Pan African ResourcesASX:PAF 76 ROC (Joel Greenblatt) % is 50.06% as of Dec. 2025, which is 108% above its 10-year median of 24.05. GuruFocus rates ASX:PAF with a GF Score™ of 76/100 and a GF Value™ of A$1.64. The stock has 3 warning signs investors should review. Among 2,500 Metals & Mining companies, Pan African Resources ranks better than 93.72% 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. Pan African Resources's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2025 was 50.06%.
The historical rank and industry rank for Pan African Resources's ROC (Joel Greenblatt) % or its related term are showing as below:
ASX:PAF'
s ROC (Joel Greenblatt) % Range Over the Past 10 Years
Min: 6.09 Med: 24.05 Max: 44.44
Current: 44.44
During the past 13 years, Pan African Resources's highest ROC (Joel Greenblatt) % was 44.44%. The lowest was 6.09%. And the median was 24.05%.
ASX:PAF's ROC (Joel Greenblatt) % is ranked better than 93.72% of 2500
companies
in the Metals & Mining industry
Industry Median: -22.13
vs ASX:PAF: 44.44
Pan African Resources's 5-Year average Growth Rate of ROC (Joel Greenblatt) % was 0.00% per year.
Pan African Resources (ASX:PAF) 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.
Pan African Resources ROC (Joel Greenblatt) % Related Terms
Pan African Resources ROC (Joel Greenblatt) % Historical Data
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The historical data trend for Pan African Resources'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.
Pan African Resources ROC (Joel Greenblatt) % Chart
For the Gold subindustry, Pan African Resources'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.
Pan African Resources ROC (Joel Greenblatt) % vs Metals & Mining Industry
For the Metals & Mining industry and Basic Materials sector, Pan African Resources's ROC (Joel Greenblatt) % distribution charts can be found below:
* The bar in red indicates where Pan African Resources's ROC (Joel Greenblatt) % falls into.
Pan African Resources ROC (Joel Greenblatt) % Calculation
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 50.06% mean?
Pan African Resources (ASX:PAF) has a ROC (Joel Greenblatt) % of 50.06% 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 Pan African Resources and its competitors. This is 108% above median its historical median of 24.05. Over the past decade, Pan African Resources' ROC (Joel Greenblatt) % has ranged from 6.09 to 44.44. According to the industry distribution chart, Pan African Resources ranks #157 out of 2500 companies in the Metals & Mining industry, placing it in the top 6.3%.
Is Pan African Resources' ROC (Joel Greenblatt) % too high?
Pan African Resources' current ROC (Joel Greenblatt) % of 50.06% is 108% above median its 10-year median of 24.05. Over the past 10 years, this metric has ranged from a low of 6.09 to a high of 44.44. Based on the distribution chart, Pan African Resources ranks #157 out of 2500 companies in the Metals & Mining industry, which is in the top quartile — a strong position relative to peers. Overall, Pan African Resources has a GF Score™ of 76/100, reflecting its overall financial health beyond just this single metric.
How does Pan African Resources' ROC (Joel Greenblatt) % compare to ?
According to the Metals & Mining industry distribution chart, Pan African Resources ranks #157 out of 2500 companies for ROC (Joel Greenblatt) %. This places Pan African Resources in the top 6% of its industry — outperforming the majority of peers. Historically, Pan African Resources' own ROC (Joel Greenblatt) % has ranged from 6.09 to 44.44 over the past decade. 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 Metals & Mining company?
A good ROC (Joel Greenblatt) % depends on the Metals & Mining industry context. However, ROC (Joel Greenblatt) % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. 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 Pan African Resources and its competitors. Pan African Resources's current ROC (Joel Greenblatt) % is 50.06%, which is 108% above median its own 10-year median of 24.05. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Pan African Resources stock overvalued right now?
Pan African Resources (ASX:PAF) has a current ROC (Joel Greenblatt) % of 50.06%. The stock's GF Value™ is A$1.64, compared to a current price of A$1.96 — trading 19.5% above its estimated fair value. The current ROC (Joel Greenblatt) % is 50.06%, which is 108% above median its 10-year median of 24.05. Pan African Resources' overall GF Score™ is 76/100 with 3 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 Pan African Resources (ASX:PAF), the current ROC (Joel Greenblatt) % is 50.06% 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 Pan African Resources (ASX:PAF) Overvalued in 2026?
Based on GuruFocus' analysis, Pan African Resources stock appears to be overvalued.
The current stock price of A$1.96 is trading 19.5% above its estimated GF Value™ of A$1.64.
Key valuation signals for ASX:PAF:
ROC (Joel Greenblatt) %: 50.06% (108% above median its 10-year median of 24.05)
GF Value™: A$1.64 vs. price of A$1.96 (19.5% above fair value)
No single metric tells the full story. See the ASX:PAF stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Pan African Resources PLC is engaged in gold mining and exploration activities. The group owns and operates a portfolio of projects located in South Africa, Australia, and an exploration project in Sudan. Its project portfolio comprises Fairview Mine, Sheba and Consort Mines, BTRP, Elikhulu, MTR, Evander Mines, and Tennant Mines. The group's reporting segments are: Mining operations and Other operations. Maximum revenue is generated from the Mining operations segment, which generates revenue from mining, extraction, production, and the sale of gold. The Other operations segment represents its exploration assets in Sudan, Agricultural ESG projects, and other activities. Geographically, the group generates maximum revenue from South Africa, followed by Australia, and UK and Europe.
76GF Score
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