Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.
TRX GoldTRX -4.26%43 ROC (Joel Greenblatt) % is -29.92% as of Feb. 2026. GuruFocus rates TRX with a GF Score™ of 43/100 and a GF Value™ of $1.23 (Possible Value Trap). The stock has 1 warning sign investors should review. Among 2,504 Metals & Mining companies, TRX Gold ranks better than 80.67% 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. TRX Gold's annualized ROC (Joel Greenblatt) % for the quarter that ended in Feb. 2026 was -29.92%.
The historical rank and industry rank for TRX Gold's ROC (Joel Greenblatt) % or its related term are showing as below:
TRX'
s ROC (Joel Greenblatt) % Range Over the Past 10 Years
Min: -67.49 Med: -11.07 Max: 24.81
Current: 9.53
During the past 13 years, TRX Gold's highest ROC (Joel Greenblatt) % was 24.81%. The lowest was -67.49%. And the median was -11.07%.
TRX's ROC (Joel Greenblatt) % is ranked better than 80.67% of 2504
companies
in the Metals & Mining industry
Industry Median: -22.13
vs TRX: 9.53
TRX Gold'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.
The historical data trend for TRX Gold'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.
TRX vs NEM, AU: ROC (Joel Greenblatt) % Comparison
For the Gold subindustry, TRX Gold'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.
TRX Gold ROC (Joel Greenblatt) % vs Metals & Mining Industry
For the Metals & Mining industry and Basic Materials sector, TRX Gold's ROC (Joel Greenblatt) % distribution charts can be found below:
* The bar in red indicates where TRX Gold'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 (Feb. 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 -29.92% mean?
TRX Gold (TRX) has a ROC (Joel Greenblatt) % of -29.92% as of Feb. 2026. Joel Greenblatt's return on capital is the ratio of EBIT to average fixed assets and net working capital. View historical data on TRX Gold and its competitors. According to the industry distribution chart, TRX Gold ranks #484 out of 2504 companies in the Metals & Mining industry, placing it in the top 19.3%.
Is TRX Gold's ROC (Joel Greenblatt) % too high?
TRX Gold's current ROC (Joel Greenblatt) % is -29.92%. Based on the distribution chart, TRX Gold ranks #484 out of 2504 companies in the Metals & Mining industry, which is in the top quartile — a strong position relative to peers. Overall, TRX Gold has a GF Score™ of 43/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does TRX Gold's ROC (Joel Greenblatt) % compare to NEM and AU?
According to the Metals & Mining industry distribution chart, TRX Gold ranks #484 out of 2504 companies for ROC (Joel Greenblatt) %. This places TRX Gold in the top 19% of its industry — outperforming the majority of peers. 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 Metals & Mining company?
A good ROC (Joel Greenblatt) % depends on the Metals & Mining industry context. 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 TRX Gold and its competitors. TRX Gold's current ROC (Joel Greenblatt) % is -29.92%. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is TRX Gold stock overvalued right now?
Based on GuruFocus' analysis, TRX Gold (TRX) is currently considered Possible Value Trap. The stock's GF Value™ is $1.23, compared to a current price of $0.78 — trading 37% below its estimated fair value. The current ROC (Joel Greenblatt) % is -29.92%. TRX Gold's overall GF Score™ is 43/100 with 1 warning sign 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 TRX Gold (TRX), the current ROC (Joel Greenblatt) % is -29.92% as of Feb. 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 TRX Gold (TRX) Overvalued in 2026?
Based on GuruFocus' analysis, TRX Gold stock appears to be undervalued.
The current stock price of $0.78 is trading 37% below its estimated GF Value™ of $1.23.
GuruFocus considers TRX Gold to be Possible Value Trap.
Key valuation signals for TRX:
ROC (Joel Greenblatt) %: -29.92%
GF Value™: $1.23 vs. price of $0.78 (37% below fair value)
No single metric tells the full story. See the TRX stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
TRX Gold Corp is engaged in the exploration, development, and production of mineral property interests in the United Republic of Tanzania, focused on development and mining operations, and on exploring and evaluating its mineral properties. The business of exploring and mining for minerals involves a high degree of risk, and the underlying value of the mineral properties depends on the existence and economic recovery of mineral resources and reserves, as well as the ability to raise long-term financing to continue development. The company is focused on the Buckreef Gold Project, which comprises five prospects: Buckreef, Bingwa, Tembo, Eastern Porphyry, and Buziba, and includes three main mineralized zones: Buckreef South, Buckreef Main, and Buckreef North.
43GF Score
Get the complete analysis for TRX
ROC (Joel Greenblatt) % is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
TRX has been successfully added to your 
