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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. Mitsubishi Estate Logistics REIT Investment's annualized ROC (Joel Greenblatt) % for the quarter that ended in Feb. 2026 was 3.10%.
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.
TSE:3481 vs PLD, PSA, EXR: ROC (Joel Greenblatt) % Comparison
For the REIT - Industrial subindustry, Mitsubishi Estate Logistics 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.
Mitsubishi Estate Logistics REIT Investment ROC (Joel Greenblatt) % vs REITs Industry
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 (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 3.10% mean?
Mitsubishi Estate Logistics REIT Investment (TSE:3481) has a ROC (Joel Greenblatt) % of 3.10% 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 Mitsubishi Estate Logistics REIT Investment and its competitors. This is near median its historical median of 3.21. Over the past decade, Mitsubishi Estate Logistics REIT Investment's ROC (Joel Greenblatt) % has ranged from 2.94 to 5.48. According to the industry distribution chart, Mitsubishi Estate Logistics REIT Investment ranks #490 out of 576 companies in the REITs industry, placing it in the top 85.1%.
Is Mitsubishi Estate Logistics REIT Investment's ROC (Joel Greenblatt) % too high?
Mitsubishi Estate Logistics REIT Investment's current ROC (Joel Greenblatt) % of 3.10% is near median its 10-year median of 3.21. Over the past 10 years, this metric has ranged from a low of 2.94 to a high of 5.48. The REITs industry median ROC (Joel Greenblatt) % is 169.94. Mitsubishi Estate Logistics REIT Investment's value of 3.10% is 98.2% below this industry median. Based on the distribution chart, Mitsubishi Estate Logistics REIT Investment ranks #490 out of 576 companies in the REITs industry, which is in the bottom quartile relative to peers. Overall, Mitsubishi Estate Logistics REIT Investment has a GF Score™ of 78/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Mitsubishi Estate Logistics REIT Investment's ROC (Joel Greenblatt) % compare to PLD and PSA?
According to the REITs industry distribution chart, Mitsubishi Estate Logistics REIT Investment ranks #490 out of 576 companies for ROC (Joel Greenblatt) %. This places Mitsubishi Estate Logistics REIT Investment in the lower half of its industry. The industry median ROC (Joel Greenblatt) % is 169.94. Mitsubishi Estate Logistics REIT Investment's value of 3.10% is 98.2% below this benchmark. Historically, Mitsubishi Estate Logistics REIT Investment's own ROC (Joel Greenblatt) % has ranged from 2.94 to 5.48 over the past decade. While the company's 10-year median is 3.21 vs. the industry median of 169.94, Mitsubishi Estate Logistics 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 169.94, based on 576 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. Mitsubishi Estate Logistics REIT Investment's current ROC (Joel Greenblatt) % of 3.10% is 98.2% 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 Mitsubishi Estate Logistics REIT Investment and its competitors. For the REITs industry, the median ROC (Joel Greenblatt) % is 169.94 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Mitsubishi Estate Logistics REIT Investment's current ROC (Joel Greenblatt) % is 3.10%, which is near median its own 10-year median of 3.21. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Mitsubishi Estate Logistics REIT Investment stock overvalued right now?
Based on GuruFocus' analysis, Mitsubishi Estate Logistics REIT Investment (TSE:3481) is currently considered Modestly Undervalued. The stock's GF Value™ is 円133,744.31, compared to a current price of 円120,000.00 — trading 10.3% below its estimated fair value. The current ROC (Joel Greenblatt) % is 3.10%, which is near median its 10-year median of 3.21 and 98.2% below the REITs industry median of 169.94. Mitsubishi Estate Logistics REIT Investment's overall GF Score™ is 78/100 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 Mitsubishi Estate Logistics REIT Investment (TSE:3481), the current ROC (Joel Greenblatt) % is 3.10% 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 Mitsubishi Estate Logistics REIT Investment (TSE:3481) Overvalued in 2026?
Based on GuruFocus' analysis, Mitsubishi Estate Logistics REIT Investment stock appears to be undervalued.
The current stock price of 円120,000.00 is trading 10.3% below its estimated GF Value™ of 円133,744.31.
GuruFocus considers Mitsubishi Estate Logistics REIT Investment to be Modestly Undervalued.
Key valuation signals for TSE:3481:
ROC (Joel Greenblatt) %: 3.10% (near median its 10-year median of 3.21)
GF Value™: 円133,744.31 vs. price of 円120,000.00 (10.3% below fair value)
Industry Position: 98.2% below the REITs median (#490 of 576)
No single metric tells the full story. See the TSE:3481 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Mitsubishi Estate Logistics REIT Investment Corp operates as a real estate investment trust with logistics facilities as its main investment target. Its portfolio consists of eight properties, mainly located in the Tokyo metropolitan area.
78GF 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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