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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. TBS Holdings's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 was -4.06%.
The historical rank and industry rank for TBS Holdings's ROC (Joel Greenblatt) % or its related term are showing as below:
TSE:9401'
s ROC (Joel Greenblatt) % Range Over the Past 10 Years
Min: 12.61 Med: 20.13 Max: 26.85
Current: 26.23
During the past 13 years, TBS Holdings's highest ROC (Joel Greenblatt) % was 26.85%. The lowest was 12.61%. And the median was 20.13%.
TSE:9401's ROC (Joel Greenblatt) % is ranked better than 64.37% of 1016
companies
in the Media - Diversified industry
Industry Median: 9.83
vs TSE:9401: 26.23
TBS Holdings's 5-Year average Growth Rate of ROC (Joel Greenblatt) % was 6.70% 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.
TBS Holdings ROC (Joel Greenblatt) % Related Terms
TBS Holdings ROC (Joel Greenblatt) % Historical Data
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The historical data trend for TBS Holdings'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:9401 vs NXST: ROC (Joel Greenblatt) % Comparison
For the Broadcasting subindustry, TBS Holdings'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.
TBS Holdings ROC (Joel Greenblatt) % vs Media - Diversified Industry
For the Media - Diversified industry and Communication Services sector, TBS Holdings's ROC (Joel Greenblatt) % distribution charts can be found below:
* The bar in red indicates where TBS Holdings'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 four times the quarterly (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 -4.06% mean?
TBS Holdings (TSE:9401) has a ROC (Joel Greenblatt) % of -4.06% 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 TBS Holdings and its competitors. Over the past decade, TBS Holdings' ROC (Joel Greenblatt) % has ranged from 12.61 to 26.85. According to the industry distribution chart, TBS Holdings ranks #362 out of 1016 companies in the Media - Diversified industry, placing it in the top 35.6%.
Is TBS Holdings' ROC (Joel Greenblatt) % too high?
TBS Holdings' current ROC (Joel Greenblatt) % is -4.06%. Over the past 10 years, this metric has ranged from a low of 12.61 to a high of 26.85. Based on the distribution chart, TBS Holdings ranks #362 out of 1016 companies in the Media - Diversified industry, which is above the industry midpoint. Overall, TBS Holdings has a GF Score™ of 83/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does TBS Holdings' ROC (Joel Greenblatt) % compare to NXST?
According to the Media - Diversified industry distribution chart, TBS Holdings ranks #362 out of 1016 companies for ROC (Joel Greenblatt) %. This puts TBS Holdings in the upper half of its industry. The industry median ROC (Joel Greenblatt) % is 9.83. Historically, TBS Holdings' own ROC (Joel Greenblatt) % has ranged from 12.61 to 26.85 over the past decade. 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 Media - Diversified company?
The median ROC (Joel Greenblatt) % among Media - Diversified companies is 9.83, based on 1,016 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 TBS Holdings and its competitors. For the Media - Diversified industry, the median ROC (Joel Greenblatt) % is 9.83 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. TBS Holdings's current ROC (Joel Greenblatt) % is -4.06%. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is TBS Holdings stock overvalued right now?
Based on GuruFocus' analysis, TBS Holdings (TSE:9401) is currently considered Modestly Overvalued. The stock's GF Value™ is 円4,699.93, compared to a current price of 円6,034.00 — trading 28.4% above its estimated fair value. The current ROC (Joel Greenblatt) % is -4.06%. TBS Holdings' overall GF Score™ is 83/100 with 7 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 TBS Holdings (TSE:9401), the current ROC (Joel Greenblatt) % is -4.06% 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 TBS Holdings (TSE:9401) Overvalued in 2026?
Based on GuruFocus' analysis, TBS Holdings stock appears to be overvalued.
The current stock price of 円6,034.00 is trading 28.4% above its estimated GF Value™ of 円4,699.93.
GuruFocus considers TBS Holdings to be Modestly Overvalued.
Key valuation signals for TSE:9401:
ROC (Joel Greenblatt) %: -4.06%
GF Value™: 円4,699.93 vs. price of 円6,034.00 (28.4% above fair value)
No single metric tells the full story. See the TSE:9401 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
TBS Holdings Inc is a Japanese media and broadcasting holding company that operates television businesses through its subsidiaries. The company operates through three reportable segments: Media & Content Business, Lifestyle Business, and Real Estate & Other Business. The Media & Content Business includes television and radio broadcasting, event planning, video software production, and distribution. The Lifestyle Business handles general merchandise retail, beauty and wellness services, private tutoring, and early childhood education. The Real Estate & Other Business segment involves land and building rentals. It generates the majority of its revenue from the Media & content business segment.
83GF 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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