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West African ResourcesASX:WAF -0.70%96 ROC (Joel Greenblatt) % is 62.78% as of Dec. 2025, which is 81% above its 10-year median of 34.61. GuruFocus rates ASX:WAF with a GF Score™ of 96/100 and a GF Value™ of A$4.59 (Significantly Undervalued). The stock has 3 warning signs investors should review. Among 2,502 Metals & Mining companies, West African Resources ranks better than 94.96% 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. West African Resources's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2025 was 62.78%.
The historical rank and industry rank for West African Resources's ROC (Joel Greenblatt) % or its related term are showing as below:
ASX:WAF'
s ROC (Joel Greenblatt) % Range Over the Past 10 Years
Min: -13933.01 Med: 34.61 Max: 86.55
Current: 52.71
During the past 13 years, West African Resources's highest ROC (Joel Greenblatt) % was 86.55%. The lowest was -13933.01%. And the median was 34.61%.
ASX:WAF's ROC (Joel Greenblatt) % is ranked better than 94.96% of 2502
companies
in the Metals & Mining industry
Industry Median: -22.105
vs ASX:WAF: 52.71
West African Resources's 5-Year average Growth Rate of ROC (Joel Greenblatt) % was -8.50% per year.
West African Resources (ASX:WAF) 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.
West African Resources ROC (Joel Greenblatt) % Related Terms
West African Resources ROC (Joel Greenblatt) % Historical Data
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The historical data trend for West 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.
West African Resources ROC (Joel Greenblatt) % Chart
ASX:WAF vs NEM, AU: ROC (Joel Greenblatt) % Comparison
For the Gold subindustry, West 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.
West African Resources ROC (Joel Greenblatt) % vs Metals & Mining Industry
For the Metals & Mining industry and Basic Materials sector, West African Resources's ROC (Joel Greenblatt) % distribution charts can be found below:
* The bar in red indicates where West African Resources's ROC (Joel Greenblatt) % falls into.
West 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 62.78% mean?
West African Resources (ASX:WAF) has a ROC (Joel Greenblatt) % of 62.78% 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 West African Resources and its competitors. This is 81% above median its historical median of 34.61. According to the industry distribution chart, West African Resources ranks #126 out of 2502 companies in the Metals & Mining industry, placing it in the top 5%.
Is West African Resources' ROC (Joel Greenblatt) % too high?
West African Resources' current ROC (Joel Greenblatt) % of 62.78% is 81% above median its 10-year median of 34.61. Based on the distribution chart, West African Resources ranks #126 out of 2502 companies in the Metals & Mining industry, which is in the top quartile — a strong position relative to peers. Overall, West African Resources has a GF Score™ of 96/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.
How does West African Resources' ROC (Joel Greenblatt) % compare to NEM and AU?
According to the Metals & Mining industry distribution chart, West African Resources ranks #126 out of 2502 companies for ROC (Joel Greenblatt) %. This places West African Resources in the top 5% of its industry — outperforming the majority of peers. 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 West African Resources and its competitors. West African Resources's current ROC (Joel Greenblatt) % is 62.78%, which is 81% above median its own 10-year median of 34.61. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is West African Resources stock overvalued right now?
Based on GuruFocus' analysis, West African Resources (ASX:WAF) is currently considered Significantly Undervalued. The stock's GF Value™ is A$4.59, compared to a current price of A$2.82 — trading 38.6% below its estimated fair value. The current ROC (Joel Greenblatt) % is 62.78%, which is 81% above median its 10-year median of 34.61. West African Resources' overall GF Score™ is 96/100 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 West African Resources (ASX:WAF), the current ROC (Joel Greenblatt) % is 62.78% 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 West African Resources (ASX:WAF) Overvalued in 2026?
Based on GuruFocus' analysis, West African Resources stock appears to be undervalued.
The current stock price of A$2.82 is trading 38.6% below its estimated GF Value™ of A$4.59.
GuruFocus considers West African Resources to be Significantly Undervalued.
Key valuation signals for ASX:WAF:
ROC (Joel Greenblatt) %: 62.78% (81% above median its 10-year median of 34.61)
GF Value™: A$4.59 vs. price of A$2.82 (38.6% below fair value)
No single metric tells the full story. See the ASX:WAF stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
West African Resources Ltd is engaged in mineral exploration in Burkina Faso. It focuses on the development of the Sanbrado Gold Project. The Group's mineral portfolio also includes gold and copper-gold exploration permits in Burkina Faso. The operating segments of the Company that includes Mining Operations: comprise the Sanbrado Gold Project operation located in Burkina Faso. Construction and E&E segment comprises mines under construction andexploration and evaluation (E&E) projects in locations other than Sanbrado.
96GF Score
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