Bega CheeseASX:BGA -1.01%75 ROC (Joel Greenblatt) % is 18.13% as of Dec. 2025, which is 123% above its 10-year median of 8.13. GuruFocus rates ASX:BGA with a GF Score™ of 75/100 and a GF Value™ of A$4.84 (Modestly Overvalued). The stock has 6 warning signs investors should review. Among 1,970 Consumer Packaged Goods companies, Bega Cheese ranks worse than 69.59% 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. Bega Cheese's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2025 was 18.13%.
The historical rank and industry rank for Bega Cheese's ROC (Joel Greenblatt) % or its related term are showing as below:
ASX:BGA'
s ROC (Joel Greenblatt) % Range Over the Past 10 Years
Min: -24.48 Med: 8.13 Max: 66.48
Current: 4.25
During the past 13 years, Bega Cheese's highest ROC (Joel Greenblatt) % was 66.48%. The lowest was -24.48%. And the median was 8.13%.
ASX:BGA's ROC (Joel Greenblatt) % is ranked worse than 69.59% of 1970
companies
in the Consumer Packaged Goods industry
Industry Median: 11.985
vs ASX:BGA: 4.25
Bega Cheese'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.
Bega Cheese ROC (Joel Greenblatt) % Historical Data
* Premium members only.
The historical data trend for Bega Cheese'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:BGA vs KHC, GIS: ROC (Joel Greenblatt) % Comparison
For the Packaged Foods subindustry, Bega Cheese'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.
Bega Cheese ROC (Joel Greenblatt) % vs Consumer Packaged Goods Industry
For the Consumer Packaged Goods industry and Consumer Defensive sector, Bega Cheese's ROC (Joel Greenblatt) % distribution charts can be found below:
* The bar in red indicates where Bega Cheese'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 18.13% mean?
Bega Cheese (ASX:BGA) has a ROC (Joel Greenblatt) % of 18.13% 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 Bega Cheese and its competitors. This is 123% above median its historical median of 8.13. According to the industry distribution chart, Bega Cheese ranks #1371 out of 1970 companies in the Consumer Packaged Goods industry, placing it in the top 69.6%.
Is Bega Cheese's ROC (Joel Greenblatt) % too high?
Bega Cheese's current ROC (Joel Greenblatt) % of 18.13% is 123% above median its 10-year median of 8.13. The Consumer Packaged Goods industry median ROC (Joel Greenblatt) % is 11.99. Bega Cheese's value of 18.13% is 51.3% above this industry median. Based on the distribution chart, Bega Cheese ranks #1371 out of 1970 companies in the Consumer Packaged Goods industry, which is below the industry midpoint. Overall, Bega Cheese has a GF Score™ of 75/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Bega Cheese's ROC (Joel Greenblatt) % compare to KHC and GIS?
According to the Consumer Packaged Goods industry distribution chart, Bega Cheese ranks #1371 out of 1970 companies for ROC (Joel Greenblatt) %. This places Bega Cheese in the lower half of its industry. The industry median ROC (Joel Greenblatt) % is 11.99. Bega Cheese's value of 18.13% is 51.3% above this benchmark. While the company's 10-year median is 8.13 vs. the industry median of 11.99, Bega Cheese 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 Consumer Packaged Goods company?
The median ROC (Joel Greenblatt) % among Consumer Packaged Goods companies is 11.99, based on 1,970 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. Bega Cheese's current ROC (Joel Greenblatt) % of 18.13% is 51.3% 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 Bega Cheese and its competitors. For the Consumer Packaged Goods industry, the median ROC (Joel Greenblatt) % is 11.99 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Bega Cheese's current ROC (Joel Greenblatt) % is 18.13%, which is 123% above median its own 10-year median of 8.13. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Bega Cheese stock overvalued right now?
Based on GuruFocus' analysis, Bega Cheese (ASX:BGA) is currently considered Modestly Overvalued. The stock's GF Value™ is A$4.84, compared to a current price of A$5.88 — trading 21.5% above its estimated fair value. The current ROC (Joel Greenblatt) % is 18.13%, which is 123% above median its 10-year median of 8.13 and 51.3% above the Consumer Packaged Goods industry median of 11.99. Bega Cheese's overall GF Score™ is 75/100 with 6 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 Bega Cheese (ASX:BGA), the current ROC (Joel Greenblatt) % is 18.13% 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 Bega Cheese (ASX:BGA) Overvalued in 2026?
Based on GuruFocus' analysis, Bega Cheese stock appears to be overvalued.
The current stock price of A$5.88 is trading 21.5% above its estimated GF Value™ of A$4.84.
GuruFocus considers Bega Cheese to be Modestly Overvalued.
Key valuation signals for ASX:BGA:
ROC (Joel Greenblatt) %: 18.13% (123% above median its 10-year median of 8.13)
GF Value™: A$4.84 vs. price of A$5.88 (21.5% above fair value)
Industry Position: 51.3% above the Consumer Packaged Goods median (#1371 of 1970)
No single metric tells the full story. See the ASX:BGA stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Bega Group is an Australia-based dairy processor and food manufacturer of well-known brands including Bega Cheese and Vegemite. Bega operates two segments: The branded segment produces consumer packaged goods primarily sold through the supermarket and foodservice channels, while the bulk segment produces commodity dairy ingredients primarily sold through the business-to-business channel.
75GF Score
Get the complete analysis for ASX:BGA
ROC (Joel Greenblatt) % is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
ASX:BGA has been successfully added to your 
