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.
3-Year Return on Invested Incremental Capital (3-Year ROIIC %) measures the change in earnings as a percentage of change in investment over 3-year.
Beyond Air's 3-Year ROIIC % for the quarter that ended in Mar. 2026 was 258.65%. High ROIIC is generally an indication that your business is capital efficient or has a higher operating leverage.
The industry rank for Beyond Air's 3-Year ROIIC % or its related term are showing as below:
FRA:48L's 3-Year ROIIC % is ranked better than 94.73% of 797
companies
in the Medical Devices & Instruments industry
Industry Median: 1.47
vs FRA:48L: 258.65
Beyond Air (FRA:48L) 3-Year ROIIC % Explanation
Return on Incremental Invested Capital (ROIIC) is an extension of Return on Investment Capital (ROIC). ROIC % tells investors how efficiently that profitability is earned per dollar of company capital. ROIIC narrows the focus even further and shows how profitable each additional unit of capital investment could be. ROIIC % is a more powerful metric than ROIC because it measures how much money the company can generate going forward on future capital investments.
High ROIIC is generally an indication that your business is capital efficient or has a higher operating leverage.
Be Aware
It's important to keep in mind that when tracking ROIIC, the metric is better suited to forecasting the trend of future returns rather than measuring current return on investment.
Beyond Air 3-Year ROIIC % Related Terms
Beyond Air 3-Year ROIIC % Historical Data
* Premium members only.
The historical data trend for Beyond Air's 3-Year ROIIC % 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.
FRA:48L vs VVOS, TNON, BMRA: 3-Year ROIIC % Comparison
For the Medical Devices subindustry, Beyond Air's 3-Year ROIIC %, along with its competitors' market caps and 3-Year ROIIC % 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.
Beyond Air 3-Year ROIIC % vs Medical Devices & Instruments Industry
For the Medical Devices & Instruments industry and Healthcare sector, Beyond Air's 3-Year ROIIC % distribution charts can be found below:
* The bar in red indicates where Beyond Air's 3-Year ROIIC % falls into.
Beyond Air's 3-Year ROIIC % for the quarter that ended in Mar. 2026 is calculated as:
3-Year ROIIC %
=
3-Year Incremental Net Operating Profit After Taxes (NOPAT)**
/
3-Year Incremental Invested Capital**
=
( -25.123 (Mar. 2026) - -48.623 (Mar. 2023) )
/
( 16.929 (Mar. 2026) - 9.969 (Mar. 2023) )
=
23.5
/
6.96
=
337.64%***
* 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.
** Annual data of NOPAT and Invested Capital was used to calculate 3-Year ROIIC %.
*** Please be aware that the ROIIC (Return on Invested Capital) calculations are based on company-level data using the primary share class. The calculated data provided is for demonstration purposes and may slightly differ from the results displayed in the title due to potential variations caused by currency exchange rate differences throughout the year.
Beyond Air (FRA:48L) has a 3-Year ROIIC % of 258.65 as of Mar. 2026. 3-Year ROIIC % measures the change in earnings as a percentage of change in investment over 3-year. View historical data on Beyond Air and its competitors. According to the industry distribution chart, Beyond Air ranks #42 out of 797 companies in the Medical Devices & Instruments industry, placing it in the top 5.3%.
Is Beyond Air's 3-Year ROIIC % too high?
Beyond Air's current 3-Year ROIIC % is 258.65. The Medical Devices & Instruments industry median 3-Year ROIIC % is 1.47. Beyond Air's value of 258.65 is 17495.2% above this industry median. Based on the distribution chart, Beyond Air ranks #42 out of 797 companies in the Medical Devices & Instruments industry, which is in the top quartile — a strong position relative to peers. Overall, Beyond Air has a GF Score™ of 25/100, reflecting its overall financial health beyond just this single metric.
How does Beyond Air's 3-Year ROIIC % compare to VVOS and TNON?
According to the Medical Devices & Instruments industry distribution chart, Beyond Air ranks #42 out of 797 companies for 3-Year ROIIC %. This places Beyond Air in the top 5% of its industry — outperforming the majority of peers. The industry median 3-Year ROIIC % is 1.47. Beyond Air's value of 258.65 is 17495.2% above this benchmark. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good 3-Year ROIIC % for a Medical Devices & Instruments company?
The median 3-Year ROIIC % among Medical Devices & Instruments companies is 1.47, based on 797 companies in the industry. Companies in the top quartile (top 25%) have a 3-Year ROIIC % significantly above this median, while those in the bottom quartile fall well below. However, 3-Year ROIIC % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Beyond Air's current 3-Year ROIIC % of 258.65 is 17495.2% 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 3-Year ROIIC % mean?
A high 3-Year ROIIC % can signal that a stock is expensive relative to its fundamentals. 3-Year ROIIC % measures the change in earnings as a percentage of change in investment over 3-year. View historical data on Beyond Air and its competitors. For the Medical Devices & Instruments industry, the median 3-Year ROIIC % is 1.47 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Beyond Air's current 3-Year ROIIC % is 258.65. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Beyond Air stock overvalued right now?
Beyond Air (FRA:48L) has a current 3-Year ROIIC % of 258.65. The stock's GF Value™ is €1,073.24, compared to a current price of €65.60 — trading 93.9% below its estimated fair value. The current 3-Year ROIIC % is 258.65 and 17495.2% above the Medical Devices & Instruments industry median of 1.47. Beyond Air's overall GF Score™ is 25/100 with 7 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is 3-Year ROIIC % calculated?
3-Year ROIIC % is calculated from a company's financial statements. For Beyond Air (FRA:48L), the current 3-Year ROIIC % is 258.65 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 Beyond Air (FRA:48L) Overvalued in 2026?
Based on GuruFocus' analysis, Beyond Air stock appears to be undervalued.
The current stock price of €65.60 is trading 93.9% below its estimated GF Value™ of €1,073.24.
Key valuation signals for FRA:48L:
3-Year ROIIC %: 258.65
GF Value™: €1,073.24 vs. price of €65.60 (93.9% below fair value)
Industry Position: 17495.2% above the Medical Devices & Instruments median (#42 of 797)
No single metric tells the full story. See the FRA:48L stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Beyond Air Inc is a commercial-stage medical device and biopharmaceutical company that develops a Nitric Oxide (NO) Generator and Delivery System that uses NO generated from ambient air and delivers precise amounts of NO to the lungs for the potential treatment of respiratory and other diseases. The firm is applying its therapeutic expertise to develop treatments for pulmonary hypertension, in addition to treatments for lower respiratory tract infections.
25GF Score
Get the complete analysis for FRA:48L
3-Year ROIIC % is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
FRA:48L has been successfully added to your 
