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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. NCS Multistage Holdings's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 was 12.56%.
The historical rank and industry rank for NCS Multistage Holdings's ROC (Joel Greenblatt) % or its related term are showing as below:
NCSM'
s ROC (Joel Greenblatt) % Range Over the Past 10 Years
Min: -237.68 Med: -3.7 Max: 21.11
Current: 17.03
During the past 11 years, NCS Multistage Holdings's highest ROC (Joel Greenblatt) % was 21.11%. The lowest was -237.68%. And the median was -3.70%.
NCSM's ROC (Joel Greenblatt) % is ranked better than 69.94% of 998
companies
in the Oil & Gas industry
Industry Median: 8.56
vs NCSM: 17.03
NCS Multistage Holdings's 5-Year average Growth Rate of ROC (Joel Greenblatt) % was 0.00% 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.
NCS Multistage Holdings ROC (Joel Greenblatt) % Related Terms
NCS Multistage Holdings ROC (Joel Greenblatt) % Historical Data
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The historical data trend for NCS Multistage Holdings'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.
NCSM vs QSEP, GEOS, STAK: ROC (Joel Greenblatt) % Comparison
For the Oil & Gas Equipment & Services subindustry, NCS Multistage Holdings'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.
NCS Multistage Holdings ROC (Joel Greenblatt) % vs Oil & Gas Industry
For the Oil & Gas industry and Energy sector, NCS Multistage Holdings's ROC (Joel Greenblatt) % distribution charts can be found below:
* The bar in red indicates where NCS Multistage Holdings'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 12.56% mean?
NCS Multistage Holdings (NCSM) has a ROC (Joel Greenblatt) % of 12.56% 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 NCS Multistage Holdings and its competitors. According to the industry distribution chart, NCS Multistage Holdings ranks #300 out of 998 companies in the Oil & Gas industry, placing it in the top 30.1%.
Is NCS Multistage Holdings' ROC (Joel Greenblatt) % too high?
NCS Multistage Holdings' current ROC (Joel Greenblatt) % is 12.56%. The Oil & Gas industry median ROC (Joel Greenblatt) % is 8.56. NCS Multistage Holdings' value of 12.56% is 46.7% above this industry median. Based on the distribution chart, NCS Multistage Holdings ranks #300 out of 998 companies in the Oil & Gas industry, which is above the industry midpoint. Overall, NCS Multistage Holdings has a GF Score™ of 64/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does NCS Multistage Holdings' ROC (Joel Greenblatt) % compare to QSEP and GEOS?
According to the Oil & Gas industry distribution chart, NCS Multistage Holdings ranks #300 out of 998 companies for ROC (Joel Greenblatt) %. This puts NCS Multistage Holdings in the upper half of its industry. The industry median ROC (Joel Greenblatt) % is 8.56. NCS Multistage Holdings' value of 12.56% is 46.7% 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 8.56, 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. NCS Multistage Holdings's current ROC (Joel Greenblatt) % of 12.56% is 46.7% 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 NCS Multistage Holdings and its competitors. For the Oil & Gas industry, the median ROC (Joel Greenblatt) % is 8.56 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. NCS Multistage Holdings's current ROC (Joel Greenblatt) % is 12.56%. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is NCS Multistage Holdings stock overvalued right now?
Based on GuruFocus' analysis, NCS Multistage Holdings (NCSM) is currently considered Significantly Overvalued. The stock's GF Value™ is $26.19, compared to a current price of $48.72 — trading 86% above its estimated fair value. The current ROC (Joel Greenblatt) % is 12.56% and 46.7% above the Oil & Gas industry median of 8.56. NCS Multistage Holdings' overall GF Score™ is 64/100 with 4 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 NCS Multistage Holdings (NCSM), the current ROC (Joel Greenblatt) % is 12.56% 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 NCS Multistage Holdings (NCSM) Overvalued in 2026?
Based on GuruFocus' analysis, NCS Multistage Holdings stock appears to be overvalued.
The current stock price of $48.72 is trading 86% above its estimated GF Value™ of $26.19.
GuruFocus considers NCS Multistage Holdings to be Significantly Overvalued.
Key valuation signals for NCSM:
ROC (Joel Greenblatt) %: 12.56%
GF Value™: $26.19 vs. price of $48.72 (86% above fair value)
Industry Position: 46.7% above the Oil & Gas median (#300 of 998)
No single metric tells the full story. See the NCSM stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
NCS Multistage Holdings Inc is a provider of engineered products and support services that facilitate the optimization of oil and natural gas well construction, well completion, and field development strategies. The company provides its products and services to E&P companies for use in onshore and offshore wells, predominantly those drilled with horizontal laterals in unconventional and conventional oil and natural gas formations. It also provides tracer diagnostics services and sells products for well construction including casing buoyancy systems, liner hanger systems and toe initiation sleeves, along with certain complementary products from third parties. The company operates in the United States, Canada and other countries, with the majority of its revenue generated from Canada.
64GF Score
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ROC (Joel Greenblatt) % is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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