Arena REITASX:ARF +0.63%83 ROC (Joel Greenblatt) % is 2,177.28% as of Dec. 2025, which is 94% below its 10-year median of 38,924.13. GuruFocus rates ASX:ARF with a GF Score™ of 83/100 and a GF Value™ of A$3.53 (Modestly Undervalued). The stock has 5 warning signs investors should review. Among 588 REITs companies, Arena REIT ranks better than 84.86% 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. Arena REIT's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2025 was 2,177.28%.
The historical rank and industry rank for Arena REIT's ROC (Joel Greenblatt) % or its related term are showing as below:
ASX:ARF'
s ROC (Joel Greenblatt) % Range Over the Past 10 Years
Min: 2247.12 Med: 38924.13 Max: 48566.99
Current: 2247.12
During the past 13 years, Arena REIT's highest ROC (Joel Greenblatt) % was 48566.99%. The lowest was 2247.12%. And the median was 38924.13%.
ASX:ARF's ROC (Joel Greenblatt) % is ranked better than 84.86% of 588
companies
in the REITs industry
Industry Median: 178.7
vs ASX:ARF: 2247.12
Arena REIT's 5-Year average Growth Rate of ROC (Joel Greenblatt) % was -38.20% 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.
Arena REIT ROC (Joel Greenblatt) % Historical Data
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The historical data trend for Arena REIT'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:ARF vs EQIX, AMT, DLR: ROC (Joel Greenblatt) % Comparison
For the REIT - Specialty subindustry, Arena REIT'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.
Arena REIT ROC (Joel Greenblatt) % vs REITs Industry
For the REITs industry and Real Estate sector, Arena REIT's ROC (Joel Greenblatt) % distribution charts can be found below:
* The bar in red indicates where Arena REIT'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 2,177.28% mean?
Arena REIT (ASX:ARF) has a ROC (Joel Greenblatt) % of 2,177.28% 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 Arena REIT and its competitors. This is 94% below median its historical median of 38,924.13. Over the past decade, Arena REIT's ROC (Joel Greenblatt) % has ranged from 2,247.12 to 48,566.99. According to the industry distribution chart, Arena REIT ranks #89 out of 588 companies in the REITs industry, placing it in the top 15.1%.
Is Arena REIT's ROC (Joel Greenblatt) % too high?
Arena REIT's current ROC (Joel Greenblatt) % of 2,177.28% is 94% below median its 10-year median of 38,924.13. Over the past 10 years, this metric has ranged from a low of 2,247.12 to a high of 48,566.99. The REITs industry median ROC (Joel Greenblatt) % is 178.70. Arena REIT's value of 2,177.28% is 1118.4% above this industry median. Based on the distribution chart, Arena REIT ranks #89 out of 588 companies in the REITs industry, which is in the top quartile — a strong position relative to peers. Overall, Arena REIT has a GF Score™ of 83/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Arena REIT's ROC (Joel Greenblatt) % compare to EQIX and AMT?
According to the REITs industry distribution chart, Arena REIT ranks #89 out of 588 companies for ROC (Joel Greenblatt) %. This places Arena REIT in the top 15% of its industry — outperforming the majority of peers. The industry median ROC (Joel Greenblatt) % is 178.70. Arena REIT's value of 2,177.28% is 1118.4% above this benchmark. Historically, Arena REIT's own ROC (Joel Greenblatt) % has ranged from 2,247.12 to 48,566.99 over the past decade. While the company's 10-year median is 38,924.13 vs. the industry median of 178.70, Arena REIT 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 a REITs company?
The median ROC (Joel Greenblatt) % among REITs companies is 178.70, based on 588 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. Arena REIT's current ROC (Joel Greenblatt) % of 2,177.28% is 1118.4% 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 Arena REIT and its competitors. For the REITs industry, the median ROC (Joel Greenblatt) % is 178.70 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Arena REIT's current ROC (Joel Greenblatt) % is 2,177.28%, which is 94% below median its own 10-year median of 38,924.13. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Arena REIT stock overvalued right now?
Based on GuruFocus' analysis, Arena REIT (ASX:ARF) is currently considered Modestly Undervalued. The stock's GF Value™ is A$3.53, compared to a current price of A$3.17 — trading 10.2% below its estimated fair value. The current ROC (Joel Greenblatt) % is 2,177.28%, which is 94% below median its 10-year median of 38,924.13 and 1118.4% above the REITs industry median of 178.70. Arena REIT's overall GF Score™ is 83/100 with 5 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 Arena REIT (ASX:ARF), the current ROC (Joel Greenblatt) % is 2,177.28% 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 Arena REIT (ASX:ARF) Overvalued in 2026?
Based on GuruFocus' analysis, Arena REIT stock appears to be undervalued.
The current stock price of A$3.17 is trading 10.2% below its estimated GF Value™ of A$3.53.
GuruFocus considers Arena REIT to be Modestly Undervalued.
Key valuation signals for ASX:ARF:
ROC (Joel Greenblatt) %: 2,177.28% (94% below median its 10-year median of 38,924.13)
GF Value™: A$3.53 vs. price of A$3.17 (10.2% below fair value)
Industry Position: 1118.4% above the REITs median (#89 of 588)
No single metric tells the full story. See the ASX:ARF stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Arena REIT is an internally managed Australian property trust. The REIT specializes in leasing social infrastructure properties, with close to 300 childcare centers and about a dozen healthcare facilities in its portfolio. Typically, tenants enter into long-term leases with inflation-linked or fixed rental escalations every year. All leases are "triple net," meaning tenants pay for all statutory and operating outgoings and costs, such as land tax, insurance, electricity, and maintenance. The tenant profile is concentrated—almost three quarters of rents are generated from the top five tenants. Arena actively grows its property book through acquisitions and developments, and historically added on average 10 sites, net of divestments, per year.
83GF Score
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