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NIPPON REIT InvestmentTSE:3296 -1.09%64 ROC (Joel Greenblatt) % is 5.76% as of Dec. 2025, which is 58% above its 10-year median of 3.65. GuruFocus rates TSE:3296 with a GF Score™ of 64/100 and a GF Value™ of 円93,812.98 (Modestly Undervalued). The stock has 3 warning signs investors should review. Among 577 REITs companies, NIPPON REIT Investment ranks worse than 74.87% 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. NIPPON REIT Investment's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2025 was 5.76%.
The historical rank and industry rank for NIPPON REIT Investment's ROC (Joel Greenblatt) % or its related term are showing as below:
TSE:3296'
s ROC (Joel Greenblatt) % Range Over the Past 10 Years
Min: 1.35 Med: 3.65 Max: 5.61
Current: 5.61
During the past 11 years, NIPPON REIT Investment's highest ROC (Joel Greenblatt) % was 5.61%. The lowest was 1.35%. And the median was 3.65%.
TSE:3296's ROC (Joel Greenblatt) % is ranked worse than 74.87% of 577
companies
in the REITs industry
Industry Median: 167.98
vs TSE:3296: 5.61
NIPPON REIT Investment's 5-Year average Growth Rate of ROC (Joel Greenblatt) % was -0.80% 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.
NIPPON REIT Investment ROC (Joel Greenblatt) % Related Terms
NIPPON REIT Investment ROC (Joel Greenblatt) % Historical Data
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The historical data trend for NIPPON REIT Investment'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.
TSE:3296 vs BXP, ARE, VNO: ROC (Joel Greenblatt) % Comparison
For the REIT - Office subindustry, NIPPON REIT Investment'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.
NIPPON REIT Investment ROC (Joel Greenblatt) % vs REITs Industry
For the REITs industry and Real Estate sector, NIPPON REIT Investment's ROC (Joel Greenblatt) % distribution charts can be found below:
* The bar in red indicates where NIPPON REIT Investment'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 5.76% mean?
NIPPON REIT Investment (TSE:3296) has a ROC (Joel Greenblatt) % of 5.76% 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 NIPPON REIT Investment and its competitors. This is 58% above median its historical median of 3.65. Over the past decade, NIPPON REIT Investment's ROC (Joel Greenblatt) % has ranged from 1.35 to 5.61. According to the industry distribution chart, NIPPON REIT Investment ranks #432 out of 577 companies in the REITs industry, placing it in the top 74.9%.
Is NIPPON REIT Investment's ROC (Joel Greenblatt) % too high?
NIPPON REIT Investment's current ROC (Joel Greenblatt) % of 5.76% is 58% above median its 10-year median of 3.65. Over the past 10 years, this metric has ranged from a low of 1.35 to a high of 5.61. The REITs industry median ROC (Joel Greenblatt) % is 167.98. NIPPON REIT Investment's value of 5.76% is 96.6% below this industry median. Based on the distribution chart, NIPPON REIT Investment ranks #432 out of 577 companies in the REITs industry, which is below the industry midpoint. Overall, NIPPON REIT Investment has a GF Score™ of 64/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does NIPPON REIT Investment's ROC (Joel Greenblatt) % compare to BXP and ARE?
According to the REITs industry distribution chart, NIPPON REIT Investment ranks #432 out of 577 companies for ROC (Joel Greenblatt) %. This places NIPPON REIT Investment in the lower half of its industry. The industry median ROC (Joel Greenblatt) % is 167.98. NIPPON REIT Investment's value of 5.76% is 96.6% below this benchmark. Historically, NIPPON REIT Investment's own ROC (Joel Greenblatt) % has ranged from 1.35 to 5.61 over the past decade. While the company's 10-year median is 3.65 vs. the industry median of 167.98, NIPPON REIT Investment 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 a REITs company?
The median ROC (Joel Greenblatt) % among REITs companies is 167.98, based on 577 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. NIPPON REIT Investment's current ROC (Joel Greenblatt) % of 5.76% is 96.6% 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 NIPPON REIT Investment and its competitors. For the REITs industry, the median ROC (Joel Greenblatt) % is 167.98 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. NIPPON REIT Investment's current ROC (Joel Greenblatt) % is 5.76%, which is 58% above median its own 10-year median of 3.65. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is NIPPON REIT Investment stock overvalued right now?
Based on GuruFocus' analysis, NIPPON REIT Investment (TSE:3296) is currently considered Modestly Undervalued. The stock's GF Value™ is 円93,812.98, compared to a current price of 円81,600.00 — trading 13% below its estimated fair value. The current ROC (Joel Greenblatt) % is 5.76%, which is 58% above median its 10-year median of 3.65 and 96.6% below the REITs industry median of 167.98. NIPPON REIT Investment's overall GF Score™ is 64/100 with 3 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 NIPPON REIT Investment (TSE:3296), the current ROC (Joel Greenblatt) % is 5.76% 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 NIPPON REIT Investment (TSE:3296) Overvalued in 2026?
Based on GuruFocus' analysis, NIPPON REIT Investment stock appears to be undervalued.
The current stock price of 円81,600.00 is trading 13% below its estimated GF Value™ of 円93,812.98.
GuruFocus considers NIPPON REIT Investment to be Modestly Undervalued.
Key valuation signals for TSE:3296:
ROC (Joel Greenblatt) %: 5.76% (58% above median its 10-year median of 3.65)
GF Value™: 円93,812.98 vs. price of 円81,600.00 (13% below fair value)
Industry Position: 96.6% below the REITs median (#432 of 577)
No single metric tells the full story. See the TSE:3296 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
NIPPON REIT Investment Corp is engaged in the property leasing business. The company manages assets by investing the funds paid in by the unitholders principally in real estate-related assets. The company develops a portfolio of properties focused on income growth and stability, aiming to maximize unitholder value.
64GF Score
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ROC (Joel Greenblatt) % is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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