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. Ionis Pharmaceuticals's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 was -41.17%.
The historical rank and industry rank for Ionis Pharmaceuticals's ROC (Joel Greenblatt) % or its related term are showing as below:
MEX:IONS'
s ROC (Joel Greenblatt) % Range Over the Past 10 Years
Min: -150.57 Med: -50.66 Max: 245.76
Current: -52.92
During the past 13 years, Ionis Pharmaceuticals's highest ROC (Joel Greenblatt) % was 245.76%. The lowest was -150.57%. And the median was -50.66%.
MEX:IONS's ROC (Joel Greenblatt) % is ranked better than 66.82% of 1320
companies
in the Biotechnology industry
Industry Median: -294.23
vs MEX:IONS: -52.92
Ionis Pharmaceuticals's 5-Year average Growth Rate of ROC (Joel Greenblatt) % was -26.90% per year.
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.
Ionis Pharmaceuticals ROC (Joel Greenblatt) % Related Terms
Ionis Pharmaceuticals ROC (Joel Greenblatt) % Historical Data
* Premium members only.
The historical data trend for Ionis Pharmaceuticals'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.
MEX:IONS vs EXEL, BBIO, AXSM: ROC (Joel Greenblatt) % Comparison
For the Biotechnology subindustry, Ionis Pharmaceuticals'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.
Ionis Pharmaceuticals ROC (Joel Greenblatt) % vs Biotechnology Industry
For the Biotechnology industry and Healthcare sector, Ionis Pharmaceuticals's ROC (Joel Greenblatt) % distribution charts can be found below:
* The bar in red indicates where Ionis Pharmaceuticals'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 -41.17% mean?
Ionis Pharmaceuticals (MEX:IONS) has a ROC (Joel Greenblatt) % of -41.17% 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 Ionis Pharmaceuticals and its competitors. According to the industry distribution chart, Ionis Pharmaceuticals ranks #438 out of 1320 companies in the Biotechnology industry, placing it in the top 33.2%.
Is Ionis Pharmaceuticals' ROC (Joel Greenblatt) % too high?
Ionis Pharmaceuticals' current ROC (Joel Greenblatt) % is -41.17%. Based on the distribution chart, Ionis Pharmaceuticals ranks #438 out of 1320 companies in the Biotechnology industry, which is above the industry midpoint. Overall, Ionis Pharmaceuticals has a GF Score™ of 67/100, reflecting its overall financial health beyond just this single metric.
How does Ionis Pharmaceuticals' ROC (Joel Greenblatt) % compare to EXEL and BBIO?
According to the Biotechnology industry distribution chart, Ionis Pharmaceuticals ranks #438 out of 1320 companies for ROC (Joel Greenblatt) %. This puts Ionis Pharmaceuticals in the upper half of its industry. 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 Biotechnology company?
A good ROC (Joel Greenblatt) % depends on the Biotechnology 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 Ionis Pharmaceuticals and its competitors. Ionis Pharmaceuticals's current ROC (Joel Greenblatt) % is -41.17%. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Ionis Pharmaceuticals stock overvalued right now?
Ionis Pharmaceuticals (MEX:IONS) has a current ROC (Joel Greenblatt) % of -41.17%. The stock's GF Value™ is MXN757.76, compared to a current price of MXN1,150.00 — trading 51.8% above its estimated fair value. The current ROC (Joel Greenblatt) % is -41.17%. Ionis Pharmaceuticals' overall GF Score™ is 67/100 with 8 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 Ionis Pharmaceuticals (MEX:IONS), the current ROC (Joel Greenblatt) % is -41.17% 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 Ionis Pharmaceuticals (MEX:IONS) Overvalued in 2026?
Based on GuruFocus' analysis, Ionis Pharmaceuticals stock appears to be overvalued.
The current stock price of MXN1,150.00 is trading 51.8% above its estimated GF Value™ of MXN757.76.
Key valuation signals for MEX:IONS:
ROC (Joel Greenblatt) %: -41.17%
GF Value™: MXN757.76 vs. price of MXN1,150.00 (51.8% above fair value)
No single metric tells the full story. See the MEX:IONS stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Ionis Pharmaceuticals is the leading developer of antisense technology to discover and develop novel drugs. Its broad clinical and preclinical pipeline targets a wide variety of diseases, with an emphasis on cardiovascular, metabolic, neurological, and rare diseases. Ionis and Biogen brought Spinraza to market in 2016 as a treatment for spinal muscular atrophy, and Biogen launched ALS drug Qalsody in 2023. Ionis brought two additional drugs to market via its cardiovascular-focused subsidiary Akcea, including ATTR amyloidosis drug Tegsedi (2018) and cardiology drug Waylivra (Europe, 2019). Ionis and AstraZeneca launched polyneuropathy drug Wainua in 2024. Ionis marked its first two independent launches in 2025 for Tryngolza (for FCS) and Dawnzera (for HAE).
67GF Score
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