Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.
ADF GroupFRA:4QM +0.91%57 ROC (Joel Greenblatt) % is 47.86% as of Apr. 2026, which is 306% above its 10-year median of 11.78. GuruFocus rates FRA:4QM with a GF Score™ of 57/100 and a GF Value™ of €5.94 (Significantly Overvalued). The stock has 5 warning signs investors should review. Among 3,066 Industrial Products companies, ADF Group ranks better than 83.14% 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. ADF Group's annualized ROC (Joel Greenblatt) % for the quarter that ended in Apr. 2026 was 47.86%.
The historical rank and industry rank for ADF Group's ROC (Joel Greenblatt) % or its related term are showing as below:
FRA:4QM'
s ROC (Joel Greenblatt) % Range Over the Past 10 Years
Min: -0.56 Med: 11.78 Max: 70.44
Current: 35.28
During the past 13 years, ADF Group's highest ROC (Joel Greenblatt) % was 70.44%. The lowest was -0.56%. And the median was 11.78%.
FRA:4QM's ROC (Joel Greenblatt) % is ranked better than 83.14% of 3066
companies
in the Industrial Products industry
Industry Median: 11.745
vs FRA:4QM: 35.28
ADF Group's 5-Year average Growth Rate of ROC (Joel Greenblatt) % was 37.80% per year.
ADF Group (FRA:4QM) 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.
The historical data trend for ADF Group'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.
FRA:4QM vs CRS, ATI, MLI: ROC (Joel Greenblatt) % Comparison
For the Metal Fabrication subindustry, ADF Group'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.
ADF Group ROC (Joel Greenblatt) % vs Industrial Products Industry
For the Industrial Products industry and Industrials sector, ADF Group's ROC (Joel Greenblatt) % distribution charts can be found below:
* The bar in red indicates where ADF Group'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 (Apr. 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 47.86% mean?
ADF Group (FRA:4QM) has a ROC (Joel Greenblatt) % of 47.86% as of Apr. 2026. Joel Greenblatt's return on capital is the ratio of EBIT to average fixed assets and net working capital. View historical data on ADF Group and its competitors. This is 306% above median its historical median of 11.78. According to the industry distribution chart, ADF Group ranks #517 out of 3066 companies in the Industrial Products industry, placing it in the top 16.9%.
Is ADF Group's ROC (Joel Greenblatt) % too high?
ADF Group's current ROC (Joel Greenblatt) % of 47.86% is 306% above median its 10-year median of 11.78. The Industrial Products industry median ROC (Joel Greenblatt) % is 11.75. ADF Group's value of 47.86% is 307.5% above this industry median. Based on the distribution chart, ADF Group ranks #517 out of 3066 companies in the Industrial Products industry, which is in the top quartile — a strong position relative to peers. Overall, ADF Group has a GF Score™ of 57/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does ADF Group's ROC (Joel Greenblatt) % compare to CRS and ATI?
According to the Industrial Products industry distribution chart, ADF Group ranks #517 out of 3066 companies for ROC (Joel Greenblatt) %. This places ADF Group in the top 17% of its industry — outperforming the majority of peers. The industry median ROC (Joel Greenblatt) % is 11.75. ADF Group's value of 47.86% is 307.5% above this benchmark. While the company's 10-year median is 11.78 vs. the industry median of 11.75, ADF Group 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 Industrial Products company?
The median ROC (Joel Greenblatt) % among Industrial Products companies is 11.75, based on 3,066 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. ADF Group's current ROC (Joel Greenblatt) % of 47.86% is 307.5% 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 ADF Group and its competitors. For the Industrial Products industry, the median ROC (Joel Greenblatt) % is 11.75 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. ADF Group's current ROC (Joel Greenblatt) % is 47.86%, which is 306% above median its own 10-year median of 11.78. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is ADF Group stock overvalued right now?
Based on GuruFocus' analysis, ADF Group (FRA:4QM) is currently considered Significantly Overvalued. The stock's GF Value™ is €5.94, compared to a current price of €11.10 — trading 86.9% above its estimated fair value. The current ROC (Joel Greenblatt) % is 47.86%, which is 306% above median its 10-year median of 11.78 and 307.5% above the Industrial Products industry median of 11.75. ADF Group's overall GF Score™ is 57/100 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 ADF Group (FRA:4QM), the current ROC (Joel Greenblatt) % is 47.86% as of Apr. 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 ADF Group (FRA:4QM) Overvalued in 2026?
Based on GuruFocus' analysis, ADF Group stock appears to be overvalued.
The current stock price of €11.10 is trading 86.9% above its estimated GF Value™ of €5.94.
GuruFocus considers ADF Group to be Significantly Overvalued.
Key valuation signals for FRA:4QM:
ROC (Joel Greenblatt) %: 47.86% (306% above median its 10-year median of 11.78)
GF Value™: €5.94 vs. price of €11.10 (86.9% above fair value)
Industry Position: 307.5% above the Industrial Products median (#517 of 3066)
No single metric tells the full story. See the FRA:4QM stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
ADF Group Inc involves in the design and engineering of connections, fabrication, including industrial coating, and the installation of steel structures and steel built-ups, as well as miscellaneous and architectural metalwork. The company's products and services are intended for the five principal segments of the non-residential construction industry: Office towers and high-rises, Commercial and recreational buildings, Airport facilities, Industrial complexes, and Transport infrastructures and energy. It serves the client base in the non-residential construction industry, such as general contractors, project owners, engineering firms and project architects, and other steel structure fabricators in the United States and Canada.
57GF Score
Get the complete analysis for FRA:4QM
ROC (Joel Greenblatt) % is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
FRA:4QM has been successfully added to your 
