Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.
Delta Property FundJSE:DLT -2.50%18 ROC (Joel Greenblatt) % is 86.03% as of Feb. 2026, which is 3% below its 10-year median of 89.04. GuruFocus rates JSE:DLT with a GF Score™ of 18/100 and a GF Value™ of R0.23 (Significantly Overvalued). The stock has 5 warning signs investors should review. Among 580 REITs companies, Delta Property Fund ranks worse than 60% 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. Delta Property Fund's annualized ROC (Joel Greenblatt) % for the quarter that ended in Feb. 2026 was 86.03%.
The historical rank and industry rank for Delta Property Fund's ROC (Joel Greenblatt) % or its related term are showing as below:
JSE:DLT'
s ROC (Joel Greenblatt) % Range Over the Past 10 Years
Min: -2287.55 Med: 89.04 Max: 921.09
Current: 73.45
During the past 13 years, Delta Property Fund's highest ROC (Joel Greenblatt) % was 921.09%. The lowest was -2287.55%. And the median was 89.04%.
JSE:DLT's ROC (Joel Greenblatt) % is ranked worse than 60% of 580
companies
in the REITs industry
Industry Median: 178.7
vs JSE:DLT: 73.45
Delta Property Fund's 5-Year average Growth Rate of ROC (Joel Greenblatt) % was 0.00% per year.
Delta Property Fund (JSE:DLT) 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.
Delta Property Fund ROC (Joel Greenblatt) % Related Terms
Delta Property Fund ROC (Joel Greenblatt) % Historical Data
* Premium members only.
The historical data trend for Delta Property Fund'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.
JSE:DLT vs BXP, ARE, VNO: ROC (Joel Greenblatt) % Comparison
For the REIT - Office subindustry, Delta Property Fund'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.
Delta Property Fund ROC (Joel Greenblatt) % vs REITs Industry
For the REITs industry and Real Estate sector, Delta Property Fund's ROC (Joel Greenblatt) % distribution charts can be found below:
* The bar in red indicates where Delta Property Fund's ROC (Joel Greenblatt) % falls into.
Delta Property Fund 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 (Feb. 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 86.03% mean?
Delta Property Fund (JSE:DLT) has a ROC (Joel Greenblatt) % of 86.03% as of Feb. 2026. Joel Greenblatt's return on capital is the ratio of EBIT to average fixed assets and net working capital. View historical data on Delta Property Fund and its competitors. This is near median its historical median of 89.04. According to the industry distribution chart, Delta Property Fund ranks #348 out of 580 companies in the REITs industry, placing it in the top 60%.
Is Delta Property Fund's ROC (Joel Greenblatt) % too high?
Delta Property Fund's current ROC (Joel Greenblatt) % of 86.03% is near median its 10-year median of 89.04. The REITs industry median ROC (Joel Greenblatt) % is 178.70. Delta Property Fund's value of 86.03% is 51.9% below this industry median. Based on the distribution chart, Delta Property Fund ranks #348 out of 580 companies in the REITs industry, which is below the industry midpoint. Overall, Delta Property Fund has a GF Score™ of 18/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Delta Property Fund's ROC (Joel Greenblatt) % compare to BXP and ARE?
According to the REITs industry distribution chart, Delta Property Fund ranks #348 out of 580 companies for ROC (Joel Greenblatt) %. This places Delta Property Fund in the lower half of its industry. The industry median ROC (Joel Greenblatt) % is 178.70. Delta Property Fund's value of 86.03% is 51.9% below this benchmark. While the company's 10-year median is 89.04 vs. the industry median of 178.70, Delta Property Fund has consistently been below 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 REITs company?
The median ROC (Joel Greenblatt) % among REITs companies is 178.70, based on 580 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. Delta Property Fund's current ROC (Joel Greenblatt) % of 86.03% is 51.9% below 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 Delta Property Fund and its competitors. For the REITs industry, the median ROC (Joel Greenblatt) % is 178.70 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Delta Property Fund's current ROC (Joel Greenblatt) % is 86.03%, which is near median its own 10-year median of 89.04. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Delta Property Fund stock overvalued right now?
Based on GuruFocus' analysis, Delta Property Fund (JSE:DLT) is currently considered Significantly Overvalued. The stock's GF Value™ is R0.23, compared to a current price of R0.39 — trading 69.6% above its estimated fair value. The current ROC (Joel Greenblatt) % is 86.03%, which is near median its 10-year median of 89.04 and 51.9% below the REITs industry median of 178.70. Delta Property Fund's overall GF Score™ is 18/100 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 Delta Property Fund (JSE:DLT), the current ROC (Joel Greenblatt) % is 86.03% as of Feb. 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 Delta Property Fund (JSE:DLT) Overvalued in 2026?
Based on GuruFocus' analysis, Delta Property Fund stock appears to be overvalued.
The current stock price of R0.39 is trading 69.6% above its estimated GF Value™ of R0.23.
GuruFocus considers Delta Property Fund to be Significantly Overvalued.
Key valuation signals for JSE:DLT:
ROC (Joel Greenblatt) %: 86.03% (near median its 10-year median of 89.04)
GF Value™: R0.23 vs. price of R0.39 (69.6% above fair value)
Industry Position: 51.9% below the REITs median (#348 of 580)
No single metric tells the full story. See the JSE:DLT stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Delta Property Fund Ltd engages in making long-term investments in rental-generating properties. The company comprises three segments, namely, Office-Sovereign, Office-Other, and Head Office. The firm generates its revenue mainly from the Office Sovereign segment. The portfolio of the company consists of large assets, single tenanted by the national government, provincial government, state-owned enterprises, and large blue-chip corporations under long leases.
18GF Score
Get the complete analysis for JSE:DLT
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
JSE:DLT has been successfully added to your 
