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Test ResearchTPE:3030 +2.40%93 3-Year ROIIC % is 35.38 as of Dec. 2025, which is 45% above its 10-year median of 24.36. GuruFocus rates TPE:3030 with a GF Score™ of 93/100 and a GF Value™ of NT$189.86 (Significantly Overvalued). The stock has 2 warning signs investors should review. Among 2,373 Hardware companies, Test Research ranks better than 79.48% on this metric.
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.
Test Research's 3-Year ROIIC % for the quarter that ended in Dec. 2025 was 35.38%. High ROIIC is generally an indication that your business is capital efficient or has a higher operating leverage.
The industry rank for Test Research's 3-Year ROIIC % or its related term are showing as below:
TPE:3030's 3-Year ROIIC % is ranked better than 79.48% of 2373
companies
in the Hardware industry
Industry Median: 2.33
vs TPE:3030: 35.38
Test Research (TPE:3030) 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.
Test Research 3-Year ROIIC % Related Terms
Test Research 3-Year ROIIC % Historical Data
* Premium members only.
The historical data trend for Test Research'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.
TPE:3030 vs COHR, KEYS, GRMN: 3-Year ROIIC % Comparison
For the Scientific & Technical Instruments subindustry, Test Research'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.
Test Research 3-Year ROIIC % vs Hardware Industry
For the Hardware industry and Technology sector, Test Research's 3-Year ROIIC % distribution charts can be found below:
* The bar in red indicates where Test Research's 3-Year ROIIC % falls into.
* 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.
Test Research (TPE:3030) has a 3-Year ROIIC % of 35.38 as of Dec. 2025. 3-Year ROIIC % measures the change in earnings as a percentage of change in investment over 3-year. View historical data on Test Research and its competitors. This is 45% above median its historical median of 24.36. According to the industry distribution chart, Test Research ranks #487 out of 2373 companies in the Hardware industry, placing it in the top 20.5%.
Is Test Research's 3-Year ROIIC % too high?
Test Research's current 3-Year ROIIC % of 35.38 is 45% above median its 10-year median of 24.36. The Hardware industry median 3-Year ROIIC % is 2.33. Test Research's value of 35.38 is 1418.5% above this industry median. Based on the distribution chart, Test Research ranks #487 out of 2373 companies in the Hardware industry, which is in the top quartile — a strong position relative to peers. Overall, Test Research has a GF Score™ of 93/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Test Research's 3-Year ROIIC % compare to COHR and KEYS?
According to the Hardware industry distribution chart, Test Research ranks #487 out of 2373 companies for 3-Year ROIIC %. This places Test Research in the top 21% of its industry — outperforming the majority of peers. The industry median 3-Year ROIIC % is 2.33. Test Research's value of 35.38 is 1418.5% above this benchmark. While the company's 10-year median is 24.36 vs. the industry median of 2.33, Test Research 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 3-Year ROIIC % for a Hardware company?
The median 3-Year ROIIC % among Hardware companies is 2.33, based on 2,373 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. Test Research's current 3-Year ROIIC % of 35.38 is 1418.5% 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 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 Test Research and its competitors. For the Hardware industry, the median 3-Year ROIIC % is 2.33 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Test Research's current 3-Year ROIIC % is 35.38, which is 45% above median its own 10-year median of 24.36. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Test Research stock overvalued right now?
Based on GuruFocus' analysis, Test Research (TPE:3030) is currently considered Significantly Overvalued. The stock's GF Value™ is NT$189.86, compared to a current price of NT$298.50 — trading 57.2% above its estimated fair value. The current 3-Year ROIIC % is 35.38, which is 45% above median its 10-year median of 24.36 and 1418.5% above the Hardware industry median of 2.33. Test Research's overall GF Score™ is 93/100 with 2 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 Test Research (TPE:3030), the current 3-Year ROIIC % is 35.38 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 Test Research (TPE:3030) Overvalued in 2026?
Based on GuruFocus' analysis, Test Research stock appears to be overvalued.
The current stock price of NT$298.50 is trading 57.2% above its estimated GF Value™ of NT$189.86.
GuruFocus considers Test Research to be Significantly Overvalued.
Key valuation signals for TPE:3030:
3-Year ROIIC %: 35.38 (45% above median its 10-year median of 24.36)
GF Value™: NT$189.86 vs. price of NT$298.50 (57.2% above fair value)
Industry Position: 1418.5% above the Hardware median (#487 of 2373)
No single metric tells the full story. See the TPE:3030 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Test Research Inc designs testing equipment for industrial applications. The firm focuses on designing, assembling, manufacturing, selling, repairing, and maintaining automated inspection and testing equipment. The firm receives a majority of its revenue from Asia and the rest from America, Europe, and other regions.
93GF Score
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