ranked better than 58.34% of 1061
companies
in the Manufacturing - Apparel & Accessories industry
Industry Median: 8.53
vs TPE:9938: 11.30
Taiwan Paiho's 5-Year average Growth Rate of ROC (Joel Greenblatt) % was -13.20% 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.
Taiwan Paiho ROC (Joel Greenblatt) % Related Terms
Taiwan Paiho ROC (Joel Greenblatt) % Historical Data
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The historical data trend for Taiwan Paiho'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 Textile Manufacturing subindustry, Taiwan Paiho'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.
Taiwan Paiho ROC (Joel Greenblatt) % vs Manufacturing - Apparel & Accessories Industry
For the Manufacturing - Apparel & Accessories industry and Consumer Cyclical sector, Taiwan Paiho's ROC (Joel Greenblatt) % distribution charts can be found below:
* The bar in red indicates where Taiwan Paiho'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 (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 8.46% mean?
Taiwan Paiho (TPE:9938) has a ROC (Joel Greenblatt) % of 8.46% 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 Taiwan Paiho and its competitors. This is 49% below median its historical median of 16.54. Over the past decade, Taiwan Paiho's ROC (Joel Greenblatt) % has ranged from 4.62 to 27.08. According to the industry distribution chart, Taiwan Paiho ranks #442 out of 1061 companies in the Manufacturing - Apparel & Accessories industry, placing it in the top 41.7%.
Is Taiwan Paiho's ROC (Joel Greenblatt) % too high?
Taiwan Paiho's current ROC (Joel Greenblatt) % of 8.46% is 49% below median its 10-year median of 16.54. Over the past 10 years, this metric has ranged from a low of 4.62 to a high of 27.08. The Manufacturing - Apparel & Accessories industry median ROC (Joel Greenblatt) % is 8.53. Taiwan Paiho's value of 8.46% is 0.8% below this industry median. Based on the distribution chart, Taiwan Paiho ranks #442 out of 1061 companies in the Manufacturing - Apparel & Accessories industry, which is above the industry midpoint. Overall, Taiwan Paiho has a GF Score™ of 79/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does Taiwan Paiho's ROC (Joel Greenblatt) % compare to competitors?
According to the Manufacturing - Apparel & Accessories industry distribution chart, Taiwan Paiho ranks #442 out of 1061 companies for ROC (Joel Greenblatt) %. This puts Taiwan Paiho in the upper half of its industry. The industry median ROC (Joel Greenblatt) % is 8.53. Taiwan Paiho's value of 8.46% is 0.8% below this benchmark. Historically, Taiwan Paiho's own ROC (Joel Greenblatt) % has ranged from 4.62 to 27.08 over the past decade. While the company's 10-year median is 16.54 vs. the industry median of 8.53, Taiwan Paiho has consistently been below 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 Manufacturing - Apparel & Accessories company?
The median ROC (Joel Greenblatt) % among Manufacturing - Apparel & Accessories companies is 8.53, based on 1,061 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. Taiwan Paiho's current ROC (Joel Greenblatt) % of 8.46% is 0.8% 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 Taiwan Paiho and its competitors. For the Manufacturing - Apparel & Accessories industry, the median ROC (Joel Greenblatt) % is 8.53 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Taiwan Paiho's current ROC (Joel Greenblatt) % is 8.46%, which is 49% below median its own 10-year median of 16.54. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Taiwan Paiho stock overvalued right now?
Based on GuruFocus' analysis, Taiwan Paiho (TPE:9938) is currently considered Possible Value Trap. The stock's GF Value™ is NT$68.69, compared to a current price of NT$46.80 — trading 31.9% below its estimated fair value. The current ROC (Joel Greenblatt) % is 8.46%, which is 49% below median its 10-year median of 16.54 and 0.8% below the Manufacturing - Apparel & Accessories industry median of 8.53. Taiwan Paiho's overall GF Score™ is 79/100 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 Taiwan Paiho (TPE:9938), the current ROC (Joel Greenblatt) % is 8.46% 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 Taiwan Paiho (TPE:9938) Overvalued in 2026?
Based on GuruFocus' analysis, Taiwan Paiho stock appears to be undervalued.
The current stock price of NT$46.80 is trading 31.9% below its estimated GF Value™ of NT$68.69.
GuruFocus considers Taiwan Paiho to be Possible Value Trap.
Key valuation signals for TPE:9938:
ROC (Joel Greenblatt) %: 8.46% (49% below median its 10-year median of 16.54)
GF Value™: NT$68.69 vs. price of NT$46.80 (31.9% below fair value)
Industry Position: 0.8% below the Manufacturing - Apparel & Accessories median (#442 of 1061)
No single metric tells the full story. See the TPE:9938 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Taiwan Paiho Ltd manufactures and sells touch fasteners, webbing, shoelaces, elastic, easy tape, and related superficial materials, as well as residential buildings constructed by entrusted construction contractors. The Group is also engaged in the construction business, including the sale of housing, shopping centers, and office buildings constructed by entrusted construction contractors. The Group operates through two reportable segments: Production, which generates maximum revenue, and Construction. Its business mainly operates in Taiwan, China, and Vietnam, with maximum revenue generated from Vietnam.
79GF Score
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