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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. Compania deneamento de Minas Gerais - COPASA MG's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 was 28.67%.
BSP:CSMG3's ROC (Joel Greenblatt) % is ranked better than 79.25% of 506
companies
in the Utilities - Regulated industry
Industry Median: 10.845
vs BSP:CSMG3: 26.39
Compania deneamento de Minas Gerais - COPASA MG (BSP:CSMG3) 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.
Compania deneamento de Minas Gerais - COPASA MG ROC (Joel Greenblatt) % Chart
Compania deneamento de Minas Gerais - COPASA MG Annual Data
BSP:CSMG3 vs AWK, WTRG, AWR: ROC (Joel Greenblatt) % Comparison
For the Utilities - Regulated Water subindustry, Compania deneamento de Minas Gerais - COPASA MG'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.
Compania deneamento de Minas Gerais - COPASA MG ROC (Joel Greenblatt) % vs Utilities - Regulated Industry
Compania deneamento de Minas Gerais - COPASA MG 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 four times the quarterly (Mar. 2026) 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 28.67% mean?
Compania deneamento de Minas Gerais - COPASA MG (BSP:CSMG3) has a ROC (Joel Greenblatt) % of 28.67% as of Mar. 2026. Joel Greenblatt's return on capital is the ratio of EBIT to average fixed assets and net working capital. View historical data on Compania deneamento de Minas Gerais - COPASA MG and its competitors. This is 38% above median its historical median of 20.75. Over the past decade, Compania deneamento de Minas Gerais - COPASA MG's ROC (Joel Greenblatt) % has ranged from 10.69 to 28.46. According to the industry distribution chart, Compania deneamento de Minas Gerais - COPASA MG ranks #105 out of 506 companies in the Utilities - Regulated industry, placing it in the top 20.8%.
Is Compania deneamento de Minas Gerais - COPASA MG's ROC (Joel Greenblatt) % too high?
Compania deneamento de Minas Gerais - COPASA MG's current ROC (Joel Greenblatt) % of 28.67% is 38% above median its 10-year median of 20.75. Over the past 10 years, this metric has ranged from a low of 10.69 to a high of 28.46. The Utilities - Regulated industry median ROC (Joel Greenblatt) % is 10.85. Compania deneamento de Minas Gerais - COPASA MG's value of 28.67% is 164.4% above this industry median. Based on the distribution chart, Compania deneamento de Minas Gerais - COPASA MG ranks #105 out of 506 companies in the Utilities - Regulated industry, which is in the top quartile — a strong position relative to peers. Overall, Compania deneamento de Minas Gerais - COPASA MG has a GF Score™ of 83/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Compania deneamento de Minas Gerais - COPASA MG's ROC (Joel Greenblatt) % compare to AWK and WTRG?
According to the Utilities - Regulated industry distribution chart, Compania deneamento de Minas Gerais - COPASA MG ranks #105 out of 506 companies for ROC (Joel Greenblatt) %. This places Compania deneamento de Minas Gerais - COPASA MG in the top 21% of its industry — outperforming the majority of peers. The industry median ROC (Joel Greenblatt) % is 10.85. Compania deneamento de Minas Gerais - COPASA MG's value of 28.67% is 164.4% above this benchmark. Historically, Compania deneamento de Minas Gerais - COPASA MG's own ROC (Joel Greenblatt) % has ranged from 10.69 to 28.46 over the past decade. While the company's 10-year median is 20.75 vs. the industry median of 10.85, Compania deneamento de Minas Gerais - COPASA MG 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. Compania deneamento de Minas Gerais - COPASA MG's current ROC (Joel Greenblatt) % of 28.67% is 164.4% 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 Compania deneamento de Minas Gerais - COPASA MG 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. Compania deneamento de Minas Gerais - COPASA MG's current ROC (Joel Greenblatt) % is 28.67%, which is 38% above median its own 10-year median of 20.75. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Compania deneamento de Minas Gerais - COPASA MG stock overvalued right now?
Based on GuruFocus' analysis, Compania deneamento de Minas Gerais - COPASA MG (BSP:CSMG3) is currently considered Significantly Overvalued. The stock's GF Value™ is R$25.12, compared to a current price of R$63.16 — trading 151.4% above its estimated fair value. The current ROC (Joel Greenblatt) % is 28.67%, which is 38% above median its 10-year median of 20.75 and 164.4% above the Utilities - Regulated industry median of 10.85. Compania deneamento de Minas Gerais - COPASA MG's overall GF Score™ is 83/100 with 9 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 Compania deneamento de Minas Gerais - COPASA MG (BSP:CSMG3), the current ROC (Joel Greenblatt) % is 28.67% as of Mar. 2026. 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 Compania deneamento de Minas Gerais - COPASA MG (BSP:CSMG3) Overvalued in 2026?
Based on GuruFocus' analysis, Compania deneamento de Minas Gerais - COPASA MG stock appears to be overvalued.
The current stock price of R$63.16 is trading 151.4% above its estimated GF Value™ of R$25.12.
GuruFocus considers Compania deneamento de Minas Gerais - COPASA MG to be Significantly Overvalued.
Key valuation signals for BSP:CSMG3:
ROC (Joel Greenblatt) %: 28.67% (38% above median its 10-year median of 20.75)
GF Value™: R$25.12 vs. price of R$63.16 (151.4% above fair value)
Industry Position: 164.4% above the Utilities - Regulated median (#105 of 506)
No single metric tells the full story. See the BSP:CSMG3 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Compania deneamento de Minas Gerais - COPASA MG Business Description
Compania de Saneamento de Minas Gerais - COPASA MG provides water supply, sewage, and solid waste services. The company operates out of subsidiaries COPASA Servicos de Irrigacao S.A., COPASA Aguas Minerais de Minas S.A, and COPANOR. COPASA Servicos de Irrigacao S.A. manages, performs, and sells irrigation system services. COPASA Aguas Minerais de Minas S.A. produces, bottles, distributes, and sells mineral water. COPANOR provides water supply and sewage treatment services across the North and Northeast regions of the State of Minas Gerais. A majority of revenue is derived from water services while the rest is derived from sewage services. The company operates out of Brazil, where an amount of revenue is generated.
83GF Score
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