PT Merdeka Battery Materials TbkISX:MBMA -0.40%49 ROC (Joel Greenblatt) % is 16.66% as of Mar. 2026, which is 320% above its 10-year median of 3.97. GuruFocus rates ISX:MBMA with a GF Score™ of 49/100 and a GF Value™ of Rp801.40 (Significantly Undervalued). The stock has 5 warning signs investors should review. Among 2,502 Metals & Mining companies, PT Merdeka Battery Materials Tbk ranks better than 80.42% 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. PT Merdeka Battery Materials Tbk's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 was 16.66%.
The historical rank and industry rank for PT Merdeka Battery Materials Tbk's ROC (Joel Greenblatt) % or its related term are showing as below:
ISX:MBMA'
s ROC (Joel Greenblatt) % Range Over the Past 10 Years
Min: 2.73 Med: 3.97 Max: 9
Current: 9
During the past 7 years, PT Merdeka Battery Materials Tbk's highest ROC (Joel Greenblatt) % was 9.00%. The lowest was 2.73%. And the median was 3.97%.
ISX:MBMA's ROC (Joel Greenblatt) % is ranked better than 80.42% of 2502
companies
in the Metals & Mining industry
Industry Median: -22.105
vs ISX:MBMA: 9.00
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.
ISX:MBMA vs HL, SIND: ROC (Joel Greenblatt) % Comparison
For the Other Precious Metals & Mining subindustry, PT Merdeka Battery Materials Tbk'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.
PT Merdeka Battery Materials Tbk ROC (Joel Greenblatt) % vs Metals & Mining Industry
For the Metals & Mining industry and Basic Materials sector, PT Merdeka Battery Materials Tbk's ROC (Joel Greenblatt) % distribution charts can be found below:
* The bar in red indicates where PT Merdeka Battery Materials Tbk'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 16.66% mean?
PT Merdeka Battery Materials Tbk (ISX:MBMA) has a ROC (Joel Greenblatt) % of 16.66% 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 PT Merdeka Battery Materials Tbk and its competitors. This is 320% above median its historical median of 3.97. Over the past decade, PT Merdeka Battery Materials Tbk's ROC (Joel Greenblatt) % has ranged from 2.73 to 9.00. According to the industry distribution chart, PT Merdeka Battery Materials Tbk ranks #490 out of 2502 companies in the Metals & Mining industry, placing it in the top 19.6%.
Is PT Merdeka Battery Materials Tbk's ROC (Joel Greenblatt) % too high?
PT Merdeka Battery Materials Tbk's current ROC (Joel Greenblatt) % of 16.66% is 320% above median its 10-year median of 3.97. Over the past 10 years, this metric has ranged from a low of 2.73 to a high of 9.00. Based on the distribution chart, PT Merdeka Battery Materials Tbk ranks #490 out of 2502 companies in the Metals & Mining industry, which is in the top quartile — a strong position relative to peers. Overall, PT Merdeka Battery Materials Tbk has a GF Score™ of 49/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.
How does PT Merdeka Battery Materials Tbk's ROC (Joel Greenblatt) % compare to HL and SIND?
According to the Metals & Mining industry distribution chart, PT Merdeka Battery Materials Tbk ranks #490 out of 2502 companies for ROC (Joel Greenblatt) %. This places PT Merdeka Battery Materials Tbk in the top 20% of its industry — outperforming the majority of peers. Historically, PT Merdeka Battery Materials Tbk's own ROC (Joel Greenblatt) % has ranged from 2.73 to 9.00 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 PT Merdeka Battery Materials Tbk and its competitors. PT Merdeka Battery Materials Tbk's current ROC (Joel Greenblatt) % is 16.66%, which is 320% above median its own 10-year median of 3.97. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is PT Merdeka Battery Materials Tbk stock overvalued right now?
Based on GuruFocus' analysis, PT Merdeka Battery Materials Tbk (ISX:MBMA) is currently considered Significantly Undervalued. The stock's GF Value™ is Rp801.40, compared to a current price of Rp494.00 — trading 38.4% below its estimated fair value. The current ROC (Joel Greenblatt) % is 16.66%, which is 320% above median its 10-year median of 3.97. PT Merdeka Battery Materials Tbk's overall GF Score™ is 49/100 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 PT Merdeka Battery Materials Tbk (ISX:MBMA), the current ROC (Joel Greenblatt) % is 16.66% 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 PT Merdeka Battery Materials Tbk (ISX:MBMA) Overvalued in 2026?
Based on GuruFocus' analysis, PT Merdeka Battery Materials Tbk stock appears to be undervalued.
The current stock price of Rp494.00 is trading 38.4% below its estimated GF Value™ of Rp801.40.
GuruFocus considers PT Merdeka Battery Materials Tbk to be Significantly Undervalued.
Key valuation signals for ISX:MBMA:
ROC (Joel Greenblatt) %: 16.66% (320% above median its 10-year median of 3.97)
GF Value™: Rp801.40 vs. price of Rp494.00 (38.4% below fair value)
No single metric tells the full story. See the ISX:MBMA stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
PT Merdeka Battery Materials Tbk Business Description
PT Merdeka Battery Materials Tbk is an integrated battery materials and nickel processing company focused on the electric vehicle (EV) battery value chain in Indonesia. The company engages in nickel mining, smelting, and downstream battery material processing activities. Its business operations include the SCM Mine, RKEF smelters, Nickel Matte operations, AIM Project, IKIP industrial area development, and HPAL projects. The company operates through Mining, Manufacturing, and Other segments, with the majority of revenue generated from the Manufacturing segment.
49GF Score
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