QualitasASX:QAL +1.30%61 ROC (Joel Greenblatt) % is 88.06% as of Dec. 2025, which is 78% below its 10-year median of 405.97. GuruFocus rates ASX:QAL with a GF Score™ of 61/100 and a GF Value™ of A$2.82 (Fairly Valued). The stock has 2 warning signs investors should review. Among 628 Asset Management companies, Qualitas ranks better than 54.14% 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. Qualitas's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2025 was 88.06%.
The historical rank and industry rank for Qualitas's ROC (Joel Greenblatt) % or its related term are showing as below:
ASX:QAL'
s ROC (Joel Greenblatt) % Range Over the Past 10 Years
Min: 65.22 Med: 405.97 Max: 1657.06
Current: 89.31
During the past 5 years, Qualitas's highest ROC (Joel Greenblatt) % was 1657.06%. The lowest was 65.22%. And the median was 405.97%.
ASX:QAL's ROC (Joel Greenblatt) % is ranked better than 54.14% of 628
companies
in the Asset Management industry
Industry Median: 63.66
vs ASX:QAL: 89.31
Qualitas'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 Qualitas'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:QAL vs BLK, BX, KKR: ROC (Joel Greenblatt) % Comparison
For the Asset Management subindustry, Qualitas'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.
Qualitas ROC (Joel Greenblatt) % vs Asset Management Industry
For the Asset Management industry and Financial Services sector, Qualitas's ROC (Joel Greenblatt) % distribution charts can be found below:
* The bar in red indicates where Qualitas'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 88.06% mean?
Qualitas (ASX:QAL) has a ROC (Joel Greenblatt) % of 88.06% 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 Qualitas and its competitors. This is 78% below median its historical median of 405.97. Over the past decade, Qualitas' ROC (Joel Greenblatt) % has ranged from 65.22 to 1,657.06. According to the industry distribution chart, Qualitas ranks #288 out of 628 companies in the Asset Management industry, placing it in the top 45.9%.
Is Qualitas' ROC (Joel Greenblatt) % too high?
Qualitas' current ROC (Joel Greenblatt) % of 88.06% is 78% below median its 10-year median of 405.97. Over the past 10 years, this metric has ranged from a low of 65.22 to a high of 1,657.06. The Asset Management industry median ROC (Joel Greenblatt) % is 63.66. Qualitas' value of 88.06% is 38.3% above this industry median. Based on the distribution chart, Qualitas ranks #288 out of 628 companies in the Asset Management industry, which is above the industry midpoint. Overall, Qualitas has a GF Score™ of 61/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Qualitas' ROC (Joel Greenblatt) % compare to BLK and BX?
According to the Asset Management industry distribution chart, Qualitas ranks #288 out of 628 companies for ROC (Joel Greenblatt) %. This puts Qualitas in the upper half of its industry. The industry median ROC (Joel Greenblatt) % is 63.66. Qualitas' value of 88.06% is 38.3% above this benchmark. Historically, Qualitas' own ROC (Joel Greenblatt) % has ranged from 65.22 to 1,657.06 over the past decade. While the company's 10-year median is 405.97 vs. the industry median of 63.66, Qualitas 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 Asset Management company?
The median ROC (Joel Greenblatt) % among Asset Management companies is 63.66, based on 628 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. Qualitas's current ROC (Joel Greenblatt) % of 88.06% is 38.3% 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 Qualitas and its competitors. For the Asset Management industry, the median ROC (Joel Greenblatt) % is 63.66 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Qualitas's current ROC (Joel Greenblatt) % is 88.06%, which is 78% below median its own 10-year median of 405.97. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Qualitas stock overvalued right now?
Based on GuruFocus' analysis, Qualitas (ASX:QAL) is currently considered Fairly Valued. The stock's GF Value™ is A$2.82, compared to a current price of A$3.11 — trading 10.3% above its estimated fair value. The current ROC (Joel Greenblatt) % is 88.06%, which is 78% below median its 10-year median of 405.97 and 38.3% above the Asset Management industry median of 63.66. Qualitas' overall GF Score™ is 61/100 with 2 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 Qualitas (ASX:QAL), the current ROC (Joel Greenblatt) % is 88.06% 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 Qualitas (ASX:QAL) Overvalued in 2026?
Based on GuruFocus' analysis, Qualitas stock appears to be overvalued.
The current stock price of A$3.11 is trading 10.3% above its estimated GF Value™ of A$2.82.
GuruFocus considers Qualitas to be Fairly Valued.
Key valuation signals for ASX:QAL:
ROC (Joel Greenblatt) %: 88.06% (78% below median its 10-year median of 405.97)
GF Value™: A$2.82 vs. price of A$3.11 (10.3% above fair value)
Industry Position: 38.3% above the Asset Management median (#288 of 628)
No single metric tells the full story. See the ASX:QAL stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Qualitas Ltd is an alternative real estate investment manager focused on private credit and equity across commercial real estate sectors. The Group has identified two operating segments Funds Management and Direct Lending. Maximum revenue is generated from its Funds Management segment which includes all of its core Funds management activities and includes Funds management fees, performance fees, and other fee income. It also includes dividends and distributions from Qualitas' Investment and Direct Lending activities. The Direct Lending segment relates to the interest income and expenses relating to activities undertaken by the company's subsidiaries.
61GF Score
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