Heidelberg Materials AGHDLMY +2.63%78 ROC (Joel Greenblatt) % is 27.92% as of Dec. 2025, which is 66% above its 10-year median of 16.87. GuruFocus rates HDLMY with a GF Score™ of 78/100 and a GF Value™ of $24.30 (Significantly Overvalued). The stock has 4 warning signs investors should review. Among 408 Building Materials companies, Heidelberg Materials AG ranks better than 80.39% 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. Heidelberg Materials AG's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2025 was 27.92%.
The historical rank and industry rank for Heidelberg Materials AG's ROC (Joel Greenblatt) % or its related term are showing as below:
HDLMY'
s ROC (Joel Greenblatt) % Range Over the Past 10 Years
Min: -9.69 Med: 16.87 Max: 23.62
Current: 22.07
During the past 13 years, Heidelberg Materials AG's highest ROC (Joel Greenblatt) % was 23.62%. The lowest was -9.69%. And the median was 16.87%.
HDLMY's ROC (Joel Greenblatt) % is ranked better than 80.39% of 408
companies
in the Building Materials industry
Industry Median: 8.565
vs HDLMY: 22.07
Heidelberg Materials AG's 5-Year average Growth Rate of ROC (Joel Greenblatt) % was 0.00% per year.
Heidelberg Materials AG (OTCPK:HDLMY) 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.
Heidelberg Materials AG ROC (Joel Greenblatt) % Related Terms
Heidelberg Materials AG ROC (Joel Greenblatt) % Historical Data
* Premium members only.
The historical data trend for Heidelberg Materials AG'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.
Heidelberg Materials AG ROC (Joel Greenblatt) % Chart
HDLMY vs CRH, VMC, MLM: ROC (Joel Greenblatt) % Comparison
For the Building Materials subindustry, Heidelberg Materials AG'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.
Heidelberg Materials AG ROC (Joel Greenblatt) % vs Building Materials Industry
For the Building Materials industry and Basic Materials sector, Heidelberg Materials AG's ROC (Joel Greenblatt) % distribution charts can be found below:
* The bar in red indicates where Heidelberg Materials AG's ROC (Joel Greenblatt) % falls into.
Heidelberg Materials AG 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 (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 27.92% mean?
Heidelberg Materials AG (HDLMY) has a ROC (Joel Greenblatt) % of 27.92% 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 Heidelberg Materials AG and its competitors. This is 66% above median its historical median of 16.87. According to the industry distribution chart, Heidelberg Materials AG ranks #80 out of 408 companies in the Building Materials industry, placing it in the top 19.6%.
Is Heidelberg Materials AG's ROC (Joel Greenblatt) % too high?
Heidelberg Materials AG's current ROC (Joel Greenblatt) % of 27.92% is 66% above median its 10-year median of 16.87. The Building Materials industry median ROC (Joel Greenblatt) % is 8.57. Heidelberg Materials AG's value of 27.92% is 226% above this industry median. Based on the distribution chart, Heidelberg Materials AG ranks #80 out of 408 companies in the Building Materials industry, which is in the top quartile — a strong position relative to peers. Overall, Heidelberg Materials AG has a GF Score™ of 78/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Heidelberg Materials AG's ROC (Joel Greenblatt) % compare to CRH and VMC?
According to the Building Materials industry distribution chart, Heidelberg Materials AG ranks #80 out of 408 companies for ROC (Joel Greenblatt) %. This places Heidelberg Materials AG in the top 20% of its industry — outperforming the majority of peers. The industry median ROC (Joel Greenblatt) % is 8.57. Heidelberg Materials AG's value of 27.92% is 226% above this benchmark. While the company's 10-year median is 16.87 vs. the industry median of 8.57, Heidelberg Materials AG 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 a Building Materials company?
The median ROC (Joel Greenblatt) % among Building Materials companies is 8.57, based on 408 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. Heidelberg Materials AG's current ROC (Joel Greenblatt) % of 27.92% is 226% 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 Heidelberg Materials AG and its competitors. For the Building Materials industry, the median ROC (Joel Greenblatt) % is 8.57 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Heidelberg Materials AG's current ROC (Joel Greenblatt) % is 27.92%, which is 66% above median its own 10-year median of 16.87. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Heidelberg Materials AG stock overvalued right now?
Based on GuruFocus' analysis, Heidelberg Materials AG (HDLMY) is currently considered Significantly Overvalued. The stock's GF Value™ is $24.30, compared to a current price of $39.02 — trading 60.6% above its estimated fair value. The current ROC (Joel Greenblatt) % is 27.92%, which is 66% above median its 10-year median of 16.87 and 226% above the Building Materials industry median of 8.57. Heidelberg Materials AG's overall GF Score™ is 78/100 with 4 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 Heidelberg Materials AG (HDLMY), the current ROC (Joel Greenblatt) % is 27.92% 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 Heidelberg Materials AG (HDLMY) Overvalued in 2026?
Based on GuruFocus' analysis, Heidelberg Materials AG stock appears to be overvalued.
The current stock price of $39.02 is trading 60.6% above its estimated GF Value™ of $24.30.
GuruFocus considers Heidelberg Materials AG to be Significantly Overvalued.
Key valuation signals for HDLMY:
ROC (Joel Greenblatt) %: 27.92% (66% above median its 10-year median of 16.87)
GF Value™: $24.30 vs. price of $39.02 (60.6% above fair value)
Industry Position: 226% above the Building Materials median (#80 of 408)
No single metric tells the full story. See the HDLMY stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Heidelberg Materials is one of the world's largest building materials companies, with operations in 60 countries. Its core activities include the production of cement and aggregates, which are used to construct houses, infrastructure, and commercial facilities. The sale of cement and aggregates accounts for the majority of group revenue and profits. Europe is the company's largest market contributing nearly half of group sales. Heidelberg Materials is listed in Germany and has 55,000 employees.
78GF Score
Get the complete analysis for HDLMY
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
HDLMY has been successfully added to your 
