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. Steel Partners Holdings LP's annualized ROC (Joel Greenblatt) % for the quarter that ended in Sep. 2025 was 136.63%.
The historical rank and industry rank for Steel Partners Holdings LP's ROC (Joel Greenblatt) % or its related term are showing as below:
SPLP'
s ROC (Joel Greenblatt) % Range Over the Past 10 Years
Min: 10.16 Med: 57.69 Max: 113.25
Current: 111.78
During the past 13 years, Steel Partners Holdings LP's highest ROC (Joel Greenblatt) % was 113.25%. The lowest was 10.16%. And the median was 57.69%.
SPLP's ROC (Joel Greenblatt) % is not ranked
in the Conglomerates industry.
Industry Median: 14.59
vs SPLP: 111.78
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.
SPLP vs MATW, DLX, FIP: ROC (Joel Greenblatt) % Comparison
For the Conglomerates subindustry, Steel Partners Holdings LP'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.
Steel Partners Holdings LP ROC (Joel Greenblatt) % vs Conglomerates Industry
For the Conglomerates industry and Industrials sector, Steel Partners Holdings LP's ROC (Joel Greenblatt) % distribution charts can be found below:
* The bar in red indicates where Steel Partners Holdings LP'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 (Sep. 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 136.63% mean?
Steel Partners Holdings LP (SPLP) has a ROC (Joel Greenblatt) % of 136.63% as of Sep. 2025. Joel Greenblatt's return on capital is the ratio of EBIT to average fixed assets and net working capital. View historical data on Steel Partners Holdings LP and its competitors. This is 137% above median its historical median of 57.69. Over the past decade, Steel Partners Holdings LP's ROC (Joel Greenblatt) % has ranged from 10.16 to 113.25.
Is Steel Partners Holdings LP's ROC (Joel Greenblatt) % too high?
Steel Partners Holdings LP's current ROC (Joel Greenblatt) % of 136.63% is 137% above median its 10-year median of 57.69. Over the past 10 years, this metric has ranged from a low of 10.16 to a high of 113.25. The Conglomerates industry median ROC (Joel Greenblatt) % is 14.59. Steel Partners Holdings LP's value of 136.63% is 836.5% above this industry median. Overall, Steel Partners Holdings LP has a GF Score™ of 66/100, reflecting its overall financial health beyond just this single metric.
How does Steel Partners Holdings LP's ROC (Joel Greenblatt) % compare to MATW and DLX?
Steel Partners Holdings LP's ROC (Joel Greenblatt) % of 136.63% can be compared against companies in the Conglomerates industry. The industry median ROC (Joel Greenblatt) % is 14.59. Steel Partners Holdings LP's value of 136.63% is 836.5% above this benchmark. Historically, Steel Partners Holdings LP's own ROC (Joel Greenblatt) % has ranged from 10.16 to 113.25 over the past decade. While the company's 10-year median is 57.69 vs. the industry median of 14.59, Steel Partners Holdings LP 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 14.59, 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. Steel Partners Holdings LP's current ROC (Joel Greenblatt) % of 136.63% is 836.5% 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 Steel Partners Holdings LP and its competitors. For the Conglomerates industry, the median ROC (Joel Greenblatt) % is 14.59 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Steel Partners Holdings LP's current ROC (Joel Greenblatt) % is 136.63%, which is 137% above median its own 10-year median of 57.69. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Steel Partners Holdings LP stock overvalued right now?
Steel Partners Holdings LP (SPLP) has a current ROC (Joel Greenblatt) % of 136.63%. The stock's GF Value™ is $51.26, compared to a current price of $50.00 — trading 2.5% below its estimated fair value. The current ROC (Joel Greenblatt) % is 136.63%, which is 137% above median its 10-year median of 57.69 and 836.5% above the Conglomerates industry median of 14.59. Steel Partners Holdings LP's overall GF Score™ is 66/100 with 4 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 Steel Partners Holdings LP (SPLP), the current ROC (Joel Greenblatt) % is 136.63% as of Sep. 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 Steel Partners Holdings LP (SPLP) Overvalued in 2026?
Based on GuruFocus' analysis, Steel Partners Holdings LP stock appears to be undervalued.
The current stock price of $50.00 is trading 2.5% below its estimated GF Value™ of $51.26.
Key valuation signals for SPLP:
ROC (Joel Greenblatt) %: 136.63% (137% above median its 10-year median of 57.69)
GF Value™: $51.26 vs. price of $50.00 (2.5% below fair value)
Industry Position: 836.5% above the Conglomerates median
No single metric tells the full story. See the SPLP stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Steel Partners Holdings LP operates in industrial products, energy, defense, supply chain management and logistics, banking, and youth sports industries. Its segments include the Diversified Industrial segment comprised of manufacturers of engineered niche industrial products, joining materials, tubing, building materials, performance materials etc; the Energy segment provides drilling and production services to the oil and gas industry and owns a youth sports business; the Financial Services segment consists of the operations of WebBank, a Utah chartered industrial bank, which engages in full range of banking activities; The Supply Chain segment consists of end-to-end world-wide supply; and Corporate and Other consists of equity method and other investments, and cash and cash equivalents.
66GF Score
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