A2A SpACHIX:A2AM +0.60%81 ROC (Joel Greenblatt) % is 18.83% as of Mar. 2026, which is 41% above its 10-year median of 13.36. GuruFocus rates CHIX:A2AM with a GF Score™ of 81/100 and a GF Value™ of €2.38 (Fairly Valued). The stock has 3 warning signs investors should review. Among 505 Utilities - Regulated companies, A2A SpA ranks better than 64.75% 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. A2A SpA's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 was 18.83%.
The historical rank and industry rank for A2A SpA's ROC (Joel Greenblatt) % or its related term are showing as below:
CHIX:A2Am'
s ROC (Joel Greenblatt) % Range Over the Past 10 Years
Min: 8.58 Med: 13.36 Max: 19.54
Current: 15.79
During the past 13 years, A2A SpA's highest ROC (Joel Greenblatt) % was 19.54%. The lowest was 8.58%. And the median was 13.36%.
CHIX:A2Am's ROC (Joel Greenblatt) % is ranked better than 64.75% of 505
companies
in the Utilities - Regulated industry
Industry Median: 10.84
vs CHIX:A2Am: 15.79
A2A SpA's 5-Year average Growth Rate of ROC (Joel Greenblatt) % was 12.30% 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 A2A SpA'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.
CHIX:A2AM vs SRE: ROC (Joel Greenblatt) % Comparison
For the Utilities - Diversified subindustry, A2A SpA'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.
A2A SpA ROC (Joel Greenblatt) % vs Utilities - Regulated Industry
For the Utilities - Regulated industry and Utilities sector, A2A SpA's ROC (Joel Greenblatt) % distribution charts can be found below:
* The bar in red indicates where A2A SpA'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 18.83% mean?
A2A SpA (CHIX:A2AM) has a ROC (Joel Greenblatt) % of 18.83% 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 A2A SpA and its competitors. This is 41% above median its historical median of 13.36. Over the past decade, A2A SpA's ROC (Joel Greenblatt) % has ranged from 8.58 to 19.54. According to the industry distribution chart, A2A SpA ranks #178 out of 505 companies in the Utilities - Regulated industry, placing it in the top 35.2%.
Is A2A SpA's ROC (Joel Greenblatt) % too high?
A2A SpA's current ROC (Joel Greenblatt) % of 18.83% is 41% above median its 10-year median of 13.36. Over the past 10 years, this metric has ranged from a low of 8.58 to a high of 19.54. The Utilities - Regulated industry median ROC (Joel Greenblatt) % is 10.84. A2A SpA's value of 18.83% is 73.7% above this industry median. Based on the distribution chart, A2A SpA ranks #178 out of 505 companies in the Utilities - Regulated industry, which is above the industry midpoint. Overall, A2A SpA has a GF Score™ of 81/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does A2A SpA's ROC (Joel Greenblatt) % compare to SRE?
According to the Utilities - Regulated industry distribution chart, A2A SpA ranks #178 out of 505 companies for ROC (Joel Greenblatt) %. This puts A2A SpA in the upper half of its industry. The industry median ROC (Joel Greenblatt) % is 10.84. A2A SpA's value of 18.83% is 73.7% above this benchmark. Historically, A2A SpA's own ROC (Joel Greenblatt) % has ranged from 8.58 to 19.54 over the past decade. While the company's 10-year median is 13.36 vs. the industry median of 10.84, A2A SpA 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 10.84, based on 505 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. A2A SpA's current ROC (Joel Greenblatt) % of 18.83% is 73.7% 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 A2A SpA and its competitors. For the Utilities - Regulated industry, the median ROC (Joel Greenblatt) % is 10.84 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. A2A SpA's current ROC (Joel Greenblatt) % is 18.83%, which is 41% above median its own 10-year median of 13.36. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is A2A SpA stock overvalued right now?
Based on GuruFocus' analysis, A2A SpA (CHIX:A2AM) is currently considered Fairly Valued. The stock's GF Value™ is €2.38, compared to a current price of €2.33 — trading 2.1% below its estimated fair value. The current ROC (Joel Greenblatt) % is 18.83%, which is 41% above median its 10-year median of 13.36 and 73.7% above the Utilities - Regulated industry median of 10.84. A2A SpA's overall GF Score™ is 81/100 with 3 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 A2A SpA (CHIX:A2AM), the current ROC (Joel Greenblatt) % is 18.83% 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 A2A SpA (CHIX:A2AM) Overvalued in 2026?
Based on GuruFocus' analysis, A2A SpA stock appears to be undervalued.
The current stock price of €2.33 is trading 2.1% below its estimated GF Value™ of €2.38.
GuruFocus considers A2A SpA to be Fairly Valued.
Key valuation signals for CHIX:A2AM:
ROC (Joel Greenblatt) %: 18.83% (41% above median its 10-year median of 13.36)
GF Value™: €2.38 vs. price of €2.33 (2.1% below fair value)
Industry Position: 73.7% above the Utilities - Regulated median (#178 of 505)
No single metric tells the full story. See the CHIX:A2AM stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
A2A SpA together with its subsidiaries is engaged in the production, sale, and distribution of electricity; sale and distribution of gas; production, distribution, and sale of heat through district heating networks, technical consultancy relating to energy efficiency certificates, waste management (from collection and sweeping to disposal) and the construction and management of integrated waste disposal plants and systems, also making these available for other operators, and integrated water cycle management.
81GF Score
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