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China Tourism Group Duty FreeCTGDF 81 ROC (Joel Greenblatt) % is 50.65% as of Mar. 2026, which is 54% below its 10-year median of 109.21. GuruFocus rates CTGDF with a GF Score™ of 81/100. The stock has 5 warning signs investors should review. Among 1,131 Retail - Cyclical companies, China Tourism Group Duty Free ranks better than 73.47% 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. China Tourism Group Duty Free's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 was 50.65%.
The historical rank and industry rank for China Tourism Group Duty Free's ROC (Joel Greenblatt) % or its related term are showing as below:
CTGDF'
s ROC (Joel Greenblatt) % Range Over the Past 10 Years
Min: 26.62 Med: 109.21 Max: 237.04
Current: 26.62
During the past 13 years, China Tourism Group Duty Free's highest ROC (Joel Greenblatt) % was 237.04%. The lowest was 26.62%. And the median was 109.21%.
CTGDF's ROC (Joel Greenblatt) % is ranked better than 73.47% of 1131
companies
in the Retail - Cyclical industry
Industry Median: 11.86
vs CTGDF: 26.62
China Tourism Group Duty Free (OTCPK:CTGDF) 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.
China Tourism Group Duty Free ROC (Joel Greenblatt) % Chart
CTGDF vs CASY, WSM, ULTA: ROC (Joel Greenblatt) % Comparison
For the Specialty Retail subindustry, China Tourism Group Duty Free'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.
China Tourism Group Duty Free ROC (Joel Greenblatt) % vs Retail - Cyclical Industry
For the Retail - Cyclical industry and Consumer Cyclical sector, China Tourism Group Duty Free's ROC (Joel Greenblatt) % distribution charts can be found below:
* The bar in red indicates where China Tourism Group Duty Free's ROC (Joel Greenblatt) % falls into.
China Tourism Group Duty Free 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 50.65% mean?
China Tourism Group Duty Free (CTGDF) has a ROC (Joel Greenblatt) % of 50.65% 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 China Tourism Group Duty Free and its competitors. This is 54% below median its historical median of 109.21. Over the past decade, China Tourism Group Duty Free's ROC (Joel Greenblatt) % has ranged from 26.62 to 237.04. According to the industry distribution chart, China Tourism Group Duty Free ranks #300 out of 1131 companies in the Retail - Cyclical industry, placing it in the top 26.5%.
Is China Tourism Group Duty Free's ROC (Joel Greenblatt) % too high?
China Tourism Group Duty Free's current ROC (Joel Greenblatt) % of 50.65% is 54% below median its 10-year median of 109.21. Over the past 10 years, this metric has ranged from a low of 26.62 to a high of 237.04. The Retail - Cyclical industry median ROC (Joel Greenblatt) % is 11.86. China Tourism Group Duty Free's value of 50.65% is 327.1% above this industry median. Based on the distribution chart, China Tourism Group Duty Free ranks #300 out of 1131 companies in the Retail - Cyclical industry, which is above the industry midpoint. Overall, China Tourism Group Duty Free has a GF Score™ of 81/100, reflecting its overall financial health beyond just this single metric.
How does China Tourism Group Duty Free's ROC (Joel Greenblatt) % compare to CASY and WSM?
According to the Retail - Cyclical industry distribution chart, China Tourism Group Duty Free ranks #300 out of 1131 companies for ROC (Joel Greenblatt) %. This puts China Tourism Group Duty Free in the upper half of its industry. The industry median ROC (Joel Greenblatt) % is 11.86. China Tourism Group Duty Free's value of 50.65% is 327.1% above this benchmark. Historically, China Tourism Group Duty Free's own ROC (Joel Greenblatt) % has ranged from 26.62 to 237.04 over the past decade. While the company's 10-year median is 109.21 vs. the industry median of 11.86, China Tourism Group Duty Free 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 Retail - Cyclical company?
The median ROC (Joel Greenblatt) % among Retail - Cyclical companies is 11.86, based on 1,131 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. China Tourism Group Duty Free's current ROC (Joel Greenblatt) % of 50.65% is 327.1% 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 China Tourism Group Duty Free and its competitors. For the Retail - Cyclical industry, the median ROC (Joel Greenblatt) % is 11.86 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. China Tourism Group Duty Free's current ROC (Joel Greenblatt) % is 50.65%, which is 54% below median its own 10-year median of 109.21. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is China Tourism Group Duty Free stock overvalued right now?
China Tourism Group Duty Free (CTGDF) has a current ROC (Joel Greenblatt) % of 50.65%. The current ROC (Joel Greenblatt) % is 50.65%, which is 54% below median its 10-year median of 109.21 and 327.1% above the Retail - Cyclical industry median of 11.86. China Tourism Group Duty Free's overall GF Score™ is 81/100 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 China Tourism Group Duty Free (CTGDF), the current ROC (Joel Greenblatt) % is 50.65% 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.
Established in 1984, China Tourism Group Duty Free is China's largest and the world's second-largest travel retailer in 2025 with revenue of CNY 54 billion. The company primarily operates duty-free stores at airports, border crossings, offshore, downtown, and on flights, cruises and ships, with about 200 stores spanning over 33 provinces in China, as well as overseas. The company also operates a duty-paid business. Its 2025 revenue mix was 73% duty-free sales and 27% duty-paid sales and others. CTG Duty Free is 50% owned by China Tourism Group, a state-owned enterprise that falls directly under the State-owned Assets Supervision and Administration Commission of the State Council.
81GF Score
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