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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. Alphatec Holdings's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2024 was -62.84%.
The historical rank and industry rank for Alphatec Holdings's ROC (Joel Greenblatt) % or its related term are showing as below:
During the past 13 years, Alphatec Holdings's highest ROC (Joel Greenblatt) % was 9.88%. The lowest was -259.32%. And the median was -81.69%.
Alphatec Holdings's 5-Year average Growth Rate of ROC (Joel Greenblatt) % was 0.00% per year.
The historical data trend for Alphatec 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.
Alphatec Holdings Annual Data | |||||||||||||||||||||
Trend | Dec14 | Dec15 | Dec16 | Dec17 | Dec18 | Dec19 | Dec20 | Dec21 | Dec22 | Dec23 | |||||||||||
ROC (Joel Greenblatt) % | Get a 7-Day Free Trial | -117.85 | -122.98 | -124.62 | -85.62 | -77.76 |
Alphatec Holdings Quarterly Data | ||||||||||||||||||||
Jun19 | Sep19 | Dec19 | Mar20 | Jun20 | Sep20 | Dec20 | Mar21 | Jun21 | Sep21 | Dec21 | Mar22 | Jun22 | Sep22 | Dec22 | Mar23 | Jun23 | Sep23 | Dec23 | Mar24 | |
ROC (Joel Greenblatt) % | Get a 7-Day Free Trial | -83.37 | -92.31 | -68.96 | -73.65 | -62.84 |
For the Medical Devices subindustry, Alphatec 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.
For the Medical Devices & Instruments industry and Healthcare sector, Alphatec Holdings's ROC (Joel Greenblatt) % distribution charts can be found below:
* The bar in red indicates where Alphatec 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:
ROC (Joel Greenblatt) % | = | EBIT | / | Average of (Net fixed Assets | + | Net Working Capital) |
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.
Working Capital | (Q: Dec. 2023 ) | ||||||||||
= | (Accounts Receivable | + | Total Inventories | + | Other Current Assets) | - | (Accounts Payable & Accrued Expense | + | Defer. Rev. | + | Other Current Liabilities) |
= | (72.613 | + | 136.842 | + | 20.666) | - | (128.673 | + | 13.91 | + | 8.024) |
= | 79.514 |
Working Capital | (Q: Mar. 2024 ) | ||||||||||
= | (Accounts Receivable | + | Total Inventories | + | Other Current Assets) | - | (Accounts Payable & Accrued Expense | + | Defer. Rev. | + | Other Current Liabilities) |
= | (88.648 | + | 152.981 | + | 19.578) | - | (147.867 | + | 13.632 | + | 0) |
= | 99.708 |
When net working capital is negative, 0 is used.
So ROC (Joel Greenblatt) % of Alphatec Holdings for the quarter that ended in Mar. 2024 can be restated as:
ROC (Joel Greenblatt) % | (Q: Mar. 2024 ) | ||||||
= | EBIT | / | Average of (Net fixed Assets | + | Net Working Capital) | ||
= | EBIT | / | Average of (Property, Plant and Equipment | + | Net Working Capital) | ||
Q: Dec. 2023 | Q: Mar. 2024 | ||||||
= | EBIT | / | ( ( (Property, Plant and Equipment + Net Working Capital) | + | (Property, Plant and Equipment + Net Working Capital) ) | / | count ) |
= | -172.892 | / | ( ( (176.245 + max(79.514, 0)) | + | (194.759 + max(99.708, 0)) ) | / | 2 ) |
= | -172.892 | / | ( ( 255.759 | + | 294.467 ) | / | 2 ) |
= | -172.892 | / | 275.113 | ||||
= | -62.84 % |
Note: The EBIT data used here is four times the quarterly (Mar. 2024) 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.
Alphatec Holdings (NAS:ATEC) 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.
Joel Greenblatt uses his definition of Return on Capital and Earnings Yield (Joel Greenblatt) % to rank companies.
Thank you for viewing the detailed overview of Alphatec Holdings's ROC (Joel Greenblatt) % provided by GuruFocus.com. Please click on the following links to see related term pages.
David Sponsel | officer: EVP, Sales | C/O ALPHATEC SPINE, INC., 5818 EL CAMINO REAL, CARLSBAD CA 92008 |
David M Demski | director | C/O GLOBUS MEDICAL, INC., 2560 GENERAL ARMISTEAD AVENUE, AUDUBON PA 19403 |
Patrick Miles | director, officer: Executive Chairman | 7475 LUSK BLVD., SAN DIEGO CA 92121 |
Tullis James L L | director, 10 percent owner | 100 FIRST STAMFORD PLACE, STAMFORD CT 06907 |
David H Mowry | director | 9775 TOLEDO, IRVINE CA 92618 |
Evan Bakst | director | 225 CENTRAL PARK WEST, APT. 1605, NEW YORK NY 10024 |
Jennifer N. Pritzker | 10 percent owner | C/O SQUADRON CAPITAL LLC, 104 S. MICHIGAN AVENUE, SUITE 500, CHICAGO IL 60603 |
Tyson Eliot Marshall | officer: GENERAL COUNSEL & CORP. SEC. | 10680 TREENA STREET, SUITE 500, SAN DIEGO CA 92131 |
Craig E Hunsaker | officer: See Remarks | C/O ALPHATEC HOLDINGS, INC., 5818 EL CAMINO REAL, CARLSBAD CA 92008 |
Elizabeth Ann Altman | director | 10070 BARNES CANYON ROAD, SAN DIEGO CA 92121 |
Paul Segal | 10 percent owner | 1700 BROADWAY, 35TH FLOOR, NEW YORK NY 10019 |
L-5 Healthcare Partners, Llc | 10 percent owner, other: Director by deputization | 1700 BROADWAY, 35TH FLOOR, NEW YORK NY 10019 |
John Todd Koning | officer: Chief Financial Officer | C/O MASIMO CORPORATION, 52 DISCOVERY, IRVINE CA 92618 |
David R Pelizzon | director, 10 percent owner | 2850 FRONTIER DR, WARSAW IN 46582 |
Scott Lish | officer: SVP, Development | C/O ALPHATEC SPINE, INC., 5818 EL CAMINO REAL, CARLSBAD CA 92008 |
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