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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. High Arctic Energy Services's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 was 33.69%.
The historical rank and industry rank for High Arctic Energy Services's ROC (Joel Greenblatt) % or its related term are showing as below:
HGHAF'
s ROC (Joel Greenblatt) % Range Over the Past 10 Years
Min: -24.03 Med: -2.89 Max: 27.43
Current: 13.33
During the past 13 years, High Arctic Energy Services's highest ROC (Joel Greenblatt) % was 27.43%. The lowest was -24.03%. And the median was -2.89%.
HGHAF's ROC (Joel Greenblatt) % is ranked better than 63.33% of 998
companies
in the Oil & Gas industry
Industry Median: 8.505
vs HGHAF: 13.33
High Arctic Energy Services (OTCPK:HGHAF) 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.
High Arctic Energy Services ROC (Joel Greenblatt) % Chart
HGHAF vs SLB, BKR, HAL: ROC (Joel Greenblatt) % Comparison
For the Oil & Gas Equipment & Services subindustry, High Arctic Energy 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.
High Arctic Energy Services ROC (Joel Greenblatt) % vs Oil & Gas Industry
For the Oil & Gas industry and Energy sector, High Arctic Energy Services's ROC (Joel Greenblatt) % distribution charts can be found below:
* The bar in red indicates where High Arctic Energy Services's ROC (Joel Greenblatt) % falls into.
High Arctic Energy 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 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 33.69% mean?
High Arctic Energy Services (HGHAF) has a ROC (Joel Greenblatt) % of 33.69% 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 High Arctic Energy Services and its competitors. According to the industry distribution chart, High Arctic Energy Services ranks #366 out of 998 companies in the Oil & Gas industry, placing it in the top 36.7%.
Is High Arctic Energy Services' ROC (Joel Greenblatt) % too high?
High Arctic Energy Services' current ROC (Joel Greenblatt) % is 33.69%. The Oil & Gas industry median ROC (Joel Greenblatt) % is 8.51. High Arctic Energy Services' value of 33.69% is 296.1% above this industry median. Based on the distribution chart, High Arctic Energy Services ranks #366 out of 998 companies in the Oil & Gas industry, which is above the industry midpoint. Overall, High Arctic Energy Services has a GF Score™ of 34/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does High Arctic Energy Services' ROC (Joel Greenblatt) % compare to SLB and BKR?
According to the Oil & Gas industry distribution chart, High Arctic Energy Services ranks #366 out of 998 companies for ROC (Joel Greenblatt) %. This puts High Arctic Energy Services in the upper half of its industry. The industry median ROC (Joel Greenblatt) % is 8.51. High Arctic Energy Services' value of 33.69% is 296.1% above this benchmark. 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 Oil & Gas company?
The median ROC (Joel Greenblatt) % among Oil & Gas companies is 8.51, based on 998 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. High Arctic Energy Services's current ROC (Joel Greenblatt) % of 33.69% is 296.1% 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 High Arctic Energy Services and its competitors. For the Oil & Gas industry, the median ROC (Joel Greenblatt) % is 8.51 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. High Arctic Energy Services's current ROC (Joel Greenblatt) % is 33.69%. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is High Arctic Energy Services stock overvalued right now?
Based on GuruFocus' analysis, High Arctic Energy Services (HGHAF) is currently considered Modestly Undervalued. The stock's GF Value™ is $0.85, compared to a current price of $0.64 — trading 24.7% below its estimated fair value. The current ROC (Joel Greenblatt) % is 33.69% and 296.1% above the Oil & Gas industry median of 8.51. High Arctic Energy Services' overall GF Score™ is 34/100 with 3 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 High Arctic Energy Services (HGHAF), the current ROC (Joel Greenblatt) % is 33.69% 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 High Arctic Energy Services (HGHAF) Overvalued in 2026?
Based on GuruFocus' analysis, High Arctic Energy Services stock appears to be undervalued.
The current stock price of $0.64 is trading 24.7% below its estimated GF Value™ of $0.85.
GuruFocus considers High Arctic Energy Services to be Modestly Undervalued.
Key valuation signals for HGHAF:
ROC (Joel Greenblatt) %: 33.69%
GF Value™: $0.85 vs. price of $0.64 (24.7% below fair value)
Industry Position: 296.1% above the Oil & Gas median (#366 of 998)
No single metric tells the full story. See the HGHAF stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
High Arctic Energy Services Inc is engaged in providing contract drilling, well servicing, completion services, equipment rentals, and other oilfield services to the oil and natural gas industry in Papua New Guinea and Canada. The operating segments of the company are the Drilling Services segment, which consists of drilling services; the Production Services segment, which consists of well servicing and snubbing services and the Rental Services segment consists of High Arctic's oilfield rental equipment of pressure control and other oilfield equipment to exploration and production companies in Canada. The Rental Services segment generates the majority company's revenue.
34GF Score
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