AmpolASX:ALD +1.04%82 ROC (Joel Greenblatt) % is 10.46% as of Dec. 2025, which is 50% below its 10-year median of 21.12. GuruFocus rates ASX:ALD with a GF Score™ of 82/100 and a GF Value™ of A$28.90 (Modestly Overvalued). The stock has 4 warning signs investors should review. Among 999 Oil & Gas companies, Ampol ranks worse than 54.05% on this metric.
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. Ampol's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2025 was 10.46%.
The historical rank and industry rank for Ampol's ROC (Joel Greenblatt) % or its related term are showing as below:
ASX:ALD'
s ROC (Joel Greenblatt) % Range Over the Past 10 Years
Min: -17.64 Med: 21.12 Max: 31
Current: 6.79
During the past 13 years, Ampol's highest ROC (Joel Greenblatt) % was 31.00%. The lowest was -17.64%. And the median was 21.12%.
ASX:ALD's ROC (Joel Greenblatt) % is ranked worse than 54.05% of 999
companies
in the Oil & Gas industry
Industry Median: 8.41
vs ASX:ALD: 6.79
Ampol's 5-Year average Growth Rate of ROC (Joel Greenblatt) % was 0.00% 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.
The historical data trend for Ampol'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.
ASX:ALD vs VLO, MPC, PSX: ROC (Joel Greenblatt) % Comparison
For the Oil & Gas Refining & Marketing subindustry, Ampol'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.
Ampol ROC (Joel Greenblatt) % vs Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Ampol's ROC (Joel Greenblatt) % distribution charts can be found below:
* The bar in red indicates where Ampol'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 two times the semi-annual (Dec. 2025) 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 10.46% mean?
Ampol (ASX:ALD) has a ROC (Joel Greenblatt) % of 10.46% as of Dec. 2025. Joel Greenblatt's return on capital is the ratio of EBIT to average fixed assets and net working capital. View historical data on Ampol and its competitors. This is 50% below median its historical median of 21.12. According to the industry distribution chart, Ampol ranks #540 out of 999 companies in the Oil & Gas industry, placing it in the top 54.1%.
Is Ampol's ROC (Joel Greenblatt) % too high?
Ampol's current ROC (Joel Greenblatt) % of 10.46% is 50% below median its 10-year median of 21.12. The Oil & Gas industry median ROC (Joel Greenblatt) % is 8.41. Ampol's value of 10.46% is 24.4% above this industry median. Based on the distribution chart, Ampol ranks #540 out of 999 companies in the Oil & Gas industry, which is below the industry midpoint. Overall, Ampol has a GF Score™ of 82/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Ampol's ROC (Joel Greenblatt) % compare to VLO and MPC?
According to the Oil & Gas industry distribution chart, Ampol ranks #540 out of 999 companies for ROC (Joel Greenblatt) %. This places Ampol in the lower half of its industry. The industry median ROC (Joel Greenblatt) % is 8.41. Ampol's value of 10.46% is 24.4% above this benchmark. While the company's 10-year median is 21.12 vs. the industry median of 8.41, Ampol 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 ROC (Joel Greenblatt) % for an Oil & Gas company?
The median ROC (Joel Greenblatt) % among Oil & Gas companies is 8.41, based on 999 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. Ampol's current ROC (Joel Greenblatt) % of 10.46% is 24.4% 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 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 Ampol and its competitors. For the Oil & Gas industry, the median ROC (Joel Greenblatt) % is 8.41 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Ampol's current ROC (Joel Greenblatt) % is 10.46%, which is 50% below median its own 10-year median of 21.12. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Ampol stock overvalued right now?
Based on GuruFocus' analysis, Ampol (ASX:ALD) is currently considered Modestly Overvalued. The stock's GF Value™ is A$28.90, compared to a current price of A$33.88 — trading 17.2% above its estimated fair value. The current ROC (Joel Greenblatt) % is 10.46%, which is 50% below median its 10-year median of 21.12 and 24.4% above the Oil & Gas industry median of 8.41. Ampol's overall GF Score™ is 82/100 with 4 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 Ampol (ASX:ALD), the current ROC (Joel Greenblatt) % is 10.46% 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 Ampol (ASX:ALD) Overvalued in 2026?
Based on GuruFocus' analysis, Ampol stock appears to be overvalued.
The current stock price of A$33.88 is trading 17.2% above its estimated GF Value™ of A$28.90.
GuruFocus considers Ampol to be Modestly Overvalued.
Key valuation signals for ASX:ALD:
ROC (Joel Greenblatt) %: 10.46% (50% below median its 10-year median of 21.12)
GF Value™: A$28.90 vs. price of A$33.88 (17.2% above fair value)
Industry Position: 24.4% above the Oil & Gas median (#540 of 999)
No single metric tells the full story. See the ASX:ALD stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Ampol (nee Caltex) is the largest and only Australian-listed petroleum refiner and distributor, with operations in all states and territories. It was a major international brand of Chevron's until that 50% owner sold out in 2015. Caltex transitioned to Ampol branding due to Chevron terminating its licence to use the Caltex brand in Australia. Ampol has operated for more than 100 years. It owns and operates a refinery at Lytton in Brisbane, but closed Sydney's Kurnell refinery to focus on the more profitable distribution/retail segment. It successfully completed a NZD 2.0 billion bid for New Zealand peer Z Energy in first-half 2022.
82GF Score
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