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Sao MartinhoBSP:SMTO3 -1.53%83 ROC (Joel Greenblatt) % is 12.62% as of Mar. 2026, which is 13% below its 10-year median of 14.55. GuruFocus rates BSP:SMTO3 with a GF Score™ of 83/100 and a GF Value™ of R$25.49 (Possible Value Trap). The stock has 8 warning signs investors should review. Among 1,605 Chemicals companies, Sao Martinho ranks better than 52.34% 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. Sao Martinho's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 was 12.62%.
The historical rank and industry rank for Sao Martinho's ROC (Joel Greenblatt) % or its related term are showing as below:
BSP:SMTO3'
s ROC (Joel Greenblatt) % Range Over the Past 10 Years
Min: 9.96 Med: 14.55 Max: 23.62
Current: 10.08
During the past 13 years, Sao Martinho's highest ROC (Joel Greenblatt) % was 23.62%. The lowest was 9.96%. And the median was 14.55%.
BSP:SMTO3's ROC (Joel Greenblatt) % is ranked better than 52.34% of 1605
companies
in the Chemicals industry
Industry Median: 9.4
vs BSP:SMTO3: 10.08
Sao Martinho's 5-Year average Growth Rate of ROC (Joel Greenblatt) % was -13.20% 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.
Sao Martinho ROC (Joel Greenblatt) % Related Terms
Sao Martinho ROC (Joel Greenblatt) % Historical Data
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The historical data trend for Sao Martinho'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.
BSP:SMTO3 vs LIN, SHW, ECL: ROC (Joel Greenblatt) % Comparison
For the Specialty Chemicals subindustry, Sao Martinho'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.
Sao Martinho ROC (Joel Greenblatt) % vs Chemicals Industry
For the Chemicals industry and Basic Materials sector, Sao Martinho's ROC (Joel Greenblatt) % distribution charts can be found below:
* The bar in red indicates where Sao Martinho'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 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 12.62% mean?
Sao Martinho (BSP:SMTO3) has a ROC (Joel Greenblatt) % of 12.62% 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 Sao Martinho and its competitors. This is 13% below median its historical median of 14.55. Over the past decade, Sao Martinho's ROC (Joel Greenblatt) % has ranged from 9.96 to 23.62. According to the industry distribution chart, Sao Martinho ranks #765 out of 1605 companies in the Chemicals industry, placing it in the top 47.7%.
Is Sao Martinho's ROC (Joel Greenblatt) % too high?
Sao Martinho's current ROC (Joel Greenblatt) % of 12.62% is 13% below median its 10-year median of 14.55. Over the past 10 years, this metric has ranged from a low of 9.96 to a high of 23.62. The Chemicals industry median ROC (Joel Greenblatt) % is 9.40. Sao Martinho's value of 12.62% is 34.3% above this industry median. Based on the distribution chart, Sao Martinho ranks #765 out of 1605 companies in the Chemicals industry, which is above the industry midpoint. Overall, Sao Martinho has a GF Score™ of 83/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does Sao Martinho's ROC (Joel Greenblatt) % compare to LIN and SHW?
According to the Chemicals industry distribution chart, Sao Martinho ranks #765 out of 1605 companies for ROC (Joel Greenblatt) %. This puts Sao Martinho in the upper half of its industry. The industry median ROC (Joel Greenblatt) % is 9.40. Sao Martinho's value of 12.62% is 34.3% above this benchmark. Historically, Sao Martinho's own ROC (Joel Greenblatt) % has ranged from 9.96 to 23.62 over the past decade. While the company's 10-year median is 14.55 vs. the industry median of 9.40, Sao Martinho 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 Chemicals company?
The median ROC (Joel Greenblatt) % among Chemicals companies is 9.40, based on 1,605 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. Sao Martinho's current ROC (Joel Greenblatt) % of 12.62% is 34.3% 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 Sao Martinho and its competitors. For the Chemicals industry, the median ROC (Joel Greenblatt) % is 9.40 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Sao Martinho's current ROC (Joel Greenblatt) % is 12.62%, which is 13% below median its own 10-year median of 14.55. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Sao Martinho stock overvalued right now?
Based on GuruFocus' analysis, Sao Martinho (BSP:SMTO3) is currently considered Possible Value Trap. The stock's GF Value™ is R$25.49, compared to a current price of R$16.12 — trading 36.8% below its estimated fair value. The current ROC (Joel Greenblatt) % is 12.62%, which is 13% below median its 10-year median of 14.55 and 34.3% above the Chemicals industry median of 9.40. Sao Martinho's overall GF Score™ is 83/100 with 8 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 Sao Martinho (BSP:SMTO3), the current ROC (Joel Greenblatt) % is 12.62% 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 Sao Martinho (BSP:SMTO3) Overvalued in 2026?
Based on GuruFocus' analysis, Sao Martinho stock appears to be undervalued.
The current stock price of R$16.12 is trading 36.8% below its estimated GF Value™ of R$25.49.
GuruFocus considers Sao Martinho to be Possible Value Trap.
Key valuation signals for BSP:SMTO3:
ROC (Joel Greenblatt) %: 12.62% (13% below median its 10-year median of 14.55)
GF Value™: R$25.49 vs. price of R$16.12 (36.8% below fair value)
Industry Position: 34.3% above the Chemicals median (#765 of 1605)
No single metric tells the full story. See the BSP:SMTO3 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Sao Martinho SA operates the following segments: sugar, ethanol, electricity, real estate ventures, Yeast, and other products. Sales of sugar and ethanol, both of which the company produces with sugar cane, comprise the vast majority of the company's revenue. Sao Martinho produces sugar and ethanol in its four Brazilian mills. The company derives its sugar cane mostly from its own plantations, agricultural partnerships, shareholders, and related companies. Sao Martinho exports most of its sugar, and it sells most of its ethanol domestically.
83GF Score
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