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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. Toda Kogyo's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 was -29.30%.
The historical rank and industry rank for Toda Kogyo's ROC (Joel Greenblatt) % or its related term are showing as below:
TSE:4100'
s ROC (Joel Greenblatt) % Range Over the Past 10 Years
Min: -18.92 Med: -9.91 Max: 18.58
Current: -13.07
During the past 13 years, Toda Kogyo's highest ROC (Joel Greenblatt) % was 18.58%. The lowest was -18.92%. And the median was -9.91%.
TSE:4100's ROC (Joel Greenblatt) % is ranked worse than 89.28% of 1604
companies
in the Chemicals industry
Industry Median: 9.4
vs TSE:4100: -13.07
Toda Kogyo's 5-Year average Growth Rate of ROC (Joel Greenblatt) % was 0.00% per year.
Toda Kogyo (TSE:4100) 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.
Toda Kogyo ROC (Joel Greenblatt) % Historical Data
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The historical data trend for Toda Kogyo'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.
TSE:4100 vs LIN, SHW, ECL: ROC (Joel Greenblatt) % Comparison
For the Specialty Chemicals subindustry, Toda Kogyo'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.
Toda Kogyo ROC (Joel Greenblatt) % vs Chemicals Industry
For the Chemicals industry and Basic Materials sector, Toda Kogyo's ROC (Joel Greenblatt) % distribution charts can be found below:
* The bar in red indicates where Toda Kogyo'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 two times the semi-annual (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 -29.30% mean?
Toda Kogyo (TSE:4100) has a ROC (Joel Greenblatt) % of -29.30% 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 Toda Kogyo and its competitors. According to the industry distribution chart, Toda Kogyo ranks #1432 out of 1604 companies in the Chemicals industry, placing it in the top 89.3%.
Is Toda Kogyo's ROC (Joel Greenblatt) % too high?
Toda Kogyo's current ROC (Joel Greenblatt) % is -29.30%. Based on the distribution chart, Toda Kogyo ranks #1432 out of 1604 companies in the Chemicals industry, which is in the bottom quartile relative to peers. Overall, Toda Kogyo has a GF Score™ of 51/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Toda Kogyo's ROC (Joel Greenblatt) % compare to LIN and SHW?
According to the Chemicals industry distribution chart, Toda Kogyo ranks #1432 out of 1604 companies for ROC (Joel Greenblatt) %. This places Toda Kogyo in the lower half of its industry. The industry median ROC (Joel Greenblatt) % is 9.40. 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 Chemicals company?
The median ROC (Joel Greenblatt) % among Chemicals companies is 9.40, based on 1,604 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. 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 Toda Kogyo and its competitors. For the Chemicals industry, the median ROC (Joel Greenblatt) % is 9.40 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Toda Kogyo's current ROC (Joel Greenblatt) % is -29.30%. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Toda Kogyo stock overvalued right now?
Based on GuruFocus' analysis, Toda Kogyo (TSE:4100) is currently considered Fairly Valued. The stock's GF Value™ is 円1,394.65, compared to a current price of 円1,446.00 — trading 3.7% above its estimated fair value. The current ROC (Joel Greenblatt) % is -29.30%. Toda Kogyo's overall GF Score™ is 51/100 with 5 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 Toda Kogyo (TSE:4100), the current ROC (Joel Greenblatt) % is -29.30% 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 Toda Kogyo (TSE:4100) Overvalued in 2026?
Based on GuruFocus' analysis, Toda Kogyo stock appears to be overvalued.
The current stock price of 円1,446.00 is trading 3.7% above its estimated GF Value™ of 円1,394.65.
GuruFocus considers Toda Kogyo to be Fairly Valued.
Key valuation signals for TSE:4100:
ROC (Joel Greenblatt) %: -29.30%
GF Value™: 円1,394.65 vs. price of 円1,446.00 (3.7% above fair value)
No single metric tells the full story. See the TSE:4100 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Toda Kogyo Corp trades in functional pigments and electronic materials. It offers electronic printing materials, such as toner materials for printers and copying machines, carriers for color printers and copying machines, and magnetic materials for printers and copying machines. It also provides electromagnetic compatibility/immunity solutions, including electric-wave absorber materials/electromagnetic interference. In addition, the firm offers lithium cobaltate, lithium-nickel oxide, and lithium manganate battery materials for personal computers, mobile phones. Additionally, it offers pigments for colored pavements, reflective pigments, and pigments for coatings and resins; and magnetic recording materials for digital recording media used with computers and videotapes for broadcasting.
51GF Score
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ROC (Joel Greenblatt) % is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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