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Aygaz ASIST:AYGAZ +4.81%52 ROC (Joel Greenblatt) % is 18.89% as of Mar. 2026, which is 74% below its 10-year median of 72.19. GuruFocus rates IST:AYGAZ with a GF Score™ of 52/100 and a GF Value™ of ₺153.20 (Significantly Overvalued). The stock has 9 warning signs investors should review. Among 506 Utilities - Regulated companies, Aygaz AS ranks better than 89.33% 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. Aygaz AS's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 was 18.89%.
The historical rank and industry rank for Aygaz AS's ROC (Joel Greenblatt) % or its related term are showing as below:
IST:AYGAZ'
s ROC (Joel Greenblatt) % Range Over the Past 10 Years
Min: 27.02 Med: 72.19 Max: 216.36
Current: 58.29
During the past 13 years, Aygaz AS's highest ROC (Joel Greenblatt) % was 216.36%. The lowest was 27.02%. And the median was 72.19%.
IST:AYGAZ's ROC (Joel Greenblatt) % is ranked better than 89.33% of 506
companies
in the Utilities - Regulated industry
Industry Median: 10.845
vs IST:AYGAZ: 58.29
Aygaz AS's 5-Year average Growth Rate of ROC (Joel Greenblatt) % was 3.30% per year.
Aygaz AS (IST:AYGAZ) 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.
The historical data trend for Aygaz AS'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.
IST:AYGAZ vs ATO, NI, UGI: ROC (Joel Greenblatt) % Comparison
For the Utilities - Regulated Gas subindustry, Aygaz AS'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.
Aygaz AS ROC (Joel Greenblatt) % vs Utilities - Regulated Industry
For the Utilities - Regulated industry and Utilities sector, Aygaz AS's ROC (Joel Greenblatt) % distribution charts can be found below:
* The bar in red indicates where Aygaz AS'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 18.89% mean?
Aygaz AS (IST:AYGAZ) has a ROC (Joel Greenblatt) % of 18.89% 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 Aygaz AS and its competitors. This is 74% below median its historical median of 72.19. Over the past decade, Aygaz AS's ROC (Joel Greenblatt) % has ranged from 27.02 to 216.36. According to the industry distribution chart, Aygaz AS ranks #54 out of 506 companies in the Utilities - Regulated industry, placing it in the top 10.7%.
Is Aygaz AS's ROC (Joel Greenblatt) % too high?
Aygaz AS's current ROC (Joel Greenblatt) % of 18.89% is 74% below median its 10-year median of 72.19. Over the past 10 years, this metric has ranged from a low of 27.02 to a high of 216.36. The Utilities - Regulated industry median ROC (Joel Greenblatt) % is 10.85. Aygaz AS's value of 18.89% is 74.2% above this industry median. Based on the distribution chart, Aygaz AS ranks #54 out of 506 companies in the Utilities - Regulated industry, which is in the top quartile — a strong position relative to peers. Overall, Aygaz AS has a GF Score™ of 52/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Aygaz AS's ROC (Joel Greenblatt) % compare to ATO and NI?
According to the Utilities - Regulated industry distribution chart, Aygaz AS ranks #54 out of 506 companies for ROC (Joel Greenblatt) %. This places Aygaz AS in the top 11% of its industry — outperforming the majority of peers. The industry median ROC (Joel Greenblatt) % is 10.85. Aygaz AS's value of 18.89% is 74.2% above this benchmark. Historically, Aygaz AS's own ROC (Joel Greenblatt) % has ranged from 27.02 to 216.36 over the past decade. While the company's 10-year median is 72.19 vs. the industry median of 10.85, Aygaz AS 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 an Utilities - Regulated company?
The median ROC (Joel Greenblatt) % among Utilities - Regulated companies is 10.85, based on 506 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. Aygaz AS's current ROC (Joel Greenblatt) % of 18.89% is 74.2% 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 Aygaz AS and its competitors. For the Utilities - Regulated industry, the median ROC (Joel Greenblatt) % is 10.85 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Aygaz AS's current ROC (Joel Greenblatt) % is 18.89%, which is 74% below median its own 10-year median of 72.19. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Aygaz AS stock overvalued right now?
Based on GuruFocus' analysis, Aygaz AS (IST:AYGAZ) is currently considered Significantly Overvalued. The stock's GF Value™ is ₺153.20, compared to a current price of ₺267.00 — trading 74.3% above its estimated fair value. The current ROC (Joel Greenblatt) % is 18.89%, which is 74% below median its 10-year median of 72.19 and 74.2% above the Utilities - Regulated industry median of 10.85. Aygaz AS's overall GF Score™ is 52/100 with 9 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 Aygaz AS (IST:AYGAZ), the current ROC (Joel Greenblatt) % is 18.89% 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 Aygaz AS (IST:AYGAZ) Overvalued in 2026?
Based on GuruFocus' analysis, Aygaz AS stock appears to be overvalued.
The current stock price of ₺267.00 is trading 74.3% above its estimated GF Value™ of ₺153.20.
GuruFocus considers Aygaz AS to be Significantly Overvalued.
Key valuation signals for IST:AYGAZ:
ROC (Joel Greenblatt) %: 18.89% (74% below median its 10-year median of 72.19)
GF Value™: ₺153.20 vs. price of ₺267.00 (74.3% above fair value)
Industry Position: 74.2% above the Utilities - Regulated median (#54 of 506)
No single metric tells the full story. See the IST:AYGAZ stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Aygaz AS is a gas company engaged in the sale and distribution of liquefied petroleum gas, or LPG, and natural gas products in Turkey. The group has three operating segments which are LPG and gas, cargo transportation and distribution, petroleum products, and electricity. It generates the majority of its revenue from the LPG and gas segment.
52GF Score
Get the complete analysis for IST:AYGAZ
ROC (Joel Greenblatt) % is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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