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.
Are HoldingsFRA:A19 -3.07%88 ROC (Joel Greenblatt) % is 7.65% as of Mar. 2026, which is 36% below its 10-year median of 11.94. GuruFocus rates FRA:A19 with a GF Score™ of 88/100 and a GF Value™ of €22.22 (Modestly Undervalued). The stock has 7 warning signs investors should review. Among 244 Waste Management companies, Are Holdings ranks worse than 55.33% 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. Are Holdings's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 was 7.65%.
The historical rank and industry rank for Are Holdings's ROC (Joel Greenblatt) % or its related term are showing as below:
FRA:A19'
s ROC (Joel Greenblatt) % Range Over the Past 10 Years
Min: 4.46 Med: 11.94 Max: 22.51
Current: 8.81
During the past 13 years, Are Holdings's highest ROC (Joel Greenblatt) % was 22.51%. The lowest was 4.46%. And the median was 11.94%.
FRA:A19's ROC (Joel Greenblatt) % is ranked worse than 55.33% of 244
companies
in the Waste Management industry
Industry Median: 11.48
vs FRA:A19: 8.81
Are Holdings's 5-Year average Growth Rate of ROC (Joel Greenblatt) % was -9.50% per year.
Are Holdings (FRA:A19) 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.
Are Holdings ROC (Joel Greenblatt) % Related Terms
Are Holdings ROC (Joel Greenblatt) % Historical Data
* Premium members only.
The historical data trend for Are Holdings'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:A19 vs WM, RSG, WCN: ROC (Joel Greenblatt) % Comparison
For the Waste Management subindustry, Are Holdings'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.
Are Holdings ROC (Joel Greenblatt) % vs Waste Management Industry
For the Waste Management industry and Industrials sector, Are Holdings's ROC (Joel Greenblatt) % distribution charts can be found below:
* The bar in red indicates where Are Holdings'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 7.65% mean?
Are Holdings (FRA:A19) has a ROC (Joel Greenblatt) % of 7.65% 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 Are Holdings and its competitors. This is 36% below median its historical median of 11.94. Over the past decade, Are Holdings' ROC (Joel Greenblatt) % has ranged from 4.46 to 22.51. According to the industry distribution chart, Are Holdings ranks #135 out of 244 companies in the Waste Management industry, placing it in the top 55.3%.
Is Are Holdings' ROC (Joel Greenblatt) % too high?
Are Holdings' current ROC (Joel Greenblatt) % of 7.65% is 36% below median its 10-year median of 11.94. Over the past 10 years, this metric has ranged from a low of 4.46 to a high of 22.51. The Waste Management industry median ROC (Joel Greenblatt) % is 11.48. Are Holdings' value of 7.65% is 33.4% below this industry median. Based on the distribution chart, Are Holdings ranks #135 out of 244 companies in the Waste Management industry, which is below the industry midpoint. Overall, Are Holdings has a GF Score™ of 88/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Are Holdings' ROC (Joel Greenblatt) % compare to WM and RSG?
According to the Waste Management industry distribution chart, Are Holdings ranks #135 out of 244 companies for ROC (Joel Greenblatt) %. This places Are Holdings in the lower half of its industry. The industry median ROC (Joel Greenblatt) % is 11.48. Are Holdings' value of 7.65% is 33.4% below this benchmark. Historically, Are Holdings' own ROC (Joel Greenblatt) % has ranged from 4.46 to 22.51 over the past decade. While the company's 10-year median is 11.94 vs. the industry median of 11.48, Are Holdings 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 Waste Management company?
The median ROC (Joel Greenblatt) % among Waste Management companies is 11.48, based on 244 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. Are Holdings's current ROC (Joel Greenblatt) % of 7.65% is 33.4% 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 Are Holdings and its competitors. For the Waste Management industry, the median ROC (Joel Greenblatt) % is 11.48 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Are Holdings's current ROC (Joel Greenblatt) % is 7.65%, which is 36% below median its own 10-year median of 11.94. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Are Holdings stock overvalued right now?
Based on GuruFocus' analysis, Are Holdings (FRA:A19) is currently considered Modestly Undervalued. The stock's GF Value™ is €22.22, compared to a current price of €15.80 — trading 28.9% below its estimated fair value. The current ROC (Joel Greenblatt) % is 7.65%, which is 36% below median its 10-year median of 11.94 and 33.4% below the Waste Management industry median of 11.48. Are Holdings' overall GF Score™ is 88/100 with 7 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 Are Holdings (FRA:A19), the current ROC (Joel Greenblatt) % is 7.65% 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.
Is Are Holdings (FRA:A19) Overvalued in 2026?
Based on GuruFocus' analysis, Are Holdings stock appears to be undervalued.
The current stock price of €15.80 is trading 28.9% below its estimated GF Value™ of €22.22.
GuruFocus considers Are Holdings to be Modestly Undervalued.
Key valuation signals for FRA:A19:
ROC (Joel Greenblatt) %: 7.65% (36% below median its 10-year median of 11.94)
GF Value™: €22.22 vs. price of €15.80 (28.9% below fair value)
Industry Position: 33.4% below the Waste Management median (#135 of 244)
No single metric tells the full story. See the FRA:A19 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Are Holdings Inc formerly Asahi Holdings Inc is operative in the Japanese waste management industry. The company's principal interest lies in the precious metals recycling activities. This segment deals with the recycling and sale of precious metals and rare metals, including gold, silver, palladium, platinum, and indium, which are refined from precious metal-containing scraps inclusive of electronic materials, dental materials, jewelry manufacture and automobile catalysts. Asahi's secondary line of business is responsible for the collection, transportation and intermediate treatment of industrial wastes, such as waste acids, waste alkalis, waste oil, sludge, waste drugs and infectious medical wastes.
88GF Score
Get the complete analysis for FRA:A19
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:A19 has been successfully added to your 
