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Noah HoldingsNOAH -0.81%73 ROC (Joel Greenblatt) % is 39.21% as of Mar. 2026, which is 70% below its 10-year median of 132.86. GuruFocus rates NOAH with a GF Score™ of 73/100 and a GF Value™ of $11.20 (Modestly Undervalued). The stock has 5 warning signs investors should review. Among 628 Asset Management companies, Noah Holdings ranks worse than 54.62% 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. Noah Holdings's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 was 39.21%.
The historical rank and industry rank for Noah Holdings's ROC (Joel Greenblatt) % or its related term are showing as below:
NOAH'
s ROC (Joel Greenblatt) % Range Over the Past 10 Years
Min: 24.49 Med: 132.86 Max: 333.6
Current: 33.9
During the past 13 years, Noah Holdings's highest ROC (Joel Greenblatt) % was 333.60%. The lowest was 24.49%. And the median was 132.86%.
NOAH's ROC (Joel Greenblatt) % is ranked worse than 54.62% of 628
companies
in the Asset Management industry
Industry Median: 63.03
vs NOAH: 33.90
Noah Holdings's 5-Year average Growth Rate of ROC (Joel Greenblatt) % was -30.90% 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.
Noah Holdings ROC (Joel Greenblatt) % Related Terms
Noah Holdings ROC (Joel Greenblatt) % Historical Data
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The historical data trend for Noah 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.
NOAH vs BHK, MUJ, BOE: ROC (Joel Greenblatt) % Comparison
For the Asset Management subindustry, Noah 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.
Noah Holdings ROC (Joel Greenblatt) % vs Asset Management Industry
For the Asset Management industry and Financial Services sector, Noah Holdings's ROC (Joel Greenblatt) % distribution charts can be found below:
* The bar in red indicates where Noah 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 39.21% mean?
Noah Holdings (NOAH) has a ROC (Joel Greenblatt) % of 39.21% 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 Noah Holdings and its competitors. This is 70% below median its historical median of 132.86. Over the past decade, Noah Holdings' ROC (Joel Greenblatt) % has ranged from 24.49 to 333.60. According to the industry distribution chart, Noah Holdings ranks #343 out of 628 companies in the Asset Management industry, placing it in the top 54.6%.
Is Noah Holdings' ROC (Joel Greenblatt) % too high?
Noah Holdings' current ROC (Joel Greenblatt) % of 39.21% is 70% below median its 10-year median of 132.86. Over the past 10 years, this metric has ranged from a low of 24.49 to a high of 333.60. The Asset Management industry median ROC (Joel Greenblatt) % is 63.03. Noah Holdings' value of 39.21% is 37.8% below this industry median. Based on the distribution chart, Noah Holdings ranks #343 out of 628 companies in the Asset Management industry, which is below the industry midpoint. Overall, Noah Holdings has a GF Score™ of 73/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Noah Holdings' ROC (Joel Greenblatt) % compare to BHK and MUJ?
According to the Asset Management industry distribution chart, Noah Holdings ranks #343 out of 628 companies for ROC (Joel Greenblatt) %. This places Noah Holdings in the lower half of its industry. The industry median ROC (Joel Greenblatt) % is 63.03. Noah Holdings' value of 39.21% is 37.8% below this benchmark. Historically, Noah Holdings' own ROC (Joel Greenblatt) % has ranged from 24.49 to 333.60 over the past decade. While the company's 10-year median is 132.86 vs. the industry median of 63.03, Noah Holdings 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 an Asset Management company?
The median ROC (Joel Greenblatt) % among Asset Management companies is 63.03, based on 628 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. Noah Holdings's current ROC (Joel Greenblatt) % of 39.21% is 37.8% 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 Noah Holdings and its competitors. For the Asset Management industry, the median ROC (Joel Greenblatt) % is 63.03 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Noah Holdings's current ROC (Joel Greenblatt) % is 39.21%, which is 70% below median its own 10-year median of 132.86. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Noah Holdings stock overvalued right now?
Based on GuruFocus' analysis, Noah Holdings (NOAH) is currently considered Modestly Undervalued. The stock's GF Value™ is $11.20, compared to a current price of $8.57 — trading 23.5% below its estimated fair value. The current ROC (Joel Greenblatt) % is 39.21%, which is 70% below median its 10-year median of 132.86 and 37.8% below the Asset Management industry median of 63.03. Noah Holdings' overall GF Score™ is 73/100 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 Noah Holdings (NOAH), the current ROC (Joel Greenblatt) % is 39.21% 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 Noah Holdings (NOAH) Overvalued in 2026?
Based on GuruFocus' analysis, Noah Holdings stock appears to be undervalued.
The current stock price of $8.57 is trading 23.5% below its estimated GF Value™ of $11.20.
GuruFocus considers Noah Holdings to be Modestly Undervalued.
Key valuation signals for NOAH:
ROC (Joel Greenblatt) %: 39.21% (70% below median its 10-year median of 132.86)
GF Value™: $11.20 vs. price of $8.57 (23.5% below fair value)
Industry Position: 37.8% below the Asset Management median (#343 of 628)
No single metric tells the full story. See the NOAH stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Noah Holdings Ltd is a wealth management service provider offering comprehensive advisory services on investment and asset allocation, mainly for Mandarin-speaking high-net-worth (HNW) investors. The company's operating segments are Domestic public securities, Domestic asset management, Domestic insurance, Overseas wealth management, Overseas asset management, Overseas insurance and comprehensive services, and Headquarters. Maximum revenue is generated from its Domestic asset management business, which manages private equity funds, real estate equity funds, and private secondary products. The domestic asset management operations focus on managing primary market exits and cross-border ETF products in the secondary market. Geographically, it derives maximum revenue from Mainland China.
73GF Score
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