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Ichikawa CoTSE:3513 -2.24%50 ROC (Joel Greenblatt) % is 5.58% as of Mar. 2026, which is 28% above its 10-year median of 4.35. GuruFocus rates TSE:3513 with a GF Score™ of 50/100 and a GF Value™ of 円1,967.17 (Significantly Overvalued). The stock has 1 warning sign investors should review. Among 285 Forest Products companies, Ichikawa Co ranks better than 77.54% 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. Ichikawa Co's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 was 5.58%.
The historical rank and industry rank for Ichikawa Co's ROC (Joel Greenblatt) % or its related term are showing as below:
TSE:3513'
s ROC (Joel Greenblatt) % Range Over the Past 10 Years
Min: 2.37 Med: 4.35 Max: 11.12
Current: 11.05
During the past 13 years, Ichikawa Co's highest ROC (Joel Greenblatt) % was 11.12%. The lowest was 2.37%. And the median was 4.35%.
TSE:3513's ROC (Joel Greenblatt) % is ranked better than 77.54% of 285
companies
in the Forest Products industry
Industry Median: 4.78
vs TSE:3513: 11.05
Ichikawa Co's 5-Year average Growth Rate of ROC (Joel Greenblatt) % was 23.80% per year.
Ichikawa Co (TSE:3513) 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.
Ichikawa Co ROC (Joel Greenblatt) % Historical Data
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The historical data trend for Ichikawa 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.
Ichikawa Co ROC (Joel Greenblatt) % Competitor Comparison
For the Paper & Paper Products subindustry, Ichikawa 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.
Ichikawa Co ROC (Joel Greenblatt) % vs Forest Products Industry
For the Forest Products industry and Basic Materials sector, Ichikawa Co's ROC (Joel Greenblatt) % distribution charts can be found below:
* The bar in red indicates where Ichikawa Co'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 5.58% mean?
Ichikawa Co (TSE:3513) has a ROC (Joel Greenblatt) % of 5.58% 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 Ichikawa Co and its competitors. This is 28% above median its historical median of 4.35. Over the past decade, Ichikawa Co's ROC (Joel Greenblatt) % has ranged from 2.37 to 11.12. According to the industry distribution chart, Ichikawa Co ranks #64 out of 285 companies in the Forest Products industry, placing it in the top 22.5%.
Is Ichikawa Co's ROC (Joel Greenblatt) % too high?
Ichikawa Co's current ROC (Joel Greenblatt) % of 5.58% is 28% above median its 10-year median of 4.35. Over the past 10 years, this metric has ranged from a low of 2.37 to a high of 11.12. The Forest Products industry median ROC (Joel Greenblatt) % is 4.78. Ichikawa Co's value of 5.58% is 16.7% above this industry median. Based on the distribution chart, Ichikawa Co ranks #64 out of 285 companies in the Forest Products industry, which is in the top quartile — a strong position relative to peers. Overall, Ichikawa Co has a GF Score™ of 50/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Ichikawa Co's ROC (Joel Greenblatt) % compare to competitors?
According to the Forest Products industry distribution chart, Ichikawa Co ranks #64 out of 285 companies for ROC (Joel Greenblatt) %. This places Ichikawa Co in the top 23% of its industry — outperforming the majority of peers. The industry median ROC (Joel Greenblatt) % is 4.78. Ichikawa Co's value of 5.58% is 16.7% above this benchmark. Historically, Ichikawa Co's own ROC (Joel Greenblatt) % has ranged from 2.37 to 11.12 over the past decade. While the company's 10-year median is 4.35 vs. the industry median of 4.78, Ichikawa 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 Forest Products company?
The median ROC (Joel Greenblatt) % among Forest Products companies is 4.78, based on 285 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. Ichikawa Co's current ROC (Joel Greenblatt) % of 5.58% is 16.7% 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 Ichikawa Co and its competitors. For the Forest Products industry, the median ROC (Joel Greenblatt) % is 4.78 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Ichikawa Co's current ROC (Joel Greenblatt) % is 5.58%, which is 28% above median its own 10-year median of 4.35. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Ichikawa Co stock overvalued right now?
Based on GuruFocus' analysis, Ichikawa Co (TSE:3513) is currently considered Significantly Overvalued. The stock's GF Value™ is 円1,967.17, compared to a current price of 円3,280.00 — trading 66.7% above its estimated fair value. The current ROC (Joel Greenblatt) % is 5.58%, which is 28% above median its 10-year median of 4.35 and 16.7% above the Forest Products industry median of 4.78. Ichikawa Co's overall GF Score™ is 50/100 with 1 warning sign 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 Ichikawa Co (TSE:3513), the current ROC (Joel Greenblatt) % is 5.58% 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 Ichikawa Co (TSE:3513) Overvalued in 2026?
Based on GuruFocus' analysis, Ichikawa Co stock appears to be overvalued.
The current stock price of 円3,280.00 is trading 66.7% above its estimated GF Value™ of 円1,967.17.
GuruFocus considers Ichikawa Co to be Significantly Overvalued.
Key valuation signals for TSE:3513:
ROC (Joel Greenblatt) %: 5.58% (28% above median its 10-year median of 4.35)
GF Value™: 円1,967.17 vs. price of 円3,280.00 (66.7% above fair value)
Industry Position: 16.7% above the Forest Products median (#64 of 285)
No single metric tells the full story. See the TSE:3513 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Ichikawa Co Ltd is engaged in the manufacture and distribution of papermaking felts, papermaking belts, felts for slate and industrial felts in Japan. It offers papermaking press felts and belts, and shoe press and transfer belts; industrial products, such as heat-resistant conveyance equipment and cushioning material for use in the manufacture of car bodies, aluminum parts, and others.
50GF Score
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