Pengana Capital GroupASX:PCG -6.25%55 ROC (Joel Greenblatt) % is 44.91% as of Dec. 2025, which is 95% below its 10-year median of 831.92. GuruFocus rates ASX:PCG with a GF Score™ of 55/100 and a GF Value™ of A$0.35 (Significantly Overvalued). The stock has 10 warning signs investors should review. Among 626 Asset Management companies, Pengana Capital Group ranks worse than 71.73% 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. Pengana Capital Group's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2025 was 44.91%.
The historical rank and industry rank for Pengana Capital Group's ROC (Joel Greenblatt) % or its related term are showing as below:
ASX:PCG'
s ROC (Joel Greenblatt) % Range Over the Past 10 Years
Min: -4158.82 Med: 831.92 Max: 7929.99
Current: -8.83
During the past 13 years, Pengana Capital Group's highest ROC (Joel Greenblatt) % was 7929.99%. The lowest was -4158.82%. And the median was 831.92%.
ASX:PCG's ROC (Joel Greenblatt) % is ranked worse than 71.73% of 626
companies
in the Asset Management industry
Industry Median: 62.7
vs ASX:PCG: -8.83
Pengana Capital Group's 5-Year average Growth Rate of ROC (Joel Greenblatt) % was 0.00% per year.
Pengana Capital Group (ASX:PCG) 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.
Pengana Capital Group ROC (Joel Greenblatt) % Related Terms
Pengana Capital Group ROC (Joel Greenblatt) % Historical Data
* Premium members only.
The historical data trend for Pengana Capital Group'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.
Pengana Capital Group ROC (Joel Greenblatt) % Chart
ASX:PCG vs BLK, BX, KKR: ROC (Joel Greenblatt) % Comparison
For the Asset Management subindustry, Pengana Capital Group'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.
Pengana Capital Group ROC (Joel Greenblatt) % vs Asset Management Industry
For the Asset Management industry and Financial Services sector, Pengana Capital Group's ROC (Joel Greenblatt) % distribution charts can be found below:
* The bar in red indicates where Pengana Capital Group's ROC (Joel Greenblatt) % falls into.
Pengana Capital Group 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 44.91% mean?
Pengana Capital Group (ASX:PCG) has a ROC (Joel Greenblatt) % of 44.91% 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 Pengana Capital Group and its competitors. This is 95% below median its historical median of 831.92. According to the industry distribution chart, Pengana Capital Group ranks #449 out of 626 companies in the Asset Management industry, placing it in the top 71.7%.
Is Pengana Capital Group's ROC (Joel Greenblatt) % too high?
Pengana Capital Group's current ROC (Joel Greenblatt) % of 44.91% is 95% below median its 10-year median of 831.92. The Asset Management industry median ROC (Joel Greenblatt) % is 62.70. Pengana Capital Group's value of 44.91% is 28.4% below this industry median. Based on the distribution chart, Pengana Capital Group ranks #449 out of 626 companies in the Asset Management industry, which is below the industry midpoint. Overall, Pengana Capital Group has a GF Score™ of 55/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Pengana Capital Group's ROC (Joel Greenblatt) % compare to BLK and BX?
According to the Asset Management industry distribution chart, Pengana Capital Group ranks #449 out of 626 companies for ROC (Joel Greenblatt) %. This places Pengana Capital Group in the lower half of its industry. The industry median ROC (Joel Greenblatt) % is 62.70. Pengana Capital Group's value of 44.91% is 28.4% below this benchmark. While the company's 10-year median is 831.92 vs. the industry median of 62.70, Pengana Capital Group has consistently been below 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 Asset Management company?
The median ROC (Joel Greenblatt) % among Asset Management companies is 62.70, based on 626 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. Pengana Capital Group's current ROC (Joel Greenblatt) % of 44.91% is 28.4% below 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 Pengana Capital Group and its competitors. For the Asset Management industry, the median ROC (Joel Greenblatt) % is 62.70 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Pengana Capital Group's current ROC (Joel Greenblatt) % is 44.91%, which is 95% below median its own 10-year median of 831.92. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Pengana Capital Group stock overvalued right now?
Based on GuruFocus' analysis, Pengana Capital Group (ASX:PCG) is currently considered Significantly Overvalued. The stock's GF Value™ is A$0.35, compared to a current price of A$0.90 — trading 157.1% above its estimated fair value. The current ROC (Joel Greenblatt) % is 44.91%, which is 95% below median its 10-year median of 831.92 and 28.4% below the Asset Management industry median of 62.70. Pengana Capital Group's overall GF Score™ is 55/100 with 10 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 Pengana Capital Group (ASX:PCG), the current ROC (Joel Greenblatt) % is 44.91% 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 Pengana Capital Group (ASX:PCG) Overvalued in 2026?
Based on GuruFocus' analysis, Pengana Capital Group stock appears to be overvalued.
The current stock price of A$0.90 is trading 157.1% above its estimated GF Value™ of A$0.35.
GuruFocus considers Pengana Capital Group to be Significantly Overvalued.
Key valuation signals for ASX:PCG:
ROC (Joel Greenblatt) %: 44.91% (95% below median its 10-year median of 831.92)
GF Value™: A$0.35 vs. price of A$0.90 (157.1% above fair value)
Industry Position: 28.4% below the Asset Management median (#449 of 626)
No single metric tells the full story. See the ASX:PCG stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Pengana Capital Group Ltd is a diversified fund management company. Its objective is to increase investor wealth by developing, offering, and managing investment funds in Australia and globally as opportunities arise. It operates in one operating segment being the development, offering of, and management of investment funds.
55GF Score
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