Ann: WTC responds to misinformation in market report, page-112

agree that the MC is difficult to justify; however one matter you should consider (although would not likely explain the whole underperformance) is that when a company buys another company it does not recognise the whole year revenue (just the revenue from acquisition date) however at year end the whole purchase price is included in the asset value - meaning to get a true indication on Return on Asset you need a full financial year of profit over assets.

Although future to your critique, the return on asset would be even worse if WTC did not capitalise R&D expense.