Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.
Aoyama Zaisan Networks CoTSE:8929 +1.59%87 ROC (Joel Greenblatt) % is 95.04% as of Dec. 2025, which is 10% above its 10-year median of 86.06. GuruFocus rates TSE:8929 with a GF Score™ of 87/100 and a GF Value™ of 円1,426.43 (Modestly Undervalued). The stock has 2 warning signs investors should review. Among 1,750 Real Estate companies, Aoyama Zaisan Networks Co ranks better than 78.46% 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. Aoyama Zaisan Networks Co's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2025 was 95.04%.
The historical rank and industry rank for Aoyama Zaisan Networks Co's ROC (Joel Greenblatt) % or its related term are showing as below:
TSE:8929'
s ROC (Joel Greenblatt) % Range Over the Past 10 Years
Min: 39.43 Med: 86.06 Max: 324.5
Current: 104.99
During the past 13 years, Aoyama Zaisan Networks Co's highest ROC (Joel Greenblatt) % was 324.50%. The lowest was 39.43%. And the median was 86.06%.
TSE:8929's ROC (Joel Greenblatt) % is ranked better than 78.46% of 1750
companies
in the Real Estate industry
Industry Median: 12.795
vs TSE:8929: 104.99
Aoyama Zaisan Networks Co's 5-Year average Growth Rate of ROC (Joel Greenblatt) % was 50.10% per year.
Aoyama Zaisan Networks Co (TSE:8929) 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.
Aoyama Zaisan Networks Co ROC (Joel Greenblatt) % Related Terms
Aoyama Zaisan Networks Co ROC (Joel Greenblatt) % Historical Data
* Premium members only.
The historical data trend for Aoyama Zaisan Networks 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.
Aoyama Zaisan Networks Co ROC (Joel Greenblatt) % Chart
TSE:8929 vs CBRE, BEKE, JLL: ROC (Joel Greenblatt) % Comparison
For the Real Estate Services subindustry, Aoyama Zaisan Networks 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.
Aoyama Zaisan Networks Co ROC (Joel Greenblatt) % vs Real Estate Industry
For the Real Estate industry and Real Estate sector, Aoyama Zaisan Networks Co's ROC (Joel Greenblatt) % distribution charts can be found below:
* The bar in red indicates where Aoyama Zaisan Networks Co's ROC (Joel Greenblatt) % falls into.
Aoyama Zaisan Networks 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 (Dec. 2025) 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 95.04% mean?
Aoyama Zaisan Networks Co (TSE:8929) has a ROC (Joel Greenblatt) % of 95.04% as of Dec. 2025. Joel Greenblatt's return on capital is the ratio of EBIT to average fixed assets and net working capital. View historical data on Aoyama Zaisan Networks Co and its competitors. This is 10% above median its historical median of 86.06. Over the past decade, Aoyama Zaisan Networks Co's ROC (Joel Greenblatt) % has ranged from 39.43 to 324.50. According to the industry distribution chart, Aoyama Zaisan Networks Co ranks #377 out of 1750 companies in the Real Estate industry, placing it in the top 21.5%.
Is Aoyama Zaisan Networks Co's ROC (Joel Greenblatt) % too high?
Aoyama Zaisan Networks Co's current ROC (Joel Greenblatt) % of 95.04% is 10% above median its 10-year median of 86.06. Over the past 10 years, this metric has ranged from a low of 39.43 to a high of 324.50. The Real Estate industry median ROC (Joel Greenblatt) % is 12.80. Aoyama Zaisan Networks Co's value of 95.04% is 642.8% above this industry median. Based on the distribution chart, Aoyama Zaisan Networks Co ranks #377 out of 1750 companies in the Real Estate industry, which is in the top quartile — a strong position relative to peers. Overall, Aoyama Zaisan Networks Co has a GF Score™ of 87/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Aoyama Zaisan Networks Co's ROC (Joel Greenblatt) % compare to CBRE and BEKE?
According to the Real Estate industry distribution chart, Aoyama Zaisan Networks Co ranks #377 out of 1750 companies for ROC (Joel Greenblatt) %. This places Aoyama Zaisan Networks Co in the top 22% of its industry — outperforming the majority of peers. The industry median ROC (Joel Greenblatt) % is 12.80. Aoyama Zaisan Networks Co's value of 95.04% is 642.8% above this benchmark. Historically, Aoyama Zaisan Networks Co's own ROC (Joel Greenblatt) % has ranged from 39.43 to 324.50 over the past decade. While the company's 10-year median is 86.06 vs. the industry median of 12.80, Aoyama Zaisan Networks 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 Real Estate company?
The median ROC (Joel Greenblatt) % among Real Estate companies is 12.80, based on 1,750 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. Aoyama Zaisan Networks Co's current ROC (Joel Greenblatt) % of 95.04% is 642.8% 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 Aoyama Zaisan Networks Co and its competitors. For the Real Estate industry, the median ROC (Joel Greenblatt) % is 12.80 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Aoyama Zaisan Networks Co's current ROC (Joel Greenblatt) % is 95.04%, which is 10% above median its own 10-year median of 86.06. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Aoyama Zaisan Networks Co stock overvalued right now?
Based on GuruFocus' analysis, Aoyama Zaisan Networks Co (TSE:8929) is currently considered Modestly Undervalued. The stock's GF Value™ is 円1,426.43, compared to a current price of 円1,274.00 — trading 10.7% below its estimated fair value. The current ROC (Joel Greenblatt) % is 95.04%, which is 10% above median its 10-year median of 86.06 and 642.8% above the Real Estate industry median of 12.80. Aoyama Zaisan Networks Co's overall GF Score™ is 87/100 with 2 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 Aoyama Zaisan Networks Co (TSE:8929), the current ROC (Joel Greenblatt) % is 95.04% as of Dec. 2025. 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 Aoyama Zaisan Networks Co (TSE:8929) Overvalued in 2026?
Based on GuruFocus' analysis, Aoyama Zaisan Networks Co stock appears to be undervalued.
The current stock price of 円1,274.00 is trading 10.7% below its estimated GF Value™ of 円1,426.43.
GuruFocus considers Aoyama Zaisan Networks Co to be Modestly Undervalued.
Key valuation signals for TSE:8929:
ROC (Joel Greenblatt) %: 95.04% (10% above median its 10-year median of 86.06)
GF Value™: 円1,426.43 vs. price of 円1,274.00 (10.7% below fair value)
Industry Position: 642.8% above the Real Estate median (#377 of 1750)
No single metric tells the full story. See the TSE:8929 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Aoyama Zaisan Networks Co Ltd is engaged in the provision of consulting services of asset transferring, maintenance and operation, among others. It is also engaged in corporate finance consulting and real estate solutions consulting in Japan.
87GF Score
Get the complete analysis for TSE:8929
ROC (Joel Greenblatt) % is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
TSE:8929 has been successfully added to your 
