Primaris REITPMREF 82 ROC (Joel Greenblatt) % is 255.23% as of Mar. 2026, which is 2315% above its 10-year median of 10.57. GuruFocus rates PMREF with a GF Score™ of 82/100 and a GF Value™ of $12.89 (Modestly Overvalued). The stock has 8 warning signs investors should review. Among 589 REITs companies, Primaris REIT ranks better than 50.59% 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. Primaris REIT's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 was 255.23%.
The historical rank and industry rank for Primaris REIT's ROC (Joel Greenblatt) % or its related term are showing as below:
PMREF'
s ROC (Joel Greenblatt) % Range Over the Past 10 Years
Min: -13.35 Med: 10.57 Max: 259.73
Current: 184.56
During the past 13 years, Primaris REIT's highest ROC (Joel Greenblatt) % was 259.73%. The lowest was -13.35%. And the median was 10.57%.
PMREF's ROC (Joel Greenblatt) % is ranked better than 50.59% of 589
companies
in the REITs industry
Industry Median: 177.71
vs PMREF: 184.56
Primaris REIT's 5-Year average Growth Rate of ROC (Joel Greenblatt) % was 0.00% 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.
Primaris REIT ROC (Joel Greenblatt) % Related Terms
Primaris REIT ROC (Joel Greenblatt) % Historical Data
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The historical data trend for Primaris 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.
PMREF vs SPG, O, KIM: ROC (Joel Greenblatt) % Comparison
For the REIT - Retail subindustry, Primaris 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.
Primaris REIT ROC (Joel Greenblatt) % vs REITs Industry
For the REITs industry and Real Estate sector, Primaris REIT's ROC (Joel Greenblatt) % distribution charts can be found below:
* The bar in red indicates where Primaris REIT'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 255.23% mean?
Primaris REIT (PMREF) has a ROC (Joel Greenblatt) % of 255.23% 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 Primaris REIT and its competitors. This is 2315% above median its historical median of 10.57. According to the industry distribution chart, Primaris REIT ranks #291 out of 589 companies in the REITs industry, placing it in the top 49.4%.
Is Primaris REIT's ROC (Joel Greenblatt) % too high?
Primaris REIT's current ROC (Joel Greenblatt) % of 255.23% is 2315% above median its 10-year median of 10.57. The REITs industry median ROC (Joel Greenblatt) % is 177.71. Primaris REIT's value of 255.23% is 43.6% above this industry median. Based on the distribution chart, Primaris REIT ranks #291 out of 589 companies in the REITs industry, which is above the industry midpoint. Overall, Primaris REIT has a GF Score™ of 82/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Primaris REIT's ROC (Joel Greenblatt) % compare to SPG and O?
According to the REITs industry distribution chart, Primaris REIT ranks #291 out of 589 companies for ROC (Joel Greenblatt) %. This puts Primaris REIT in the upper half of its industry. The industry median ROC (Joel Greenblatt) % is 177.71. Primaris REIT's value of 255.23% is 43.6% above this benchmark. While the company's 10-year median is 10.57 vs. the industry median of 177.71, Primaris 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 589 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. Primaris REIT's current ROC (Joel Greenblatt) % of 255.23% is 43.6% 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 Primaris 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. Primaris REIT's current ROC (Joel Greenblatt) % is 255.23%, which is 2315% above median its own 10-year median of 10.57. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Primaris REIT stock overvalued right now?
Based on GuruFocus' analysis, Primaris REIT (PMREF) is currently considered Modestly Overvalued. The stock's GF Value™ is $12.89, compared to a current price of $14.75 — trading 14.4% above its estimated fair value. The current ROC (Joel Greenblatt) % is 255.23%, which is 2315% above median its 10-year median of 10.57 and 43.6% above the REITs industry median of 177.71. Primaris REIT's overall GF Score™ is 82/100 with 8 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 Primaris REIT (PMREF), the current ROC (Joel Greenblatt) % is 255.23% 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 Primaris REIT (PMREF) Overvalued in 2026?
Based on GuruFocus' analysis, Primaris REIT stock appears to be overvalued.
The current stock price of $14.75 is trading 14.4% above its estimated GF Value™ of $12.89.
GuruFocus considers Primaris REIT to be Modestly Overvalued.
Key valuation signals for PMREF:
ROC (Joel Greenblatt) %: 255.23% (2315% above median its 10-year median of 10.57)
GF Value™: $12.89 vs. price of $14.75 (14.4% above fair value)
Industry Position: 43.6% above the REITs median (#291 of 589)
No single metric tells the full story. See the PMREF stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Primaris REIT is an unincorporated, open-ended real estate investment trust. Through its subsidiaries, it owns, develops, and operates a national retail portfolio focused on enclosed shopping centres located in secondary Canadian markets. Its property portfolio includes: Dufferin Mall, Cataraqui Centre, Stone Road Mall, Orchard Park, Kildonan Place, Halifax Shopping Centre, Marlborough Mall, and Devonshire Mall. The company generates a majority of its revenue from the Rent receivables.
82GF Score
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