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.
FJ Next Holdings CoTSE:8935 -0.81%93 ROC (Joel Greenblatt) % is 24.48% as of Mar. 2026, which is 20% above its 10-year median of 20.38. GuruFocus rates TSE:8935 with a GF Score™ of 93/100 and a GF Value™ of 円1,837.16 (Fairly Valued). The stock has 4 warning signs investors should review. Among 1,748 Real Estate companies, FJ Next Holdings Co ranks better than 57.44% 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. FJ Next Holdings Co's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 was 24.48%.
The historical rank and industry rank for FJ Next Holdings Co's ROC (Joel Greenblatt) % or its related term are showing as below:
TSE:8935'
s ROC (Joel Greenblatt) % Range Over the Past 10 Years
Min: 15.07 Med: 20.38 Max: 27.13
Current: 20
During the past 13 years, FJ Next Holdings Co's highest ROC (Joel Greenblatt) % was 27.13%. The lowest was 15.07%. And the median was 20.38%.
TSE:8935's ROC (Joel Greenblatt) % is ranked better than 57.44% of 1748
companies
in the Real Estate industry
Industry Median: 12.92
vs TSE:8935: 20.00
FJ Next Holdings Co's 5-Year average Growth Rate of ROC (Joel Greenblatt) % was 1.70% per year.
FJ Next Holdings Co (TSE:8935) 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.
FJ Next Holdings Co ROC (Joel Greenblatt) % Related Terms
FJ Next Holdings Co ROC (Joel Greenblatt) % Historical Data
* Premium members only.
The historical data trend for FJ Next Holdings 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.
FJ Next Holdings Co ROC (Joel Greenblatt) % Competitor Comparison
For the Real Estate - Diversified subindustry, FJ Next Holdings 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.
FJ Next Holdings Co ROC (Joel Greenblatt) % vs Real Estate Industry
For the Real Estate industry and Real Estate sector, FJ Next Holdings Co's ROC (Joel Greenblatt) % distribution charts can be found below:
* The bar in red indicates where FJ Next Holdings Co's ROC (Joel Greenblatt) % falls into.
FJ Next Holdings 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 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 24.48% mean?
FJ Next Holdings Co (TSE:8935) has a ROC (Joel Greenblatt) % of 24.48% 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 FJ Next Holdings Co and its competitors. This is 20% above median its historical median of 20.38. Over the past decade, FJ Next Holdings Co's ROC (Joel Greenblatt) % has ranged from 15.07 to 27.13. According to the industry distribution chart, FJ Next Holdings Co ranks #744 out of 1748 companies in the Real Estate industry, placing it in the top 42.6%.
Is FJ Next Holdings Co's ROC (Joel Greenblatt) % too high?
FJ Next Holdings Co's current ROC (Joel Greenblatt) % of 24.48% is 20% above median its 10-year median of 20.38. Over the past 10 years, this metric has ranged from a low of 15.07 to a high of 27.13. The Real Estate industry median ROC (Joel Greenblatt) % is 12.92. FJ Next Holdings Co's value of 24.48% is 89.5% above this industry median. Based on the distribution chart, FJ Next Holdings Co ranks #744 out of 1748 companies in the Real Estate industry, which is above the industry midpoint. Overall, FJ Next Holdings Co has a GF Score™ of 93/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does FJ Next Holdings Co's ROC (Joel Greenblatt) % compare to competitors?
According to the Real Estate industry distribution chart, FJ Next Holdings Co ranks #744 out of 1748 companies for ROC (Joel Greenblatt) %. This puts FJ Next Holdings Co in the upper half of its industry. The industry median ROC (Joel Greenblatt) % is 12.92. FJ Next Holdings Co's value of 24.48% is 89.5% above this benchmark. Historically, FJ Next Holdings Co's own ROC (Joel Greenblatt) % has ranged from 15.07 to 27.13 over the past decade. While the company's 10-year median is 20.38 vs. the industry median of 12.92, FJ Next Holdings 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 12.92, based on 1,748 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. FJ Next Holdings Co's current ROC (Joel Greenblatt) % of 24.48% is 89.5% 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 FJ Next Holdings Co and its competitors. For the Real Estate industry, the median ROC (Joel Greenblatt) % is 12.92 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. FJ Next Holdings Co's current ROC (Joel Greenblatt) % is 24.48%, which is 20% above median its own 10-year median of 20.38. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is FJ Next Holdings Co stock overvalued right now?
Based on GuruFocus' analysis, FJ Next Holdings Co (TSE:8935) is currently considered Fairly Valued. The stock's GF Value™ is 円1,837.16, compared to a current price of 円1,832.00 — trading 0.3% below its estimated fair value. The current ROC (Joel Greenblatt) % is 24.48%, which is 20% above median its 10-year median of 20.38 and 89.5% above the Real Estate industry median of 12.92. FJ Next Holdings Co's overall GF Score™ is 93/100 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 FJ Next Holdings Co (TSE:8935), the current ROC (Joel Greenblatt) % is 24.48% 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 FJ Next Holdings Co (TSE:8935) Overvalued in 2026?
Based on GuruFocus' analysis, FJ Next Holdings Co stock appears to be undervalued.
The current stock price of 円1,832.00 is trading 0.3% below its estimated GF Value™ of 円1,837.16.
GuruFocus considers FJ Next Holdings Co to be Fairly Valued.
Key valuation signals for TSE:8935:
ROC (Joel Greenblatt) %: 24.48% (20% above median its 10-year median of 20.38)
GF Value™: 円1,837.16 vs. price of 円1,832.00 (0.3% below fair value)
Industry Position: 89.5% above the Real Estate median (#744 of 1748)
No single metric tells the full story. See the TSE:8935 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
FJ Next Holdings Co Ltd operates in the real estate sector in Japan. Along with its subsidiaries, the company operates in the following reportable segments: Real Estate Development, Real Estate Management, Construction, Hotel, and others. The majority of its revenue is generated from the Real Estate Development business, which is engaged in the development, sales, and marketing of studio apartments, resort properties, and family apartments (Gala Mansion Series and Gala Residencies) mainly in the Tokyo metropolitan area. In addition, this segment also offers rental recruitment and real estate brokerage services.
93GF Score
Get the complete analysis for TSE:8935
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:8935 has been successfully added to your 
