African Rainbow MineralsHAM:EB9 +0.55%74 ROC (Joel Greenblatt) % is 42.16% as of Dec. 2025, which is 33% below its 10-year median of 63.21. GuruFocus rates HAM:EB9 with a GF Score™ of 74/100 and a GF Value™ of €12.11 (Significantly Undervalued). The stock has 6 warning signs investors should review. Among 2,500 Metals & Mining companies, African Rainbow Minerals ranks better than 85.96% 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. African Rainbow Minerals's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2025 was 42.16%.
The historical rank and industry rank for African Rainbow Minerals's ROC (Joel Greenblatt) % or its related term are showing as below:
HAM:EB9'
s ROC (Joel Greenblatt) % Range Over the Past 10 Years
Min: 8.08 Med: 63.21 Max: 247.61
Current: 17.95
During the past 13 years, African Rainbow Minerals's highest ROC (Joel Greenblatt) % was 247.61%. The lowest was 8.08%. And the median was 63.21%.
HAM:EB9's ROC (Joel Greenblatt) % is ranked better than 85.96% of 2500
companies
in the Metals & Mining industry
Industry Median: -22.13
vs HAM:EB9: 17.95
African Rainbow Minerals's 5-Year average Growth Rate of ROC (Joel Greenblatt) % was -45.20% 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.
African Rainbow Minerals ROC (Joel Greenblatt) % Related Terms
African Rainbow Minerals ROC (Joel Greenblatt) % Historical Data
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The historical data trend for African Rainbow Minerals'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.
For the Other Industrial Metals & Mining subindustry, African Rainbow Minerals'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.
African Rainbow Minerals ROC (Joel Greenblatt) % vs Metals & Mining Industry
For the Metals & Mining industry and Basic Materials sector, African Rainbow Minerals's ROC (Joel Greenblatt) % distribution charts can be found below:
* The bar in red indicates where African Rainbow Minerals'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 two times the semi-annual (Dec. 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 42.16% mean?
African Rainbow Minerals (HAM:EB9) has a ROC (Joel Greenblatt) % of 42.16% as of Dec. 2025. Joel Greenblatt's return on capital is the ratio of EBIT to average fixed assets and net working capital. View historical data on African Rainbow Minerals and its competitors. This is 33% below median its historical median of 63.21. Over the past decade, African Rainbow Minerals' ROC (Joel Greenblatt) % has ranged from 8.08 to 247.61. According to the industry distribution chart, African Rainbow Minerals ranks #351 out of 2500 companies in the Metals & Mining industry, placing it in the top 14%.
Is African Rainbow Minerals' ROC (Joel Greenblatt) % too high?
African Rainbow Minerals' current ROC (Joel Greenblatt) % of 42.16% is 33% below median its 10-year median of 63.21. Over the past 10 years, this metric has ranged from a low of 8.08 to a high of 247.61. Based on the distribution chart, African Rainbow Minerals ranks #351 out of 2500 companies in the Metals & Mining industry, which is in the top quartile — a strong position relative to peers. Overall, African Rainbow Minerals has a GF Score™ of 74/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.
How does African Rainbow Minerals' ROC (Joel Greenblatt) % compare to competitors?
According to the Metals & Mining industry distribution chart, African Rainbow Minerals ranks #351 out of 2500 companies for ROC (Joel Greenblatt) %. This places African Rainbow Minerals in the top 14% of its industry — outperforming the majority of peers. Historically, African Rainbow Minerals' own ROC (Joel Greenblatt) % has ranged from 8.08 to 247.61 over the past decade. 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 Metals & Mining company?
A good ROC (Joel Greenblatt) % depends on the Metals & Mining industry context. However, ROC (Joel Greenblatt) % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. 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 African Rainbow Minerals and its competitors. African Rainbow Minerals's current ROC (Joel Greenblatt) % is 42.16%, which is 33% below median its own 10-year median of 63.21. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is African Rainbow Minerals stock overvalued right now?
Based on GuruFocus' analysis, African Rainbow Minerals (HAM:EB9) is currently considered Significantly Undervalued. The stock's GF Value™ is €12.11, compared to a current price of €9.10 — trading 24.9% below its estimated fair value. The current ROC (Joel Greenblatt) % is 42.16%, which is 33% below median its 10-year median of 63.21. African Rainbow Minerals' overall GF Score™ is 74/100 with 6 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 African Rainbow Minerals (HAM:EB9), the current ROC (Joel Greenblatt) % is 42.16% as of Dec. 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 African Rainbow Minerals (HAM:EB9) Overvalued in 2026?
Based on GuruFocus' analysis, African Rainbow Minerals stock appears to be undervalued.
The current stock price of €9.10 is trading 24.9% below its estimated GF Value™ of €12.11.
GuruFocus considers African Rainbow Minerals to be Significantly Undervalued.
Key valuation signals for HAM:EB9:
ROC (Joel Greenblatt) %: 42.16% (33% below median its 10-year median of 63.21)
GF Value™: €12.11 vs. price of €9.10 (24.9% below fair value)
No single metric tells the full story. See the HAM:EB9 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
African Rainbow Minerals Ltd is a South African diversified mining and minerals company with operations in South Africa and Malaysia. The group operates through four main segments: ARM Platinum, which includes platinum group metals and nickel; ARM Ferrous, focused on iron ore, manganese ore, and chrome ore; ARM Coal, operating mainly in the Goedgevonden Mine; and ARM Corporate, which includes Machadodorp Works, gold investments, and other activities. The company produces manganese alloys and holds a strategic investment in gold. The company generates the majority of its revenue from South Africa and maintains a presence in Europe, the Americas, and the Far and Middle East.
74GF Score
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