Leonardo SpAFINMF +6.53%84 ROC (Joel Greenblatt) % is 36.31% as of Mar. 2026, which is 2% above its 10-year median of 35.70. GuruFocus rates FINMF with a GF Score™ of 84/100 and a GF Value™ of $34.85 (Significantly Overvalued). The stock has 1 warning sign investors should review. Among 355 Aerospace & Defense companies, Leonardo SpA ranks better than 92.39% 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. Leonardo SpA's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 was 36.31%.
The historical rank and industry rank for Leonardo SpA's ROC (Joel Greenblatt) % or its related term are showing as below:
FINMF'
s ROC (Joel Greenblatt) % Range Over the Past 10 Years
Min: 16.43 Med: 35.7 Max: 80.57
Current: 80.57
During the past 13 years, Leonardo SpA's highest ROC (Joel Greenblatt) % was 80.57%. The lowest was 16.43%. And the median was 35.70%.
FINMF's ROC (Joel Greenblatt) % is ranked better than 92.39% of 355
companies
in the Aerospace & Defense industry
Industry Median: 10.76
vs FINMF: 80.57
Leonardo SpA's 5-Year average Growth Rate of ROC (Joel Greenblatt) % was 20.00% 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.
Leonardo SpA ROC (Joel Greenblatt) % Related Terms
Leonardo SpA ROC (Joel Greenblatt) % Historical Data
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The historical data trend for Leonardo 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.
FINMF vs SPCX, GE, RTX: ROC (Joel Greenblatt) % Comparison
For the Aerospace & Defense subindustry, Leonardo 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.
Leonardo SpA ROC (Joel Greenblatt) % vs Aerospace & Defense Industry
For the Aerospace & Defense industry and Industrials sector, Leonardo SpA's ROC (Joel Greenblatt) % distribution charts can be found below:
* The bar in red indicates where Leonardo 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 36.31% mean?
Leonardo SpA (FINMF) has a ROC (Joel Greenblatt) % of 36.31% 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 Leonardo SpA and its competitors. This is near median its historical median of 35.70. Over the past decade, Leonardo SpA's ROC (Joel Greenblatt) % has ranged from 16.43 to 80.57. According to the industry distribution chart, Leonardo SpA ranks #27 out of 355 companies in the Aerospace & Defense industry, placing it in the top 7.6%.
Is Leonardo SpA's ROC (Joel Greenblatt) % too high?
Leonardo SpA's current ROC (Joel Greenblatt) % of 36.31% is near median its 10-year median of 35.70. Over the past 10 years, this metric has ranged from a low of 16.43 to a high of 80.57. The Aerospace & Defense industry median ROC (Joel Greenblatt) % is 10.76. Leonardo SpA's value of 36.31% is 237.5% above this industry median. Based on the distribution chart, Leonardo SpA ranks #27 out of 355 companies in the Aerospace & Defense industry, which is in the top quartile — a strong position relative to peers. Overall, Leonardo SpA has a GF Score™ of 84/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Leonardo SpA's ROC (Joel Greenblatt) % compare to SPCX and GE?
According to the Aerospace & Defense industry distribution chart, Leonardo SpA ranks #27 out of 355 companies for ROC (Joel Greenblatt) %. This places Leonardo SpA in the top 8% of its industry — outperforming the majority of peers. The industry median ROC (Joel Greenblatt) % is 10.76. Leonardo SpA's value of 36.31% is 237.5% above this benchmark. Historically, Leonardo SpA's own ROC (Joel Greenblatt) % has ranged from 16.43 to 80.57 over the past decade. While the company's 10-year median is 35.70 vs. the industry median of 10.76, Leonardo 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 Aerospace & Defense company?
The median ROC (Joel Greenblatt) % among Aerospace & Defense companies is 10.76, based on 355 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. Leonardo SpA's current ROC (Joel Greenblatt) % of 36.31% is 237.5% 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 Leonardo SpA and its competitors. For the Aerospace & Defense industry, the median ROC (Joel Greenblatt) % is 10.76 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Leonardo SpA's current ROC (Joel Greenblatt) % is 36.31%, which is near median its own 10-year median of 35.70. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Leonardo SpA stock overvalued right now?
Based on GuruFocus' analysis, Leonardo SpA (FINMF) is currently considered Significantly Overvalued. The stock's GF Value™ is $34.85, compared to a current price of $60.29 — trading 73% above its estimated fair value. The current ROC (Joel Greenblatt) % is 36.31%, which is near median its 10-year median of 35.70 and 237.5% above the Aerospace & Defense industry median of 10.76. Leonardo SpA's overall GF Score™ is 84/100 with 1 warning sign 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 Leonardo SpA (FINMF), the current ROC (Joel Greenblatt) % is 36.31% 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 Leonardo SpA (FINMF) Overvalued in 2026?
Based on GuruFocus' analysis, Leonardo SpA stock appears to be overvalued.
The current stock price of $60.29 is trading 73% above its estimated GF Value™ of $34.85.
GuruFocus considers Leonardo SpA to be Significantly Overvalued.
Key valuation signals for FINMF:
ROC (Joel Greenblatt) %: 36.31% (near median its 10-year median of 35.70)
GF Value™: $34.85 vs. price of $60.29 (73% above fair value)
Industry Position: 237.5% above the Aerospace & Defense median (#27 of 355)
No single metric tells the full story. See the FINMF stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Leonardo is a leading European security firm, with 30.2% of shares owned by the Italian government. Divisions include helicopters, defence electronics & security, aeronautics, cyber & security solutions, and space.The helicopter division serves both military and civil markets. Defence electronics & security accesses the US market through the Leonardo DRS subsidiary. Aeronautics integrates aircraft and aerostructures, participating in major programs like Eurofighter, F-35, and the Global Combat Air Programme, or GCAP. It also supplies large structural components to major commercial aircraft programs. Leonardo is currently evolving from a defense firm into a data-driven global security company.
84GF Score
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