San MiguelPHS:SMC +0.74%76 ROC (Joel Greenblatt) % is 19.87% as of Mar. 2026, which is 34% above its 10-year median of 14.85. GuruFocus rates PHS:SMC with a GF Score™ of 76/100 and a GF Value™ of ₱82.76 (Modestly Undervalued). The stock has 5 warning signs investors should review. Among 558 Conglomerates companies, San Miguel ranks better than 57.53% 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. San Miguel's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 was 19.87%.
The historical rank and industry rank for San Miguel's ROC (Joel Greenblatt) % or its related term are showing as below:
PHS:SMC'
s ROC (Joel Greenblatt) % Range Over the Past 10 Years
Min: 9.79 Med: 14.85 Max: 19.78
Current: 18.52
During the past 13 years, San Miguel's highest ROC (Joel Greenblatt) % was 19.78%. The lowest was 9.79%. And the median was 14.85%.
PHS:SMC's ROC (Joel Greenblatt) % is ranked better than 57.53% of 558
companies
in the Conglomerates industry
Industry Median: 14.645
vs PHS:SMC: 18.52
San Miguel's 5-Year average Growth Rate of ROC (Joel Greenblatt) % was 10.40% per year.
San Miguel (PHS:SMC) 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.
San Miguel ROC (Joel Greenblatt) % Historical Data
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The historical data trend for San Miguel'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.
PHS:SMC vs HON, MMM: ROC (Joel Greenblatt) % Comparison
For the Conglomerates subindustry, San Miguel'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.
San Miguel ROC (Joel Greenblatt) % vs Conglomerates Industry
For the Conglomerates industry and Industrials sector, San Miguel's ROC (Joel Greenblatt) % distribution charts can be found below:
* The bar in red indicates where San Miguel'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 19.87% mean?
San Miguel (PHS:SMC) has a ROC (Joel Greenblatt) % of 19.87% 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 San Miguel and its competitors. This is 34% above median its historical median of 14.85. Over the past decade, San Miguel's ROC (Joel Greenblatt) % has ranged from 9.79 to 19.78. According to the industry distribution chart, San Miguel ranks #237 out of 558 companies in the Conglomerates industry, placing it in the top 42.5%.
Is San Miguel's ROC (Joel Greenblatt) % too high?
San Miguel's current ROC (Joel Greenblatt) % of 19.87% is 34% above median its 10-year median of 14.85. Over the past 10 years, this metric has ranged from a low of 9.79 to a high of 19.78. The Conglomerates industry median ROC (Joel Greenblatt) % is 14.65. San Miguel's value of 19.87% is 35.7% above this industry median. Based on the distribution chart, San Miguel ranks #237 out of 558 companies in the Conglomerates industry, which is above the industry midpoint. Overall, San Miguel has a GF Score™ of 76/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does San Miguel's ROC (Joel Greenblatt) % compare to HON and MMM?
According to the Conglomerates industry distribution chart, San Miguel ranks #237 out of 558 companies for ROC (Joel Greenblatt) %. This puts San Miguel in the upper half of its industry. The industry median ROC (Joel Greenblatt) % is 14.65. San Miguel's value of 19.87% is 35.7% above this benchmark. Historically, San Miguel's own ROC (Joel Greenblatt) % has ranged from 9.79 to 19.78 over the past decade. While the company's 10-year median is 14.85 vs. the industry median of 14.65, San Miguel 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 Conglomerates company?
The median ROC (Joel Greenblatt) % among Conglomerates companies is 14.65, based on 558 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. San Miguel's current ROC (Joel Greenblatt) % of 19.87% is 35.7% 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 San Miguel and its competitors. For the Conglomerates industry, the median ROC (Joel Greenblatt) % is 14.65 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. San Miguel's current ROC (Joel Greenblatt) % is 19.87%, which is 34% above median its own 10-year median of 14.85. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is San Miguel stock overvalued right now?
Based on GuruFocus' analysis, San Miguel (PHS:SMC) is currently considered Modestly Undervalued. The stock's GF Value™ is ₱82.76, compared to a current price of ₱68.00 — trading 17.8% below its estimated fair value. The current ROC (Joel Greenblatt) % is 19.87%, which is 34% above median its 10-year median of 14.85 and 35.7% above the Conglomerates industry median of 14.65. San Miguel's overall GF Score™ is 76/100 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 San Miguel (PHS:SMC), the current ROC (Joel Greenblatt) % is 19.87% 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 San Miguel (PHS:SMC) Overvalued in 2026?
Based on GuruFocus' analysis, San Miguel stock appears to be undervalued.
The current stock price of ₱68.00 is trading 17.8% below its estimated GF Value™ of ₱82.76.
GuruFocus considers San Miguel to be Modestly Undervalued.
Key valuation signals for PHS:SMC:
ROC (Joel Greenblatt) %: 19.87% (34% above median its 10-year median of 14.85)
GF Value™: ₱82.76 vs. price of ₱68.00 (17.8% below fair value)
Industry Position: 35.7% above the Conglomerates median (#237 of 558)
No single metric tells the full story. See the PHS:SMC stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
San Miguel Corp, through its subsidiaries, operates in various reportable business segments, including food and beverage, packaging, energy, fuel and oil, infrastructure, cement, and real estate property management and development. Maximum revenue is generated from the fuel and oil segment, which is engaged in refining crude oil and marketing and distribution of refined petroleum products.
76GF Score
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