Exxaro ResourcesEXXAF 80 ROC (Joel Greenblatt) % is 29.60% as of Dec. 2025, which is 14% below its 10-year median of 34.56. GuruFocus rates EXXAF with a GF Score™ of 80/100 and a GF Value™ of $11.53 (Fairly Valued). The stock has 4 warning signs investors should review. Among 181 Other Energy Sources companies, Exxaro Resources ranks better than 86.19% 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. Exxaro Resources's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2025 was 29.60%.
The historical rank and industry rank for Exxaro Resources's ROC (Joel Greenblatt) % or its related term are showing as below:
EXXAF'
s ROC (Joel Greenblatt) % Range Over the Past 10 Years
Min: 22.67 Med: 34.56 Max: 58.35
Current: 32.36
During the past 13 years, Exxaro Resources's highest ROC (Joel Greenblatt) % was 58.35%. The lowest was 22.67%. And the median was 34.56%.
EXXAF's ROC (Joel Greenblatt) % is ranked better than 86.19% of 181
companies
in the Other Energy Sources industry
Industry Median: 2.61
vs EXXAF: 32.36
Exxaro Resources's 5-Year average Growth Rate of ROC (Joel Greenblatt) % was -0.50% 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.
Exxaro Resources ROC (Joel Greenblatt) % Related Terms
Exxaro Resources ROC (Joel Greenblatt) % Historical Data
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The historical data trend for Exxaro Resources'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.
For the Thermal Coal subindustry, Exxaro Resources'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.
Exxaro Resources ROC (Joel Greenblatt) % vs Other Energy Sources Industry
For the Other Energy Sources industry and Energy sector, Exxaro Resources's ROC (Joel Greenblatt) % distribution charts can be found below:
* The bar in red indicates where Exxaro Resources'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 29.60% mean?
Exxaro Resources (EXXAF) has a ROC (Joel Greenblatt) % of 29.60% 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 Exxaro Resources and its competitors. This is 14% below median its historical median of 34.56. Over the past decade, Exxaro Resources' ROC (Joel Greenblatt) % has ranged from 22.67 to 58.35. According to the industry distribution chart, Exxaro Resources ranks #25 out of 181 companies in the Other Energy Sources industry, placing it in the top 13.8%.
Is Exxaro Resources' ROC (Joel Greenblatt) % too high?
Exxaro Resources' current ROC (Joel Greenblatt) % of 29.60% is 14% below median its 10-year median of 34.56. Over the past 10 years, this metric has ranged from a low of 22.67 to a high of 58.35. The Other Energy Sources industry median ROC (Joel Greenblatt) % is 2.61. Exxaro Resources' value of 29.60% is 1034.1% above this industry median. Based on the distribution chart, Exxaro Resources ranks #25 out of 181 companies in the Other Energy Sources industry, which is in the top quartile — a strong position relative to peers. Overall, Exxaro Resources has a GF Score™ of 80/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Exxaro Resources' ROC (Joel Greenblatt) % compare to CNR?
According to the Other Energy Sources industry distribution chart, Exxaro Resources ranks #25 out of 181 companies for ROC (Joel Greenblatt) %. This places Exxaro Resources in the top 14% of its industry — outperforming the majority of peers. The industry median ROC (Joel Greenblatt) % is 2.61. Exxaro Resources' value of 29.60% is 1034.1% above this benchmark. Historically, Exxaro Resources' own ROC (Joel Greenblatt) % has ranged from 22.67 to 58.35 over the past decade. While the company's 10-year median is 34.56 vs. the industry median of 2.61, Exxaro Resources 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 Other Energy Sources company?
The median ROC (Joel Greenblatt) % among Other Energy Sources companies is 2.61, based on 181 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. Exxaro Resources's current ROC (Joel Greenblatt) % of 29.60% is 1034.1% 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 Exxaro Resources and its competitors. For the Other Energy Sources industry, the median ROC (Joel Greenblatt) % is 2.61 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Exxaro Resources's current ROC (Joel Greenblatt) % is 29.60%, which is 14% below median its own 10-year median of 34.56. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Exxaro Resources stock overvalued right now?
Based on GuruFocus' analysis, Exxaro Resources (EXXAF) is currently considered Fairly Valued. The stock's GF Value™ is $11.53, compared to a current price of $12.44 — trading 7.9% above its estimated fair value. The current ROC (Joel Greenblatt) % is 29.60%, which is 14% below median its 10-year median of 34.56 and 1034.1% above the Other Energy Sources industry median of 2.61. Exxaro Resources' overall GF Score™ is 80/100 with 4 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 Exxaro Resources (EXXAF), the current ROC (Joel Greenblatt) % is 29.60% 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 Exxaro Resources (EXXAF) Overvalued in 2026?
Based on GuruFocus' analysis, Exxaro Resources stock appears to be overvalued.
The current stock price of $12.44 is trading 7.9% above its estimated GF Value™ of $11.53.
GuruFocus considers Exxaro Resources to be Fairly Valued.
Key valuation signals for EXXAF:
ROC (Joel Greenblatt) %: 29.60% (14% below median its 10-year median of 34.56)
GF Value™: $11.53 vs. price of $12.44 (7.9% above fair value)
Industry Position: 1034.1% above the Other Energy Sources median (#25 of 181)
No single metric tells the full story. See the EXXAF stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Exxaro Resources Ltd is one of the South Africa-based diversified resources companies. The company's operating segments are: Coal, Energy, Metals, and Others. The majority of its revenue comes from the coal segment, whose operations are located in the Waterberg and Mpumalanga regions and are split between coal commercial operations and coal-tied operations and produce thermal and metallurgical coal, Commercial Waterberg is comprised mainly of the Grootegeluk operation, Commercial Mpumalanga comprising the Belfast and Leeuwpan operations, and Tied comprising of the Matla mine supplying its entire coal supply to Eskom; and Others comprises of the other coal affiliated operation. Geographically, the company derives majority of its revenue from the RSA region ( Republic of South Africa).
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