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. New Fortress Energy's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 was -8.82%.
The historical rank and industry rank for New Fortress Energy's ROC (Joel Greenblatt) % or its related term are showing as below:
NFE'
s ROC (Joel Greenblatt) % Range Over the Past 10 Years
Min: -30.18 Med: -11.65 Max: 13.75
Current: -13.35
During the past 10 years, New Fortress Energy's highest ROC (Joel Greenblatt) % was 13.75%. The lowest was -30.18%. And the median was -11.65%.
NFE's ROC (Joel Greenblatt) % is ranked worse than 80.6% of 1000
companies
in the Oil & Gas industry
Industry Median: 8.415
vs NFE: -13.35
New Fortress Energy's 5-Year average Growth Rate of ROC (Joel Greenblatt) % was 0.00% per year.
New Fortress Energy (NAS:NFE) 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.
New Fortress Energy ROC (Joel Greenblatt) % Related Terms
New Fortress Energy ROC (Joel Greenblatt) % Historical Data
* Premium members only.
The historical data trend for New Fortress Energy'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.
NFE vs MMLP, DLNG, PXS: ROC (Joel Greenblatt) % Comparison
For the Oil & Gas Midstream subindustry, New Fortress Energy'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.
New Fortress Energy ROC (Joel Greenblatt) % vs Oil & Gas Industry
For the Oil & Gas industry and Energy sector, New Fortress Energy's ROC (Joel Greenblatt) % distribution charts can be found below:
* The bar in red indicates where New Fortress Energy's ROC (Joel Greenblatt) % falls into.
New Fortress Energy 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 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 -8.82% mean?
New Fortress Energy (NFE) has a ROC (Joel Greenblatt) % of -8.82% 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 New Fortress Energy and its competitors. According to the industry distribution chart, New Fortress Energy ranks #806 out of 1000 companies in the Oil & Gas industry, placing it in the top 80.6%.
Is New Fortress Energy's ROC (Joel Greenblatt) % too high?
New Fortress Energy's current ROC (Joel Greenblatt) % is -8.82%. Based on the distribution chart, New Fortress Energy ranks #806 out of 1000 companies in the Oil & Gas industry, which is in the bottom quartile relative to peers. Overall, New Fortress Energy has a GF Score™ of 49/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does New Fortress Energy's ROC (Joel Greenblatt) % compare to MMLP and DLNG?
According to the Oil & Gas industry distribution chart, New Fortress Energy ranks #806 out of 1000 companies for ROC (Joel Greenblatt) %. This places New Fortress Energy in the lower half of its industry. The industry median ROC (Joel Greenblatt) % is 8.42. 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 8.42, based on 1,000 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. 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 New Fortress Energy and its competitors. For the Oil & Gas industry, the median ROC (Joel Greenblatt) % is 8.42 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. New Fortress Energy's current ROC (Joel Greenblatt) % is -8.82%. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is New Fortress Energy stock overvalued right now?
Based on GuruFocus' analysis, New Fortress Energy (NFE) is currently considered Possible Value Trap. The stock's GF Value™ is $4.41, compared to a current price of $0.36 — trading 91.8% below its estimated fair value. The current ROC (Joel Greenblatt) % is -8.82%. New Fortress Energy's overall GF Score™ is 49/100 with 10 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 New Fortress Energy (NFE), the current ROC (Joel Greenblatt) % is -8.82% 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 New Fortress Energy (NFE) Overvalued in 2026?
Based on GuruFocus' analysis, New Fortress Energy stock appears to be undervalued.
The current stock price of $0.36 is trading 91.8% below its estimated GF Value™ of $4.41.
GuruFocus considers New Fortress Energy to be Possible Value Trap.
Key valuation signals for NFE:
ROC (Joel Greenblatt) %: -8.82%
GF Value™: $4.41 vs. price of $0.36 (91.8% below fair value)
No single metric tells the full story. See the NFE stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
New Fortress Energy Inc is an integrated gas-to-power company. It owns and operates natural gas and liquefied natural gas (LNG) infrastructure, and an integrated fleet of ships and logistics assets to deliver turnkey energy solutions to markets globally. The company's reportable segments are: Terminals and Infrastructure, and Ships. Maximum revenue is generated from the Terminals and Infrastructure segment, which includes vertically integrated gas-to-power solutions, spanning the entire production and delivery chain from natural gas procurement and liquefaction to logistics, shipping, facilities, and conversion or development of natural gas-fired power generation. Vessels that are utilized in the company's terminal, logistics, or sub-charter operations are included in this segment.
49GF Score
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