Snam SpASNMRF -1.01%69 ROC (Joel Greenblatt) % is 10.12% as of Mar. 2026, which is 3% above its 10-year median of 9.81. GuruFocus rates SNMRF with a GF Score™ of 69/100 and a GF Value™ of $5.68 (Modestly Overvalued). The stock has 9 warning signs investors should review. Among 504 Utilities - Regulated companies, Snam SpA ranks worse than 55.56% 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. Snam SpA's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 was 10.12%.
The historical rank and industry rank for Snam SpA's ROC (Joel Greenblatt) % or its related term are showing as below:
SNMRF'
s ROC (Joel Greenblatt) % Range Over the Past 10 Years
Min: 6.83 Med: 9.81 Max: 10.65
Current: 9.51
During the past 13 years, Snam SpA's highest ROC (Joel Greenblatt) % was 10.65%. The lowest was 6.83%. And the median was 9.81%.
SNMRF's ROC (Joel Greenblatt) % is ranked worse than 55.56% of 504
companies
in the Utilities - Regulated industry
Industry Median: 10.81
vs SNMRF: 9.51
Snam SpA's 5-Year average Growth Rate of ROC (Joel Greenblatt) % was 1.40% 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.
The historical data trend for Snam SpA'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.
SNMRF vs ATO, NI, UGI: ROC (Joel Greenblatt) % Comparison
For the Utilities - Regulated Gas subindustry, Snam SpA'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.
Snam SpA ROC (Joel Greenblatt) % vs Utilities - Regulated Industry
For the Utilities - Regulated industry and Utilities sector, Snam SpA's ROC (Joel Greenblatt) % distribution charts can be found below:
* The bar in red indicates where Snam SpA'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 10.12% mean?
Snam SpA (SNMRF) has a ROC (Joel Greenblatt) % of 10.12% 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 Snam SpA and its competitors. This is near median its historical median of 9.81. Over the past decade, Snam SpA's ROC (Joel Greenblatt) % has ranged from 6.83 to 10.65. According to the industry distribution chart, Snam SpA ranks #280 out of 504 companies in the Utilities - Regulated industry, placing it in the top 55.6%.
Is Snam SpA's ROC (Joel Greenblatt) % too high?
Snam SpA's current ROC (Joel Greenblatt) % of 10.12% is near median its 10-year median of 9.81. Over the past 10 years, this metric has ranged from a low of 6.83 to a high of 10.65. The Utilities - Regulated industry median ROC (Joel Greenblatt) % is 10.81. Snam SpA's value of 10.12% is 6.4% below this industry median. Based on the distribution chart, Snam SpA ranks #280 out of 504 companies in the Utilities - Regulated industry, which is below the industry midpoint. Overall, Snam SpA has a GF Score™ of 69/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Snam SpA's ROC (Joel Greenblatt) % compare to ATO and NI?
According to the Utilities - Regulated industry distribution chart, Snam SpA ranks #280 out of 504 companies for ROC (Joel Greenblatt) %. This places Snam SpA in the lower half of its industry. The industry median ROC (Joel Greenblatt) % is 10.81. Snam SpA's value of 10.12% is 6.4% below this benchmark. Historically, Snam SpA's own ROC (Joel Greenblatt) % has ranged from 6.83 to 10.65 over the past decade. While the company's 10-year median is 9.81 vs. the industry median of 10.81, Snam SpA 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 Utilities - Regulated company?
The median ROC (Joel Greenblatt) % among Utilities - Regulated companies is 10.81, based on 504 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. Snam SpA's current ROC (Joel Greenblatt) % of 10.12% is 6.4% 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 Snam SpA and its competitors. For the Utilities - Regulated industry, the median ROC (Joel Greenblatt) % is 10.81 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Snam SpA's current ROC (Joel Greenblatt) % is 10.12%, which is near median its own 10-year median of 9.81. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Snam SpA stock overvalued right now?
Based on GuruFocus' analysis, Snam SpA (SNMRF) is currently considered Modestly Overvalued. The stock's GF Value™ is $5.68, compared to a current price of $7.04 — trading 24% above its estimated fair value. The current ROC (Joel Greenblatt) % is 10.12%, which is near median its 10-year median of 9.81 and 6.4% below the Utilities - Regulated industry median of 10.81. Snam SpA's overall GF Score™ is 69/100 with 9 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 Snam SpA (SNMRF), the current ROC (Joel Greenblatt) % is 10.12% 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 Snam SpA (SNMRF) Overvalued in 2026?
Based on GuruFocus' analysis, Snam SpA stock appears to be overvalued.
The current stock price of $7.04 is trading 24% above its estimated GF Value™ of $5.68.
GuruFocus considers Snam SpA to be Modestly Overvalued.
Key valuation signals for SNMRF:
ROC (Joel Greenblatt) %: 10.12% (near median its 10-year median of 9.81)
GF Value™: $5.68 vs. price of $7.04 (24% above fair value)
Industry Position: 6.4% below the Utilities - Regulated median (#280 of 504)
No single metric tells the full story. See the SNMRF stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Snam operates a network of about 38,000 kilometers of natural gas pipelines in Italy and abroad. It also holds 17% of European gas storage capacity and 18.1 billion cubic meters of LNG regasification capacity. Snam is investing in hydrogen, biofuels, carbon capture and storage, and energy efficiencies to prepare for the energy transition. Snam became independent from Eni in 2012 after the latter sold its stake to Cassa Depositi e Prestiti, a financial institution controlled by the Ministry of Economy and Finance.
69GF Score
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