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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. Thessaloniki Water Supply & Sewerage Co's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2025 was 10.90%.
ATH:EYAPS'
s ROC (Joel Greenblatt) % Range Over the Past 10 Years
Min: -3.02 Med: 12.05 Max: 19.19
Current: 9.62
During the past 13 years, Thessaloniki Water Supply & Sewerage Co's highest ROC (Joel Greenblatt) % was 19.19%. The lowest was -3.02%. And the median was 12.05%.
ATH:EYAPS's ROC (Joel Greenblatt) % is ranked worse than 54.94% of 506
companies
in the Utilities - Regulated industry
Industry Median: 10.845
vs ATH:EYAPS: 9.62
Thessaloniki Water Supply & Sewerage Co (ATH:EYAPS) 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.
* 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.
Thessaloniki Water Supply & Sewerage Co ROC (Joel Greenblatt) % Chart
Thessaloniki Water Supply & Sewerage Co Annual Data
ATH:EYAPS vs AWK, WTRG, AWR: ROC (Joel Greenblatt) % Comparison
For the Utilities - Regulated Water subindustry, Thessaloniki Water Supply & Sewerage Co'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.
Thessaloniki Water Supply & Sewerage Co ROC (Joel Greenblatt) % vs Utilities - Regulated Industry
For the Utilities - Regulated industry and Utilities sector, Thessaloniki Water Supply & Sewerage Co's ROC (Joel Greenblatt) % distribution charts can be found below:
* The bar in red indicates where Thessaloniki Water Supply & Sewerage Co's ROC (Joel Greenblatt) % falls into.
Thessaloniki Water Supply & Sewerage Co 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 10.90% mean?
Thessaloniki Water Supply & Sewerage Co (ATH:EYAPS) has a ROC (Joel Greenblatt) % of 10.90% 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 Thessaloniki Water Supply & Sewerage Co and its competitors. This is 10% below median its historical median of 12.05. According to the industry distribution chart, Thessaloniki Water Supply & Sewerage Co ranks #278 out of 506 companies in the Utilities - Regulated industry, placing it in the top 54.9%.
Is Thessaloniki Water Supply & Sewerage Co's ROC (Joel Greenblatt) % too high?
Thessaloniki Water Supply & Sewerage Co's current ROC (Joel Greenblatt) % of 10.90% is 10% below median its 10-year median of 12.05. The Utilities - Regulated industry median ROC (Joel Greenblatt) % is 10.85. Thessaloniki Water Supply & Sewerage Co's value of 10.90% is 0.5% above this industry median. Based on the distribution chart, Thessaloniki Water Supply & Sewerage Co ranks #278 out of 506 companies in the Utilities - Regulated industry, which is below the industry midpoint. Overall, Thessaloniki Water Supply & Sewerage Co has a GF Score™ of 80/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Thessaloniki Water Supply & Sewerage Co's ROC (Joel Greenblatt) % compare to AWK and WTRG?
According to the Utilities - Regulated industry distribution chart, Thessaloniki Water Supply & Sewerage Co ranks #278 out of 506 companies for ROC (Joel Greenblatt) %. This places Thessaloniki Water Supply & Sewerage Co in the lower half of its industry. The industry median ROC (Joel Greenblatt) % is 10.85. Thessaloniki Water Supply & Sewerage Co's value of 10.90% is 0.5% above this benchmark. While the company's 10-year median is 12.05 vs. the industry median of 10.85, Thessaloniki Water Supply & Sewerage Co 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 Utilities - Regulated company?
The median ROC (Joel Greenblatt) % among Utilities - Regulated companies is 10.85, based on 506 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. Thessaloniki Water Supply & Sewerage Co's current ROC (Joel Greenblatt) % of 10.90% is 0.5% 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 Thessaloniki Water Supply & Sewerage Co and its competitors. For the Utilities - Regulated industry, the median ROC (Joel Greenblatt) % is 10.85 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Thessaloniki Water Supply & Sewerage Co's current ROC (Joel Greenblatt) % is 10.90%, which is 10% below median its own 10-year median of 12.05. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Thessaloniki Water Supply & Sewerage Co stock overvalued right now?
Based on GuruFocus' analysis, Thessaloniki Water Supply & Sewerage Co (ATH:EYAPS) is currently considered Modestly Overvalued. The stock's GF Value™ is €3.80, compared to a current price of €4.82 — trading 26.8% above its estimated fair value. The current ROC (Joel Greenblatt) % is 10.90%, which is 10% below median its 10-year median of 12.05 and 0.5% above the Utilities - Regulated industry median of 10.85. Thessaloniki Water Supply & Sewerage Co's overall GF Score™ is 80/100 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 Thessaloniki Water Supply & Sewerage Co (ATH:EYAPS), the current ROC (Joel Greenblatt) % is 10.90% 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 Thessaloniki Water Supply & Sewerage Co (ATH:EYAPS) Overvalued in 2026?
Based on GuruFocus' analysis, Thessaloniki Water Supply & Sewerage Co stock appears to be overvalued.
The current stock price of €4.82 is trading 26.8% above its estimated GF Value™ of €3.80.
GuruFocus considers Thessaloniki Water Supply & Sewerage Co to be Modestly Overvalued.
Key valuation signals for ATH:EYAPS:
ROC (Joel Greenblatt) %: 10.90% (10% below median its 10-year median of 12.05)
GF Value™: €3.80 vs. price of €4.82 (26.8% above fair value)
Industry Position: 0.5% above the Utilities - Regulated median (#278 of 506)
No single metric tells the full story. See the ATH:EYAPS stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Thessaloniki Water Supply & Sewerage Co Business Description
Thessaloniki Water Supply & Sewerage Co SA is engaged in providing water supply and sewerage services. The company also provides telecommunication services and the production and sale of electricity. The operating segments of the company are the provision of water supply services and the provision of sewerage services, where the provision of water supply services segment derives a majority of the revenue.
80GF Score
Get the complete analysis for ATH:EYAPS
ROC (Joel Greenblatt) % is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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