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. Industrial & Infrastructure Fund Investment's annualized ROC (Joel Greenblatt) % for the quarter that ended in Jan. 2026 was 4.76%.
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.
Industrial & Infrastructure Fund Investment ROC (Joel Greenblatt) % Chart
Industrial & Infrastructure Fund Investment Annual Data
FRA:2ES vs PLD, PSA, EXR: ROC (Joel Greenblatt) % Comparison
For the REIT - Industrial subindustry, Industrial & Infrastructure Fund Investment'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.
Industrial & Infrastructure Fund Investment ROC (Joel Greenblatt) % vs REITs Industry
Industrial & Infrastructure Fund Investment 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 two times the semi-annual (Jan. 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 4.76% mean?
Industrial & Infrastructure Fund Investment (FRA:2ES) has a ROC (Joel Greenblatt) % of 4.76% as of Jan. 2026. Joel Greenblatt's return on capital is the ratio of EBIT to average fixed assets and net working capital. View historical data on Industrial & Infrastructure Fund Investment and its competitors. This is 13% above median its historical median of 4.20. Over the past decade, Industrial & Infrastructure Fund Investment's ROC (Joel Greenblatt) % has ranged from 3.95 to 4.58. According to the industry distribution chart, Industrial & Infrastructure Fund Investment ranks #449 out of 587 companies in the REITs industry, placing it in the top 76.5%.
Is Industrial & Infrastructure Fund Investment's ROC (Joel Greenblatt) % too high?
Industrial & Infrastructure Fund Investment's current ROC (Joel Greenblatt) % of 4.76% is 13% above median its 10-year median of 4.20. Over the past 10 years, this metric has ranged from a low of 3.95 to a high of 4.58. The REITs industry median ROC (Joel Greenblatt) % is 177.71. Industrial & Infrastructure Fund Investment's value of 4.76% is 97.3% below this industry median. Based on the distribution chart, Industrial & Infrastructure Fund Investment ranks #449 out of 587 companies in the REITs industry, which is in the bottom quartile relative to peers. Overall, Industrial & Infrastructure Fund Investment has a GF Score™ of 74/100, reflecting its overall financial health beyond just this single metric.
How does Industrial & Infrastructure Fund Investment's ROC (Joel Greenblatt) % compare to PLD and PSA?
According to the REITs industry distribution chart, Industrial & Infrastructure Fund Investment ranks #449 out of 587 companies for ROC (Joel Greenblatt) %. This places Industrial & Infrastructure Fund Investment in the lower half of its industry. The industry median ROC (Joel Greenblatt) % is 177.71. Industrial & Infrastructure Fund Investment's value of 4.76% is 97.3% below this benchmark. Historically, Industrial & Infrastructure Fund Investment's own ROC (Joel Greenblatt) % has ranged from 3.95 to 4.58 over the past decade. While the company's 10-year median is 4.20 vs. the industry median of 177.71, Industrial & Infrastructure Fund Investment 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. Industrial & Infrastructure Fund Investment's current ROC (Joel Greenblatt) % of 4.76% is 97.3% 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 Industrial & Infrastructure Fund Investment 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. Industrial & Infrastructure Fund Investment's current ROC (Joel Greenblatt) % is 4.76%, which is 13% above median its own 10-year median of 4.20. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Industrial & Infrastructure Fund Investment stock overvalued right now?
Industrial & Infrastructure Fund Investment (FRA:2ES) has a current ROC (Joel Greenblatt) % of 4.76%. The stock's GF Value™ is €753.07, compared to a current price of €770.00 — trading 2.2% above its estimated fair value. The current ROC (Joel Greenblatt) % is 4.76%, which is 13% above median its 10-year median of 4.20 and 97.3% below the REITs industry median of 177.71. Industrial & Infrastructure Fund Investment's overall GF Score™ is 74/100 with 10 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 Industrial & Infrastructure Fund Investment (FRA:2ES), the current ROC (Joel Greenblatt) % is 4.76% as of Jan. 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 Industrial & Infrastructure Fund Investment (FRA:2ES) Overvalued in 2026?
Based on GuruFocus' analysis, Industrial & Infrastructure Fund Investment stock appears to be overvalued.
The current stock price of €770.00 is trading 2.2% above its estimated GF Value™ of €753.07.
Key valuation signals for FRA:2ES:
ROC (Joel Greenblatt) %: 4.76% (13% above median its 10-year median of 4.20)
GF Value™: €753.07 vs. price of €770.00 (2.2% above fair value)
Industry Position: 97.3% below the REITs median (#449 of 587)
No single metric tells the full story. See the FRA:2ES stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Industrial & Infrastructure Fund Investment Business Description
Industrial & Infrastructure Fund Investment Corp operates as a J-REIT specializing in industrial properties. The company focuses on industrial properties including logistic facilities, manufacturing and R&D facilities, and infrastructures.
74GF Score
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