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Baytex EnergyTSX:BTE +6.50%50 ROC (Joel Greenblatt) % is 42.14% as of Jun. 2026, which is 12670% above its 10-year median of 0.33. GuruFocus rates TSX:BTE with a GF Score™ of 50/100 and a GF Value™ of C$1.51 (Significantly Overvalued). The stock has 5 warning signs investors should review. Among 998 Oil & Gas companies, Baytex Energy ranks worse than 73.05% 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. Baytex Energy's annualized ROC (Joel Greenblatt) % for the quarter that ended in Jun. 2026 was 42.14%.
The historical rank and industry rank for Baytex Energy's ROC (Joel Greenblatt) % or its related term are showing as below:
TSX:BTE'
s ROC (Joel Greenblatt) % Range Over the Past 10 Years
Min: -55.29 Med: 0.33 Max: 45
Current: -5.41
During the past 13 years, Baytex Energy's highest ROC (Joel Greenblatt) % was 45.00%. The lowest was -55.29%. And the median was 0.33%.
TSX:BTE's ROC (Joel Greenblatt) % is ranked worse than 73.05% of 998
companies
in the Oil & Gas industry
Industry Median: 8.43
vs TSX:BTE: -5.41
Baytex Energy's 5-Year average Growth Rate of ROC (Joel Greenblatt) % was 0.00% per year.
Baytex Energy (TSX:BTE) ROC (Joel Greenblatt) % Explanation
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.
Baytex Energy ROC (Joel Greenblatt) % Related Terms
Baytex Energy ROC (Joel Greenblatt) % Historical Data
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The historical data trend for Baytex Energy'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.
TSX:BTE vs COP, EOG, FANG: ROC (Joel Greenblatt) % Comparison
For the Oil & Gas E&P subindustry, Baytex Energy'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.
Baytex Energy ROC (Joel Greenblatt) % vs Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Baytex Energy's ROC (Joel Greenblatt) % distribution charts can be found below:
* The bar in red indicates where Baytex Energy'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 (Jun. 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 42.14% mean?
Baytex Energy (TSX:BTE) has a ROC (Joel Greenblatt) % of 42.14% as of Jun. 2026. Joel Greenblatt's return on capital is the ratio of EBIT to average fixed assets and net working capital. View historical data on Baytex Energy and its competitors. This is 12670% above median its historical median of 0.33. According to the industry distribution chart, Baytex Energy ranks #729 out of 998 companies in the Oil & Gas industry, placing it in the top 73%.
Is Baytex Energy's ROC (Joel Greenblatt) % too high?
Baytex Energy's current ROC (Joel Greenblatt) % of 42.14% is 12670% above median its 10-year median of 0.33. The Oil & Gas industry median ROC (Joel Greenblatt) % is 8.43. Baytex Energy's value of 42.14% is 399.9% above this industry median. Based on the distribution chart, Baytex Energy ranks #729 out of 998 companies in the Oil & Gas industry, which is below the industry midpoint. Overall, Baytex Energy has a GF Score™ of 50/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Baytex Energy's ROC (Joel Greenblatt) % compare to COP and EOG?
According to the Oil & Gas industry distribution chart, Baytex Energy ranks #729 out of 998 companies for ROC (Joel Greenblatt) %. This places Baytex Energy in the lower half of its industry. The industry median ROC (Joel Greenblatt) % is 8.43. Baytex Energy's value of 42.14% is 399.9% above this benchmark. While the company's 10-year median is 0.33 vs. the industry median of 8.43, Baytex Energy 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 an Oil & Gas company?
The median ROC (Joel Greenblatt) % among Oil & Gas companies is 8.43, based on 998 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. Baytex Energy's current ROC (Joel Greenblatt) % of 42.14% is 399.9% 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 Baytex Energy and its competitors. For the Oil & Gas industry, the median ROC (Joel Greenblatt) % is 8.43 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Baytex Energy's current ROC (Joel Greenblatt) % is 42.14%, which is 12670% above median its own 10-year median of 0.33. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Baytex Energy stock overvalued right now?
Based on GuruFocus' analysis, Baytex Energy (TSX:BTE) is currently considered Significantly Overvalued. The stock's GF Value™ is C$1.51, compared to a current price of C$6.39 — trading 323.2% above its estimated fair value. The current ROC (Joel Greenblatt) % is 42.14%, which is 12670% above median its 10-year median of 0.33 and 399.9% above the Oil & Gas industry median of 8.43. Baytex Energy's overall GF Score™ is 50/100 with 5 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 Baytex Energy (TSX:BTE), the current ROC (Joel Greenblatt) % is 42.14% as of Jun. 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 Baytex Energy (TSX:BTE) Overvalued in 2026?
Based on GuruFocus' analysis, Baytex Energy stock appears to be overvalued.
The current stock price of C$6.39 is trading 323.2% above its estimated GF Value™ of C$1.51.
GuruFocus considers Baytex Energy to be Significantly Overvalued.
Key valuation signals for TSX:BTE:
ROC (Joel Greenblatt) %: 42.14% (12670% above median its 10-year median of 0.33)
GF Value™: C$1.51 vs. price of C$6.39 (323.2% above fair value)
Industry Position: 399.9% above the Oil & Gas median (#729 of 998)
No single metric tells the full story. See the TSX:BTE stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Baytex Energy Corp is an oil and gas company. Geographically, the group operates in Canada and the United States. The company derives a majority of revenue from Canada. Its Canada segment includes the exploration, development, and production of crude oil and natural gas in Western Canada.
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