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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. Btsp II Fundo DE Investimento Imobiliario FII's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2025 was 1,175.46%.
Btsp II Fundo DE Investimento Imobiliario FII (BSP:BTSI11) 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.
Btsp II Fundo DE Investimento Imobiliario FII ROC (Joel Greenblatt) % Chart
Btsp II Fundo DE Investimento Imobiliario FII Annual Data
Trend
Dec21
Dec22
Dec23
Dec24
Dec25
ROC (Joel Greenblatt) %
0.00
151.58
1,721.34
965.15
1,175.46
Btsp II Fundo DE Investimento Imobiliario FII Semi-Annual Data
Dec21
Dec22
Dec23
Dec24
Dec25
ROC (Joel Greenblatt) %
0.00
151.58
1,721.34
965.15
1,175.46
BSP:BTSI11 vs PLD, PSA, EXR: ROC (Joel Greenblatt) % Comparison
For the REIT - Industrial subindustry, Btsp II Fundo DE Investimento Imobiliario FII'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.
Btsp II Fundo DE Investimento Imobiliario FII ROC (Joel Greenblatt) % vs REITs Industry
Btsp II Fundo DE Investimento Imobiliario FII 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 one times the 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 1,175.46% mean?
Btsp II Fundo DE Investimento Imobiliario FII (BSP:BTSI11) has a ROC (Joel Greenblatt) % of 1,175.46% 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 Btsp II Fundo DE Investimento Imobiliario FII and its competitors. This is 10% above median its historical median of 1,070.31. Over the past decade, Btsp II Fundo DE Investimento Imobiliario FII's ROC (Joel Greenblatt) % has ranged from 151.58 to 1,721.34.
Is Btsp II Fundo DE Investimento Imobiliario FII's ROC (Joel Greenblatt) % too high?
Btsp II Fundo DE Investimento Imobiliario FII's current ROC (Joel Greenblatt) % of 1,175.46% is 10% above median its 10-year median of 1,070.31. Over the past 10 years, this metric has ranged from a low of 151.58 to a high of 1,721.34. The REITs industry median ROC (Joel Greenblatt) % is 166.80. Btsp II Fundo DE Investimento Imobiliario FII's value of 1,175.46% is 604.7% above this industry median. Overall, Btsp II Fundo DE Investimento Imobiliario FII has a GF Scoreâ„¢ of 14/100, reflecting its overall financial health beyond just this single metric.
How does Btsp II Fundo DE Investimento Imobiliario FII's ROC (Joel Greenblatt) % compare to PLD and PSA?
Btsp II Fundo DE Investimento Imobiliario FII's ROC (Joel Greenblatt) % of 1,175.46% can be compared against companies in the REITs industry. The industry median ROC (Joel Greenblatt) % is 166.80. Btsp II Fundo DE Investimento Imobiliario FII's value of 1,175.46% is 604.7% above this benchmark. Historically, Btsp II Fundo DE Investimento Imobiliario FII's own ROC (Joel Greenblatt) % has ranged from 151.58 to 1,721.34 over the past decade. While the company's 10-year median is 1,070.31 vs. the industry median of 166.80, Btsp II Fundo DE Investimento Imobiliario FII 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 a REITs company?
The median ROC (Joel Greenblatt) % among REITs companies is 166.80, based on 576 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. Btsp II Fundo DE Investimento Imobiliario FII's current ROC (Joel Greenblatt) % of 1,175.46% is 604.7% 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 Btsp II Fundo DE Investimento Imobiliario FII and its competitors. For the REITs industry, the median ROC (Joel Greenblatt) % is 166.80 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Btsp II Fundo DE Investimento Imobiliario FII's current ROC (Joel Greenblatt) % is 1,175.46%, which is 10% above median its own 10-year median of 1,070.31. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Btsp II Fundo DE Investimento Imobiliario FII stock overvalued right now?
Btsp II Fundo DE Investimento Imobiliario FII (BSP:BTSI11) has a current ROC (Joel Greenblatt) % of 1,175.46%. The stock's GF Value™ is R$185.25, compared to a current price of R$109.17 — trading 41.1% below its estimated fair value. The current ROC (Joel Greenblatt) % is 1,175.46%, which is 10% above median its 10-year median of 1,070.31 and 604.7% above the REITs industry median of 166.80. Btsp II Fundo DE Investimento Imobiliario FII's overall GF Score™ is 14/100 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 Btsp II Fundo DE Investimento Imobiliario FII (BSP:BTSI11), the current ROC (Joel Greenblatt) % is 1,175.46% 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 Btsp II Fundo DE Investimento Imobiliario FII (BSP:BTSI11) Overvalued in 2026?
Based on GuruFocus' analysis, Btsp II Fundo DE Investimento Imobiliario FII stock appears to be undervalued.
The current stock price of R$109.17 is trading 41.1% below its estimated GF Value™ of R$185.25.
Key valuation signals for BSP:BTSI11:
ROC (Joel Greenblatt) %: 1,175.46% (10% above median its 10-year median of 1,070.31)
GF Value™: R$185.25 vs. price of R$109.17 (41.1% below fair value)
No single metric tells the full story. See the BSP:BTSI11 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Btsp II Fundo DE Investimento Imobiliario FII is a closed end fund. The fund aims to develop real estate ventures focused on logistics and industrial operations, located in the Southeast and Midwest Regions, through the acquisition of land for construction or the acquisition of properties under construction or completed, for subsequent lease, rental or sale, including assets and rights related thereto, as well as other properties with potential income generation, and assets and rights related thereto.
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