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CirclaceTSE:5029 -0.72%65 ROC (Joel Greenblatt) % is 100.63% as of Mar. 2026, which is 142% above its 10-year median of 41.59. GuruFocus rates TSE:5029 with a GF Score™ of 65/100 and a GF Value™ of 円1,094.18 (Modestly Undervalued). The stock has 6 warning signs investors should review. Among 2,818 Software companies, Circlace ranks better than 65.47% 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. Circlace's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 was 100.63%.
The historical rank and industry rank for Circlace's ROC (Joel Greenblatt) % or its related term are showing as below:
TSE:5029'
s ROC (Joel Greenblatt) % Range Over the Past 10 Years
Min: -225.54 Med: 41.59 Max: 375.41
Current: 65.32
During the past 7 years, Circlace's highest ROC (Joel Greenblatt) % was 375.41%. The lowest was -225.54%. And the median was 41.59%.
TSE:5029's ROC (Joel Greenblatt) % is ranked better than 65.47% of 2818
companies
in the Software industry
Industry Median: 20.03
vs TSE:5029: 65.32
Circlace's 5-Year average Growth Rate of ROC (Joel Greenblatt) % was 0.00% 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.
The historical data trend for Circlace'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:5029 vs QH, SHOP, UBER: ROC (Joel Greenblatt) % Comparison
For the Software - Application subindustry, Circlace'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.
Circlace ROC (Joel Greenblatt) % vs Software Industry
For the Software industry and Technology sector, Circlace's ROC (Joel Greenblatt) % distribution charts can be found below:
* The bar in red indicates where Circlace'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 100.63% mean?
Circlace (TSE:5029) has a ROC (Joel Greenblatt) % of 100.63% 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 Circlace and its competitors. This is 142% above median its historical median of 41.59. According to the industry distribution chart, Circlace ranks #973 out of 2818 companies in the Software industry, placing it in the top 34.5%.
Is Circlace's ROC (Joel Greenblatt) % too high?
Circlace's current ROC (Joel Greenblatt) % of 100.63% is 142% above median its 10-year median of 41.59. The Software industry median ROC (Joel Greenblatt) % is 20.03. Circlace's value of 100.63% is 402.4% above this industry median. Based on the distribution chart, Circlace ranks #973 out of 2818 companies in the Software industry, which is above the industry midpoint. Overall, Circlace has a GF Score™ of 65/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Circlace's ROC (Joel Greenblatt) % compare to QH and SHOP?
According to the Software industry distribution chart, Circlace ranks #973 out of 2818 companies for ROC (Joel Greenblatt) %. This puts Circlace in the upper half of its industry. The industry median ROC (Joel Greenblatt) % is 20.03. Circlace's value of 100.63% is 402.4% above this benchmark. While the company's 10-year median is 41.59 vs. the industry median of 20.03, Circlace 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 Software company?
The median ROC (Joel Greenblatt) % among Software companies is 20.03, based on 2,818 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. Circlace's current ROC (Joel Greenblatt) % of 100.63% is 402.4% 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 Circlace and its competitors. For the Software industry, the median ROC (Joel Greenblatt) % is 20.03 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Circlace's current ROC (Joel Greenblatt) % is 100.63%, which is 142% above median its own 10-year median of 41.59. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Circlace stock overvalued right now?
Based on GuruFocus' analysis, Circlace (TSE:5029) is currently considered Modestly Undervalued. The stock's GF Value™ is 円1,094.18, compared to a current price of 円830.00 — trading 24.1% below its estimated fair value. The current ROC (Joel Greenblatt) % is 100.63%, which is 142% above median its 10-year median of 41.59 and 402.4% above the Software industry median of 20.03. Circlace's overall GF Score™ is 65/100 with 6 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 Circlace (TSE:5029), the current ROC (Joel Greenblatt) % is 100.63% 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 Circlace (TSE:5029) Overvalued in 2026?
Based on GuruFocus' analysis, Circlace stock appears to be undervalued.
The current stock price of 円830.00 is trading 24.1% below its estimated GF Value™ of 円1,094.18.
GuruFocus considers Circlace to be Modestly Undervalued.
Key valuation signals for TSE:5029:
ROC (Joel Greenblatt) %: 100.63% (142% above median its 10-year median of 41.59)
GF Value™: 円1,094.18 vs. price of 円830.00 (24.1% below fair value)
Industry Position: 402.4% above the Software median (#973 of 2818)
No single metric tells the full story. See the TSE:5029 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Circlace Inc is engaged in multiple businesses that promote corporate digital transformation by utilizing IT technologies, such as Salesforce, Anaplan, ServiceNow, AWS, and Microsoft, and the development of its own SaaS cloud service AGAVE. The company's reportable segments are the Consulting business and the AoraNow business. The majority of its revenue is generated from the Consulting business, which provides comprehensive support to client companies in areas such as business design, system construction, data utilization, organizational reform, and human resource development through the introduction and utilization of cloud technologies such as Salesforce, Anaplan, AGAVE, AWS, and Microsoft. The AoraNow business supports the introduction and operation of ServiceNow.
65GF Score
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