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. Sportsman's Warehouse Holdings's annualized ROC (Joel Greenblatt) % for the quarter that ended in Apr. 2026 was -11.56%.
The historical rank and industry rank for Sportsman's Warehouse Holdings's ROC (Joel Greenblatt) % or its related term are showing as below:
SPWH'
s ROC (Joel Greenblatt) % Range Over the Past 10 Years
Min: -5.76 Med: 12.15 Max: 28.94
Current: -5.16
During the past 13 years, Sportsman's Warehouse Holdings's highest ROC (Joel Greenblatt) % was 28.94%. The lowest was -5.76%. And the median was 12.15%.
SPWH's ROC (Joel Greenblatt) % is ranked worse than 82.64% of 1123
companies
in the Retail - Cyclical industry
Industry Median: 11.57
vs SPWH: -5.16
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.
SPWH vs NPT, ABLV, PTLE: ROC (Joel Greenblatt) % Comparison
For the Specialty Retail subindustry, Sportsman's Warehouse Holdings'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.
Sportsman's Warehouse Holdings ROC (Joel Greenblatt) % vs Retail - Cyclical Industry
For the Retail - Cyclical industry and Consumer Cyclical sector, Sportsman's Warehouse Holdings's ROC (Joel Greenblatt) % distribution charts can be found below:
* The bar in red indicates where Sportsman's Warehouse Holdings'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 (Apr. 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 -11.56% mean?
Sportsman's Warehouse Holdings (SPWH) has a ROC (Joel Greenblatt) % of -11.56% as of Apr. 2026. Joel Greenblatt's return on capital is the ratio of EBIT to average fixed assets and net working capital. View historical data on Sportsman's Warehouse Holdings and its competitors. According to the industry distribution chart, Sportsman's Warehouse Holdings ranks #928 out of 1123 companies in the Retail - Cyclical industry, placing it in the top 82.6%.
Is Sportsman's Warehouse Holdings' ROC (Joel Greenblatt) % too high?
Sportsman's Warehouse Holdings' current ROC (Joel Greenblatt) % is -11.56%. Based on the distribution chart, Sportsman's Warehouse Holdings ranks #928 out of 1123 companies in the Retail - Cyclical industry, which is in the bottom quartile relative to peers. Overall, Sportsman's Warehouse Holdings has a GF Score™ of 53/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does Sportsman's Warehouse Holdings' ROC (Joel Greenblatt) % compare to NPT and ABLV?
According to the Retail - Cyclical industry distribution chart, Sportsman's Warehouse Holdings ranks #928 out of 1123 companies for ROC (Joel Greenblatt) %. This places Sportsman's Warehouse Holdings in the lower half of its industry. The industry median ROC (Joel Greenblatt) % is 11.57. 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 Retail - Cyclical company?
The median ROC (Joel Greenblatt) % among Retail - Cyclical companies is 11.57, based on 1,123 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. 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 Sportsman's Warehouse Holdings and its competitors. For the Retail - Cyclical industry, the median ROC (Joel Greenblatt) % is 11.57 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Sportsman's Warehouse Holdings's current ROC (Joel Greenblatt) % is -11.56%. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Sportsman's Warehouse Holdings stock overvalued right now?
Based on GuruFocus' analysis, Sportsman's Warehouse Holdings (SPWH) is currently considered Possible Value Trap. The stock's GF Value™ is $2.64, compared to a current price of $1.33 — trading 49.6% below its estimated fair value. The current ROC (Joel Greenblatt) % is -11.56%. Sportsman's Warehouse Holdings' overall GF Score™ is 53/100 with 7 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 Sportsman's Warehouse Holdings (SPWH), the current ROC (Joel Greenblatt) % is -11.56% as of Apr. 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 Sportsman's Warehouse Holdings (SPWH) Overvalued in 2026?
Based on GuruFocus' analysis, Sportsman's Warehouse Holdings stock appears to be undervalued.
The current stock price of $1.33 is trading 49.6% below its estimated GF Value™ of $2.64.
GuruFocus considers Sportsman's Warehouse Holdings to be Possible Value Trap.
Key valuation signals for SPWH:
ROC (Joel Greenblatt) %: -11.56%
GF Value™: $2.64 vs. price of $1.33 (49.6% below fair value)
No single metric tells the full story. See the SPWH stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Sportsman's Warehouse Holdings Business Description
Sportsman's Warehouse Holdings Inc together with its subsidiaries operates as an outdoor sporting goods retailer. It provides a one-stop shopping experience that equips customers with the right quality, brand name hunting, shooting, fishing, and camping gear to maximize enjoyment of the outdoors. The company offers products in the categories of Camping, Apparel, Fishing, Footwear, Hunting and shooting, and Optics, Electronics, Accessories, and Other products. It provides products such as Backpacks, Jackets, Camp essentials, Hiking boots, GPS devices, ATV accessories and Fishing rods, among others. The company also offers an e-commerce experience, extensive in-store events and educational programming.
53GF Score
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