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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. Goodman New Zealand and Goodman Property Services's annualized ROC (Joel Greenblatt) % for the quarter that ended in Sep. 2025 was 15.98%.
Goodman New Zealand and Goodman Property Services (FRA:NJK) 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.
* 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.
Goodman New Zealand and Goodman Property Services ROC (Joel Greenblatt) % Chart
Goodman New Zealand and Goodman Property Services Annual Data
FRA:NJK vs PLD, PSA, EXR: ROC (Joel Greenblatt) % Comparison
For the REIT - Industrial subindustry, Goodman New Zealand and Goodman Property Services'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.
Goodman New Zealand and Goodman Property Services ROC (Joel Greenblatt) % vs REITs Industry
Goodman New Zealand and Goodman Property Services 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 (Sep. 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 15.98% mean?
Goodman New Zealand and Goodman Property Services (FRA:NJK) has a ROC (Joel Greenblatt) % of 15.98% as of Sep. 2025. Joel Greenblatt's return on capital is the ratio of EBIT to average fixed assets and net working capital. View historical data on Goodman New Zealand and Goodman Property Services and its competitors. This is 92% below median its historical median of 195.82. According to the industry distribution chart, Goodman New Zealand and Goodman Property Services ranks #379 out of 573 companies in the REITs industry, placing it in the top 66.1%.
Is Goodman New Zealand and Goodman Property Services' ROC (Joel Greenblatt) % too high?
Goodman New Zealand and Goodman Property Services' current ROC (Joel Greenblatt) % of 15.98% is 92% below median its 10-year median of 195.82. The REITs industry median ROC (Joel Greenblatt) % is 178.11. Goodman New Zealand and Goodman Property Services' value of 15.98% is 91% below this industry median. Based on the distribution chart, Goodman New Zealand and Goodman Property Services ranks #379 out of 573 companies in the REITs industry, which is below the industry midpoint. Overall, Goodman New Zealand and Goodman Property Services has a GF Score™ of 79/100, reflecting its overall financial health beyond just this single metric.
How does Goodman New Zealand and Goodman Property Services' ROC (Joel Greenblatt) % compare to PLD and PSA?
According to the REITs industry distribution chart, Goodman New Zealand and Goodman Property Services ranks #379 out of 573 companies for ROC (Joel Greenblatt) %. This places Goodman New Zealand and Goodman Property Services in the lower half of its industry. The industry median ROC (Joel Greenblatt) % is 178.11. Goodman New Zealand and Goodman Property Services' value of 15.98% is 91% below this benchmark. While the company's 10-year median is 195.82 vs. the industry median of 178.11, Goodman New Zealand and Goodman Property Services 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 178.11, based on 573 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. Goodman New Zealand and Goodman Property Services's current ROC (Joel Greenblatt) % of 15.98% is 91% 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 Goodman New Zealand and Goodman Property Services and its competitors. For the REITs industry, the median ROC (Joel Greenblatt) % is 178.11 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Goodman New Zealand and Goodman Property Services's current ROC (Joel Greenblatt) % is 15.98%, which is 92% below median its own 10-year median of 195.82. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Goodman New Zealand and Goodman Property Services stock overvalued right now?
Goodman New Zealand and Goodman Property Services (FRA:NJK) has a current ROC (Joel Greenblatt) % of 15.98%. The stock's GF Value™ is €0.74, compared to a current price of €0.98 — trading 31.8% above its estimated fair value. The current ROC (Joel Greenblatt) % is 15.98%, which is 92% below median its 10-year median of 195.82 and 91% below the REITs industry median of 178.11. Goodman New Zealand and Goodman Property Services' overall GF Score™ is 79/100 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 Goodman New Zealand and Goodman Property Services (FRA:NJK), the current ROC (Joel Greenblatt) % is 15.98% as of Sep. 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 Goodman New Zealand and Goodman Property Services (FRA:NJK) Overvalued in 2026?
Based on GuruFocus' analysis, Goodman New Zealand and Goodman Property Services stock appears to be overvalued.
The current stock price of €0.98 is trading 31.8% above its estimated GF Value™ of €0.74.
Key valuation signals for FRA:NJK:
ROC (Joel Greenblatt) %: 15.98% (92% below median its 10-year median of 195.82)
GF Value™: €0.74 vs. price of €0.98 (31.8% above fair value)
Industry Position: 91% below the REITs median (#379 of 573)
No single metric tells the full story. See the FRA:NJK stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Goodman New Zealand Ltd and Goodman Property Services Ltd, formerly known as Goodman Property Trust, is one of New Zealand's property trusts, with a portfolio composed of industrial estates, businesses, and a development bank. After selling its Christchurch assets, Goodman is 100% Auckland-centric. The focus over the next few years will be on selling lower-quality assets and redeploying capital to industrial property in strategically important locations. The investment is premised on management's view that industrial assets in premium locations will generate superior long-term returns from lower average vacancy and higher rent growth.
79GF Score
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ROC (Joel Greenblatt) % is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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