Steppe CementSPPCF 53 ROC (Joel Greenblatt) % is 21.67% as of Dec. 2025, which is 59% above its 10-year median of 13.66. GuruFocus rates SPPCF with a GF Score™ of 53/100 and a GF Value™ of $0.32. The stock has 6 warning signs investors should review. Among 407 Building Materials companies, Steppe Cement ranks better than 53.81% 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. Steppe Cement's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2025 was 21.67%.
The historical rank and industry rank for Steppe Cement's ROC (Joel Greenblatt) % or its related term are showing as below:
SPPCF'
s ROC (Joel Greenblatt) % Range Over the Past 10 Years
Min: 1.9 Med: 13.66 Max: 33.63
Current: 10.13
During the past 13 years, Steppe Cement's highest ROC (Joel Greenblatt) % was 33.63%. The lowest was 1.90%. And the median was 13.66%.
SPPCF's ROC (Joel Greenblatt) % is ranked better than 53.81% of 407
companies
in the Building Materials industry
Industry Median: 8.57
vs SPPCF: 10.13
Steppe Cement's 5-Year average Growth Rate of ROC (Joel Greenblatt) % was -32.20% 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.
Steppe Cement ROC (Joel Greenblatt) % Related Terms
Steppe Cement ROC (Joel Greenblatt) % Historical Data
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The historical data trend for Steppe Cement'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.
SPPCF vs CRH, VMC, MLM: ROC (Joel Greenblatt) % Comparison
For the Building Materials subindustry, Steppe Cement'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.
Steppe Cement ROC (Joel Greenblatt) % vs Building Materials Industry
For the Building Materials industry and Basic Materials sector, Steppe Cement's ROC (Joel Greenblatt) % distribution charts can be found below:
* The bar in red indicates where Steppe Cement'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 two times the semi-annual (Dec. 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 21.67% mean?
Steppe Cement (SPPCF) has a ROC (Joel Greenblatt) % of 21.67% as of Dec. 2025. Joel Greenblatt's return on capital is the ratio of EBIT to average fixed assets and net working capital. View historical data on Steppe Cement and its competitors. This is 59% above median its historical median of 13.66. Over the past decade, Steppe Cement's ROC (Joel Greenblatt) % has ranged from 1.90 to 33.63. According to the industry distribution chart, Steppe Cement ranks #188 out of 407 companies in the Building Materials industry, placing it in the top 46.2%.
Is Steppe Cement's ROC (Joel Greenblatt) % too high?
Steppe Cement's current ROC (Joel Greenblatt) % of 21.67% is 59% above median its 10-year median of 13.66. Over the past 10 years, this metric has ranged from a low of 1.90 to a high of 33.63. The Building Materials industry median ROC (Joel Greenblatt) % is 8.57. Steppe Cement's value of 21.67% is 152.9% above this industry median. Based on the distribution chart, Steppe Cement ranks #188 out of 407 companies in the Building Materials industry, which is above the industry midpoint. Overall, Steppe Cement has a GF Score™ of 53/100, reflecting its overall financial health beyond just this single metric.
How does Steppe Cement's ROC (Joel Greenblatt) % compare to CRH and VMC?
According to the Building Materials industry distribution chart, Steppe Cement ranks #188 out of 407 companies for ROC (Joel Greenblatt) %. This puts Steppe Cement in the upper half of its industry. The industry median ROC (Joel Greenblatt) % is 8.57. Steppe Cement's value of 21.67% is 152.9% above this benchmark. Historically, Steppe Cement's own ROC (Joel Greenblatt) % has ranged from 1.90 to 33.63 over the past decade. While the company's 10-year median is 13.66 vs. the industry median of 8.57, Steppe Cement 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 Building Materials company?
The median ROC (Joel Greenblatt) % among Building Materials companies is 8.57, based on 407 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. Steppe Cement's current ROC (Joel Greenblatt) % of 21.67% is 152.9% 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 Steppe Cement and its competitors. For the Building Materials industry, the median ROC (Joel Greenblatt) % is 8.57 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Steppe Cement's current ROC (Joel Greenblatt) % is 21.67%, which is 59% above median its own 10-year median of 13.66. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Steppe Cement stock overvalued right now?
Steppe Cement (SPPCF) has a current ROC (Joel Greenblatt) % of 21.67%. The stock's GF Value™ is $0.32, compared to a current price of $0.31 — trading 3.1% below its estimated fair value. The current ROC (Joel Greenblatt) % is 21.67%, which is 59% above median its 10-year median of 13.66 and 152.9% above the Building Materials industry median of 8.57. Steppe Cement's overall GF Score™ is 53/100 with 6 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 Steppe Cement (SPPCF), the current ROC (Joel Greenblatt) % is 21.67% as of Dec. 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 Steppe Cement (SPPCF) Overvalued in 2026?
Based on GuruFocus' analysis, Steppe Cement stock appears to be undervalued.
The current stock price of $0.31 is trading 3.1% below its estimated GF Value™ of $0.32.
Key valuation signals for SPPCF:
ROC (Joel Greenblatt) %: 21.67% (59% above median its 10-year median of 13.66)
GF Value™: $0.32 vs. price of $0.31 (3.1% below fair value)
Industry Position: 152.9% above the Building Materials median (#188 of 407)
No single metric tells the full story. See the SPPCF stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Steppe Cement Ltd is an investment holding company based in Malaysia. Its primary business is the production and sale of cement, which is in the Karaganda region, the Republic of Kazakhstan. The company derives revenue from the sale of manufactured goods and the transmission and distribution of electricity.
53GF Score
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