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. National Storage REIT's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2025 was 5,647.77%.
The historical rank and industry rank for National Storage REIT's ROC (Joel Greenblatt) % or its related term are showing as below:
NTSGF'
s ROC (Joel Greenblatt) % Range Over the Past 10 Years
Min: 1594.38 Med: 5408.14 Max: 18196.06
Current: 7111.9
During the past 12 years, National Storage REIT's highest ROC (Joel Greenblatt) % was 18196.06%. The lowest was 1594.38%. And the median was 5408.14%.
NTSGF's ROC (Joel Greenblatt) % is not ranked
in the REITs industry.
Industry Median: 177.71
vs NTSGF: 7111.90
National Storage REIT's 5-Year average Growth Rate of ROC (Joel Greenblatt) % was -18.20% per year.
National Storage REIT (OTCPK:NTSGF) 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.
National Storage REIT ROC (Joel Greenblatt) % Related Terms
National Storage REIT ROC (Joel Greenblatt) % Historical Data
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The historical data trend for National Storage REIT'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.
National Storage REIT ROC (Joel Greenblatt) % Chart
NTSGF vs PLD, PSA, EXR: ROC (Joel Greenblatt) % Comparison
For the REIT - Industrial subindustry, National Storage REIT'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.
National Storage REIT ROC (Joel Greenblatt) % vs REITs Industry
For the REITs industry and Real Estate sector, National Storage REIT's ROC (Joel Greenblatt) % distribution charts can be found below:
* The bar in red indicates where National Storage REIT's ROC (Joel Greenblatt) % falls into.
National Storage REIT 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 (Dec. 2025) 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 5,647.77% mean?
National Storage REIT (NTSGF) has a ROC (Joel Greenblatt) % of 5,647.77% as of Dec. 2025. Joel Greenblatt's return on capital is the ratio of EBIT to average fixed assets and net working capital. View historical data on National Storage REIT and its competitors. This is near median its historical median of 5,408.14. Over the past decade, National Storage REIT's ROC (Joel Greenblatt) % has ranged from 1,594.38 to 18,196.06.
Is National Storage REIT's ROC (Joel Greenblatt) % too high?
National Storage REIT's current ROC (Joel Greenblatt) % of 5,647.77% is near median its 10-year median of 5,408.14. Over the past 10 years, this metric has ranged from a low of 1,594.38 to a high of 18,196.06. The REITs industry median ROC (Joel Greenblatt) % is 177.71. National Storage REIT's value of 5,647.77% is 3078.1% above this industry median. Overall, National Storage REIT has a GF Score™ of 78/100, reflecting its overall financial health beyond just this single metric.
How does National Storage REIT's ROC (Joel Greenblatt) % compare to PLD and PSA?
National Storage REIT's ROC (Joel Greenblatt) % of 5,647.77% can be compared against companies in the REITs industry. The industry median ROC (Joel Greenblatt) % is 177.71. National Storage REIT's value of 5,647.77% is 3078.1% above this benchmark. Historically, National Storage REIT's own ROC (Joel Greenblatt) % has ranged from 1,594.38 to 18,196.06 over the past decade. While the company's 10-year median is 5,408.14 vs. the industry median of 177.71, National Storage REIT has consistently been above 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 177.71, based on 587 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. National Storage REIT's current ROC (Joel Greenblatt) % of 5,647.77% is 3078.1% 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 National Storage REIT and its competitors. For the REITs industry, the median ROC (Joel Greenblatt) % is 177.71 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. National Storage REIT's current ROC (Joel Greenblatt) % is 5,647.77%, which is near median its own 10-year median of 5,408.14. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is National Storage REIT stock overvalued right now?
National Storage REIT (NTSGF) has a current ROC (Joel Greenblatt) % of 5,647.77%. The stock's GF Value™ is $1.72, compared to a current price of $1.83 — trading 6.5% above its estimated fair value. The current ROC (Joel Greenblatt) % is 5,647.77%, which is near median its 10-year median of 5,408.14 and 3078.1% above the REITs industry median of 177.71. National Storage REIT's overall GF Score™ is 78/100 with 11 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 National Storage REIT (NTSGF), the current ROC (Joel Greenblatt) % is 5,647.77% as of Dec. 2025. 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 National Storage REIT (NTSGF) Overvalued in 2026?
Based on GuruFocus' analysis, National Storage REIT stock appears to be overvalued.
The current stock price of $1.83 is trading 6.5% above its estimated GF Value™ of $1.72.
Key valuation signals for NTSGF:
ROC (Joel Greenblatt) %: 5,647.77% (near median its 10-year median of 5,408.14)
GF Value™: $1.72 vs. price of $1.83 (6.5% above fair value)
No single metric tells the full story. See the NTSGF stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
National Storage REIT is the largest self-storage operator in Australia and New Zealand. Majority of its income is derived from rents. Additional revenue streams come from ancillary products and services such as packaging materials, locks, and insurance. The REIT owns most of the centers it operates, and leases roughly a dozen of the sites secured under long-term agreements. The self-storage industry is fragmented, with three large players in National Storage, the listed Abacus Storage King, and privately owned Kennards, accounting for about one-third of the market. The rest are independent operators, with a single center or a small state-based portfolio of assets. Besides organic rent increases, the company's key growth drivers are acquisitions and developments.
78GF Score
Get the complete analysis for NTSGF
ROC (Joel Greenblatt) % is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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