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Nichia Steel WorksTSE:5658 +0.56%68 ROC (Joel Greenblatt) % is 8.45% as of Mar. 2026, which is 83% above its 10-year median of 4.61. GuruFocus rates TSE:5658 with a GF Score™ of 68/100 and a GF Value™ of 円326.53 (Modestly Overvalued). The stock has 5 warning signs investors should review. Among 3,060 Industrial Products companies, Nichia Steel Works ranks worse than 69.08% 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. Nichia Steel Works's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 was 8.45%.
The historical rank and industry rank for Nichia Steel Works's ROC (Joel Greenblatt) % or its related term are showing as below:
TSE:5658'
s ROC (Joel Greenblatt) % Range Over the Past 10 Years
Min: 2.4 Med: 4.61 Max: 9.45
Current: 4.25
During the past 13 years, Nichia Steel Works's highest ROC (Joel Greenblatt) % was 9.45%. The lowest was 2.40%. And the median was 4.61%.
TSE:5658's ROC (Joel Greenblatt) % is ranked worse than 69.08% of 3060
companies
in the Industrial Products industry
Industry Median: 11.73
vs TSE:5658: 4.25
Nichia Steel Works's 5-Year average Growth Rate of ROC (Joel Greenblatt) % was -13.00% per year.
Nichia Steel Works (TSE:5658) 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.
Nichia Steel Works ROC (Joel Greenblatt) % Related Terms
Nichia Steel Works ROC (Joel Greenblatt) % Historical Data
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The historical data trend for Nichia Steel Works'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:5658 vs SNA, RBC, LECO: ROC (Joel Greenblatt) % Comparison
For the Tools & Accessories subindustry, Nichia Steel Works'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.
Nichia Steel Works ROC (Joel Greenblatt) % vs Industrial Products Industry
For the Industrial Products industry and Industrials sector, Nichia Steel Works's ROC (Joel Greenblatt) % distribution charts can be found below:
* The bar in red indicates where Nichia Steel Works's ROC (Joel Greenblatt) % falls into.
Nichia Steel Works 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 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 8.45% mean?
Nichia Steel Works (TSE:5658) has a ROC (Joel Greenblatt) % of 8.45% 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 Nichia Steel Works and its competitors. This is 83% above median its historical median of 4.61. Over the past decade, Nichia Steel Works' ROC (Joel Greenblatt) % has ranged from 2.40 to 9.45. According to the industry distribution chart, Nichia Steel Works ranks #2114 out of 3060 companies in the Industrial Products industry, placing it in the top 69.1%.
Is Nichia Steel Works' ROC (Joel Greenblatt) % too high?
Nichia Steel Works' current ROC (Joel Greenblatt) % of 8.45% is 83% above median its 10-year median of 4.61. Over the past 10 years, this metric has ranged from a low of 2.40 to a high of 9.45. The Industrial Products industry median ROC (Joel Greenblatt) % is 11.73. Nichia Steel Works' value of 8.45% is 28% below this industry median. Based on the distribution chart, Nichia Steel Works ranks #2114 out of 3060 companies in the Industrial Products industry, which is below the industry midpoint. Overall, Nichia Steel Works has a GF Score™ of 68/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Nichia Steel Works' ROC (Joel Greenblatt) % compare to SNA and RBC?
According to the Industrial Products industry distribution chart, Nichia Steel Works ranks #2114 out of 3060 companies for ROC (Joel Greenblatt) %. This places Nichia Steel Works in the lower half of its industry. The industry median ROC (Joel Greenblatt) % is 11.73. Nichia Steel Works' value of 8.45% is 28% below this benchmark. Historically, Nichia Steel Works' own ROC (Joel Greenblatt) % has ranged from 2.40 to 9.45 over the past decade. While the company's 10-year median is 4.61 vs. the industry median of 11.73, Nichia Steel Works 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 an Industrial Products company?
The median ROC (Joel Greenblatt) % among Industrial Products companies is 11.73, based on 3,060 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. Nichia Steel Works's current ROC (Joel Greenblatt) % of 8.45% is 28% 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 Nichia Steel Works and its competitors. For the Industrial Products industry, the median ROC (Joel Greenblatt) % is 11.73 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Nichia Steel Works's current ROC (Joel Greenblatt) % is 8.45%, which is 83% above median its own 10-year median of 4.61. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Nichia Steel Works stock overvalued right now?
Based on GuruFocus' analysis, Nichia Steel Works (TSE:5658) is currently considered Modestly Overvalued. The stock's GF Value™ is 円326.53, compared to a current price of 円362.00 — trading 10.9% above its estimated fair value. The current ROC (Joel Greenblatt) % is 8.45%, which is 83% above median its 10-year median of 4.61 and 28% below the Industrial Products industry median of 11.73. Nichia Steel Works' overall GF Score™ is 68/100 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 Nichia Steel Works (TSE:5658), the current ROC (Joel Greenblatt) % is 8.45% 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 Nichia Steel Works (TSE:5658) Overvalued in 2026?
Based on GuruFocus' analysis, Nichia Steel Works stock appears to be overvalued.
The current stock price of 円362.00 is trading 10.9% above its estimated GF Value™ of 円326.53.
GuruFocus considers Nichia Steel Works to be Modestly Overvalued.
Key valuation signals for TSE:5658:
ROC (Joel Greenblatt) %: 8.45% (83% above median its 10-year median of 4.61)
GF Value™: 円326.53 vs. price of 円362.00 (10.9% above fair value)
Industry Position: 28% below the Industrial Products median (#2114 of 3060)
No single metric tells the full story. See the TSE:5658 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Nichia Steel Works Ltd is a manufacturer of steel wire products, fasteners and related products. The products are used in various fields such as construction and civil infrastructure. It offers low carbon steel wire products, hard drawn steel wire products, fasteners & special products and other special finished products.
68GF Score
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