IcadeCDMGF -8.54%61 ROC (Joel Greenblatt) % is 49.73% as of Dec. 2025, which is 58% below its 10-year median of 119.28. GuruFocus rates CDMGF with a GF Score™ of 61/100 and a GF Value™ of $15.99. The stock has 5 warning signs investors should review. Among 587 REITs companies, Icade ranks worse than 90.46% 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. Icade's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2025 was 49.73%.
The historical rank and industry rank for Icade's ROC (Joel Greenblatt) % or its related term are showing as below:
CDMGF'
s ROC (Joel Greenblatt) % Range Over the Past 10 Years
Min: -204.33 Med: 119.28 Max: 1557.81
Current: -6.83
During the past 13 years, Icade's highest ROC (Joel Greenblatt) % was 1557.81%. The lowest was -204.33%. And the median was 119.28%.
CDMGF's ROC (Joel Greenblatt) % is ranked worse than 90.46% of 587
companies
in the REITs industry
Industry Median: 177.71
vs CDMGF: -6.83
Icade's 5-Year average Growth Rate of ROC (Joel Greenblatt) % was 0.00% 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.
The historical data trend for Icade'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.
CDMGF vs VICI, WPC, BNL: ROC (Joel Greenblatt) % Comparison
For the REIT - Diversified subindustry, Icade'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.
Icade ROC (Joel Greenblatt) % vs REITs Industry
For the REITs industry and Real Estate sector, Icade's ROC (Joel Greenblatt) % distribution charts can be found below:
* The bar in red indicates where Icade'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 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 49.73% mean?
Icade (CDMGF) has a ROC (Joel Greenblatt) % of 49.73% 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 Icade and its competitors. This is 58% below median its historical median of 119.28. According to the industry distribution chart, Icade ranks #531 out of 587 companies in the REITs industry, placing it in the top 90.5%.
Is Icade's ROC (Joel Greenblatt) % too high?
Icade's current ROC (Joel Greenblatt) % of 49.73% is 58% below median its 10-year median of 119.28. The REITs industry median ROC (Joel Greenblatt) % is 177.71. Icade's value of 49.73% is 72% below this industry median. Based on the distribution chart, Icade ranks #531 out of 587 companies in the REITs industry, which is in the bottom quartile relative to peers. Overall, Icade has a GF Score™ of 61/100, reflecting its overall financial health beyond just this single metric.
How does Icade's ROC (Joel Greenblatt) % compare to VICI and WPC?
According to the REITs industry distribution chart, Icade ranks #531 out of 587 companies for ROC (Joel Greenblatt) %. This places Icade in the lower half of its industry. The industry median ROC (Joel Greenblatt) % is 177.71. Icade's value of 49.73% is 72% below this benchmark. While the company's 10-year median is 119.28 vs. the industry median of 177.71, Icade has consistently been below 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 177.71, based on 587 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. Icade's current ROC (Joel Greenblatt) % of 49.73% is 72% below 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 Icade and its competitors. For the REITs industry, the median ROC (Joel Greenblatt) % is 177.71 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Icade's current ROC (Joel Greenblatt) % is 49.73%, which is 58% below median its own 10-year median of 119.28. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Icade stock overvalued right now?
Icade (CDMGF) has a current ROC (Joel Greenblatt) % of 49.73%. The stock's GF Value™ is $15.99, compared to a current price of $22.75 — trading 42.3% above its estimated fair value. The current ROC (Joel Greenblatt) % is 49.73%, which is 58% below median its 10-year median of 119.28 and 72% below the REITs industry median of 177.71. Icade's overall GF Score™ is 61/100 with 5 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 Icade (CDMGF), the current ROC (Joel Greenblatt) % is 49.73% 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 Icade (CDMGF) Overvalued in 2026?
Based on GuruFocus' analysis, Icade stock appears to be overvalued.
The current stock price of $22.75 is trading 42.3% above its estimated GF Value™ of $15.99.
Key valuation signals for CDMGF:
ROC (Joel Greenblatt) %: 49.73% (58% below median its 10-year median of 119.28)
GF Value™: $15.99 vs. price of $22.75 (42.3% above fair value)
Industry Position: 72% below the REITs median (#531 of 587)
No single metric tells the full story. See the CDMGF stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Icade is a French real estate investment trust involved in the ownership and management of commercial property around Paris. The company's real estate portfolio consists of offices, business premises (TV and photo studios, data centers, warehouses, etc.), other assets such as hotels, shops, and land reserves. Its flagship projects include EDENN, HYFIVE, and EQHO. The company has two operating segments: the Property Investment business and the Property Development business. The majority of revenue is derived from the Property Investment business, which focuses on holding and developing office properties and business parks for the rental of these assets and active management of this asset portfolio.
61GF Score
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