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Okayama Paper Industries CoTSE:3892 -1.36%75 ROC (Joel Greenblatt) % is 14.82% as of Feb. 2026, which is 29% below its 10-year median of 20.88. GuruFocus rates TSE:3892 with a GF Score™ of 75/100 and a GF Value™ of 円1,423.51 (Modestly Overvalued). The stock has 4 warning signs investors should review. Among 285 Forest Products companies, Okayama Paper Industries Co ranks better than 79.65% 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. Okayama Paper Industries Co's annualized ROC (Joel Greenblatt) % for the quarter that ended in Feb. 2026 was 14.82%.
The historical rank and industry rank for Okayama Paper Industries Co's ROC (Joel Greenblatt) % or its related term are showing as below:
TSE:3892'
s ROC (Joel Greenblatt) % Range Over the Past 10 Years
Min: 1.33 Med: 20.88 Max: 48.66
Current: 11.75
During the past 13 years, Okayama Paper Industries Co's highest ROC (Joel Greenblatt) % was 48.66%. The lowest was 1.33%. And the median was 20.88%.
TSE:3892's ROC (Joel Greenblatt) % is ranked better than 79.65% of 285
companies
in the Forest Products industry
Industry Median: 4.67
vs TSE:3892: 11.75
Okayama Paper Industries Co (TSE:3892) 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.
Okayama Paper Industries Co ROC (Joel Greenblatt) % Chart
Okayama Paper Industries Co ROC (Joel Greenblatt) % Competitor Comparison
For the Paper & Paper Products subindustry, Okayama Paper Industries 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.
Okayama Paper Industries Co ROC (Joel Greenblatt) % vs Forest Products Industry
For the Forest Products industry and Basic Materials sector, Okayama Paper Industries Co's ROC (Joel Greenblatt) % distribution charts can be found below:
* The bar in red indicates where Okayama Paper Industries Co's ROC (Joel Greenblatt) % falls into.
Okayama Paper Industries 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 (Feb. 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 14.82% mean?
Okayama Paper Industries Co (TSE:3892) has a ROC (Joel Greenblatt) % of 14.82% as of Feb. 2026. Joel Greenblatt's return on capital is the ratio of EBIT to average fixed assets and net working capital. View historical data on Okayama Paper Industries Co and its competitors. This is 29% below median its historical median of 20.88. Over the past decade, Okayama Paper Industries Co's ROC (Joel Greenblatt) % has ranged from 1.33 to 48.66. According to the industry distribution chart, Okayama Paper Industries Co ranks #58 out of 285 companies in the Forest Products industry, placing it in the top 20.4%.
Is Okayama Paper Industries Co's ROC (Joel Greenblatt) % too high?
Okayama Paper Industries Co's current ROC (Joel Greenblatt) % of 14.82% is 29% below median its 10-year median of 20.88. Over the past 10 years, this metric has ranged from a low of 1.33 to a high of 48.66. The Forest Products industry median ROC (Joel Greenblatt) % is 4.67. Okayama Paper Industries Co's value of 14.82% is 217.3% above this industry median. Based on the distribution chart, Okayama Paper Industries Co ranks #58 out of 285 companies in the Forest Products industry, which is in the top quartile — a strong position relative to peers. Overall, Okayama Paper Industries Co has a GF Score™ of 75/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Okayama Paper Industries Co's ROC (Joel Greenblatt) % compare to competitors?
According to the Forest Products industry distribution chart, Okayama Paper Industries Co ranks #58 out of 285 companies for ROC (Joel Greenblatt) %. This places Okayama Paper Industries Co in the top 20% of its industry — outperforming the majority of peers. The industry median ROC (Joel Greenblatt) % is 4.67. Okayama Paper Industries Co's value of 14.82% is 217.3% above this benchmark. Historically, Okayama Paper Industries Co's own ROC (Joel Greenblatt) % has ranged from 1.33 to 48.66 over the past decade. While the company's 10-year median is 20.88 vs. the industry median of 4.67, Okayama Paper Industries 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 4.67, 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. Okayama Paper Industries Co's current ROC (Joel Greenblatt) % of 14.82% is 217.3% 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 Okayama Paper Industries Co and its competitors. For the Forest Products industry, the median ROC (Joel Greenblatt) % is 4.67 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Okayama Paper Industries Co's current ROC (Joel Greenblatt) % is 14.82%, which is 29% below median its own 10-year median of 20.88. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Okayama Paper Industries Co stock overvalued right now?
Based on GuruFocus' analysis, Okayama Paper Industries Co (TSE:3892) is currently considered Modestly Overvalued. The stock's GF Value™ is 円1,423.51, compared to a current price of 円1,600.00 — trading 12.4% above its estimated fair value. The current ROC (Joel Greenblatt) % is 14.82%, which is 29% below median its 10-year median of 20.88 and 217.3% above the Forest Products industry median of 4.67. Okayama Paper Industries Co's overall GF Score™ is 75/100 with 4 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 Okayama Paper Industries Co (TSE:3892), the current ROC (Joel Greenblatt) % is 14.82% as of Feb. 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 Okayama Paper Industries Co (TSE:3892) Overvalued in 2026?
Based on GuruFocus' analysis, Okayama Paper Industries Co stock appears to be overvalued.
The current stock price of 円1,600.00 is trading 12.4% above its estimated GF Value™ of 円1,423.51.
GuruFocus considers Okayama Paper Industries Co to be Modestly Overvalued.
Key valuation signals for TSE:3892:
ROC (Joel Greenblatt) %: 14.82% (29% below median its 10-year median of 20.88)
GF Value™: 円1,423.51 vs. price of 円1,600.00 (12.4% above fair value)
Industry Position: 217.3% above the Forest Products median (#58 of 285)
No single metric tells the full story. See the TSE:3892 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Okayama Paper Industries Co Ltd is engaged in manufacturing and sales of SMIC raw paper, paper tube base paper, flat sheet. It is in a packaging material field as a manufacturer of cardboard and decorative corrugated cardboard made of core paper and paper tube base paper. It offers products such as base papers, containerboard, stencil paper tubes, paper tube base papers, and cardboard plates.
75GF Score
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