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Northwest Natural Holding CoNWN +2.30%70 ROC (Joel Greenblatt) % is 14.13% as of Mar. 2026, which is 164% above its 10-year median of 5.36. GuruFocus rates NWN with a GF Score™ of 70/100 and a GF Value™ of $42.64 (Modestly Overvalued). The stock has 11 warning signs investors should review. Among 505 Utilities - Regulated companies, Northwest Natural Holding Co ranks worse than 71.29% 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. Northwest Natural Holding Co's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 was 14.13%.
The historical rank and industry rank for Northwest Natural Holding Co's ROC (Joel Greenblatt) % or its related term are showing as below:
NWN'
s ROC (Joel Greenblatt) % Range Over the Past 10 Years
Min: 4.82 Med: 5.36 Max: 6.63
Current: 6.5
During the past 13 years, Northwest Natural Holding Co's highest ROC (Joel Greenblatt) % was 6.63%. The lowest was 4.82%. And the median was 5.36%.
NWN's ROC (Joel Greenblatt) % is ranked worse than 71.29% of 505
companies
in the Utilities - Regulated industry
Industry Median: 10.84
vs NWN: 6.50
Northwest Natural Holding Co (NYSE:NWN) 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.
* 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.
Northwest Natural Holding Co ROC (Joel Greenblatt) % Chart
NWN vs CPK, CTRI, SPH: ROC (Joel Greenblatt) % Comparison
For the Utilities - Regulated Gas subindustry, Northwest Natural Holding Co'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.
Northwest Natural Holding Co ROC (Joel Greenblatt) % vs Utilities - Regulated Industry
For the Utilities - Regulated industry and Utilities sector, Northwest Natural Holding Co's ROC (Joel Greenblatt) % distribution charts can be found below:
* The bar in red indicates where Northwest Natural Holding Co's ROC (Joel Greenblatt) % falls into.
Northwest Natural Holding Co 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 14.13% mean?
Northwest Natural Holding Co (NWN) has a ROC (Joel Greenblatt) % of 14.13% 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 Northwest Natural Holding Co and its competitors. This is 164% above median its historical median of 5.36. Over the past decade, Northwest Natural Holding Co's ROC (Joel Greenblatt) % has ranged from 4.82 to 6.63. According to the industry distribution chart, Northwest Natural Holding Co ranks #360 out of 505 companies in the Utilities - Regulated industry, placing it in the top 71.3%.
Is Northwest Natural Holding Co's ROC (Joel Greenblatt) % too high?
Northwest Natural Holding Co's current ROC (Joel Greenblatt) % of 14.13% is 164% above median its 10-year median of 5.36. Over the past 10 years, this metric has ranged from a low of 4.82 to a high of 6.63. The Utilities - Regulated industry median ROC (Joel Greenblatt) % is 10.84. Northwest Natural Holding Co's value of 14.13% is 30.4% above this industry median. Based on the distribution chart, Northwest Natural Holding Co ranks #360 out of 505 companies in the Utilities - Regulated industry, which is below the industry midpoint. Overall, Northwest Natural Holding Co has a GF Score™ of 70/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Northwest Natural Holding Co's ROC (Joel Greenblatt) % compare to CPK and CTRI?
According to the Utilities - Regulated industry distribution chart, Northwest Natural Holding Co ranks #360 out of 505 companies for ROC (Joel Greenblatt) %. This places Northwest Natural Holding Co in the lower half of its industry. The industry median ROC (Joel Greenblatt) % is 10.84. Northwest Natural Holding Co's value of 14.13% is 30.4% above this benchmark. Historically, Northwest Natural Holding Co's own ROC (Joel Greenblatt) % has ranged from 4.82 to 6.63 over the past decade. While the company's 10-year median is 5.36 vs. the industry median of 10.84, Northwest Natural Holding Co 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 an Utilities - Regulated company?
The median ROC (Joel Greenblatt) % among Utilities - Regulated companies is 10.84, based on 505 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. Northwest Natural Holding Co's current ROC (Joel Greenblatt) % of 14.13% is 30.4% 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 Northwest Natural Holding Co and its competitors. For the Utilities - Regulated industry, the median ROC (Joel Greenblatt) % is 10.84 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Northwest Natural Holding Co's current ROC (Joel Greenblatt) % is 14.13%, which is 164% above median its own 10-year median of 5.36. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Northwest Natural Holding Co stock overvalued right now?
Based on GuruFocus' analysis, Northwest Natural Holding Co (NWN) is currently considered Modestly Overvalued. The stock's GF Value™ is $42.64, compared to a current price of $51.51 — trading 20.8% above its estimated fair value. The current ROC (Joel Greenblatt) % is 14.13%, which is 164% above median its 10-year median of 5.36 and 30.4% above the Utilities - Regulated industry median of 10.84. Northwest Natural Holding Co's overall GF Score™ is 70/100 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 Northwest Natural Holding Co (NWN), the current ROC (Joel Greenblatt) % is 14.13% 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 Northwest Natural Holding Co (NWN) Overvalued in 2026?
Based on GuruFocus' analysis, Northwest Natural Holding Co stock appears to be overvalued.
The current stock price of $51.51 is trading 20.8% above its estimated GF Value™ of $42.64.
GuruFocus considers Northwest Natural Holding Co to be Modestly Overvalued.
Key valuation signals for NWN:
ROC (Joel Greenblatt) %: 14.13% (164% above median its 10-year median of 5.36)
GF Value™: $42.64 vs. price of $51.51 (20.8% above fair value)
Industry Position: 30.4% above the Utilities - Regulated median (#360 of 505)
No single metric tells the full story. See the NWN stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Northwest Natural Holding Co is a public natural gas service supplier operating in the U.S. Pacific Northwest. Its subsidiary, NW Natural, operates through the natural gas distribution segment, which purchases and distributes natural gas through which operates in Oregon and southwest Washington. The company operates in three reportable business segments, which are NWN Gas Utility, SiEnergy, and NWN Water. The company generates maximum revenue from NWN Gas Utility segment. It also generates revenue from residential, commercial, and industrial customers, the majority of which are in Oregon. Residential and commercial customers account for the vast majority of profitability.
70GF Score
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