Source Energy ServicesTSX:SHLE +0.85%69 ROC (Joel Greenblatt) % is 2.12% as of Mar. 2026, which is 53% below its 10-year median of 4.53. GuruFocus rates TSX:SHLE with a GF Score™ of 69/100 and a GF Value™ of C$12.66 (Modestly Overvalued). The stock has 7 warning signs investors should review. Among 1,000 Oil & Gas companies, Source Energy Services ranks worse than 52.9% 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. Source Energy Services's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 was 2.12%.
The historical rank and industry rank for Source Energy Services's ROC (Joel Greenblatt) % or its related term are showing as below:
TSX:SHLE'
s ROC (Joel Greenblatt) % Range Over the Past 10 Years
Min: -38.46 Med: 4.53 Max: 59.12
Current: 7.36
During the past 12 years, Source Energy Services's highest ROC (Joel Greenblatt) % was 59.12%. The lowest was -38.46%. And the median was 4.53%.
TSX:SHLE's ROC (Joel Greenblatt) % is ranked worse than 52.9% of 1000
companies
in the Oil & Gas industry
Industry Median: 8.415
vs TSX:SHLE: 7.36
Source Energy Services's 5-Year average Growth Rate of ROC (Joel Greenblatt) % was 0.00% per year.
Source Energy Services (TSX:SHLE) 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.
Source Energy Services ROC (Joel Greenblatt) % Related Terms
Source Energy Services ROC (Joel Greenblatt) % Historical Data
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The historical data trend for Source Energy Services'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.
Source Energy Services ROC (Joel Greenblatt) % Chart
TSX:SHLE vs SLB, BKR, HAL: ROC (Joel Greenblatt) % Comparison
For the Oil & Gas Equipment & Services subindustry, Source Energy Services'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.
Source Energy Services ROC (Joel Greenblatt) % vs Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Source Energy Services's ROC (Joel Greenblatt) % distribution charts can be found below:
* The bar in red indicates where Source Energy Services's ROC (Joel Greenblatt) % falls into.
Source Energy Services ROC (Joel Greenblatt) % Calculation
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 (Mar. 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 2.12% mean?
Source Energy Services (TSX:SHLE) has a ROC (Joel Greenblatt) % of 2.12% as of Mar. 2026. Joel Greenblatt's return on capital is the ratio of EBIT to average fixed assets and net working capital. View historical data on Source Energy Services and its competitors. This is 53% below median its historical median of 4.53. According to the industry distribution chart, Source Energy Services ranks #529 out of 1000 companies in the Oil & Gas industry, placing it in the top 52.9%.
Is Source Energy Services' ROC (Joel Greenblatt) % too high?
Source Energy Services' current ROC (Joel Greenblatt) % of 2.12% is 53% below median its 10-year median of 4.53. The Oil & Gas industry median ROC (Joel Greenblatt) % is 8.42. Source Energy Services' value of 2.12% is 74.8% below this industry median. Based on the distribution chart, Source Energy Services ranks #529 out of 1000 companies in the Oil & Gas industry, which is below the industry midpoint. Overall, Source Energy Services has a GF Score™ of 69/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Source Energy Services' ROC (Joel Greenblatt) % compare to SLB and BKR?
According to the Oil & Gas industry distribution chart, Source Energy Services ranks #529 out of 1000 companies for ROC (Joel Greenblatt) %. This places Source Energy Services in the lower half of its industry. The industry median ROC (Joel Greenblatt) % is 8.42. Source Energy Services' value of 2.12% is 74.8% below this benchmark. While the company's 10-year median is 4.53 vs. the industry median of 8.42, Source Energy Services 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 an Oil & Gas company?
The median ROC (Joel Greenblatt) % among Oil & Gas companies is 8.42, based on 1,000 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. Source Energy Services's current ROC (Joel Greenblatt) % of 2.12% is 74.8% 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 Source Energy Services and its competitors. For the Oil & Gas industry, the median ROC (Joel Greenblatt) % is 8.42 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Source Energy Services's current ROC (Joel Greenblatt) % is 2.12%, which is 53% below median its own 10-year median of 4.53. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Source Energy Services stock overvalued right now?
Based on GuruFocus' analysis, Source Energy Services (TSX:SHLE) is currently considered Modestly Overvalued. The stock's GF Value™ is C$12.66, compared to a current price of C$14.31 — trading 13% above its estimated fair value. The current ROC (Joel Greenblatt) % is 2.12%, which is 53% below median its 10-year median of 4.53 and 74.8% below the Oil & Gas industry median of 8.42. Source Energy Services' overall GF Score™ is 69/100 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 Source Energy Services (TSX:SHLE), the current ROC (Joel Greenblatt) % is 2.12% as of Mar. 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 Source Energy Services (TSX:SHLE) Overvalued in 2026?
Based on GuruFocus' analysis, Source Energy Services stock appears to be overvalued.
The current stock price of C$14.31 is trading 13% above its estimated GF Value™ of C$12.66.
GuruFocus considers Source Energy Services to be Modestly Overvalued.
Key valuation signals for TSX:SHLE:
ROC (Joel Greenblatt) %: 2.12% (53% below median its 10-year median of 4.53)
GF Value™: C$12.66 vs. price of C$14.31 (13% above fair value)
Industry Position: 74.8% below the Oil & Gas median (#529 of 1000)
No single metric tells the full story. See the TSX:SHLE stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Source Energy Services Ltd is a Canada-based company engaged in the integrated production and distribution of frac sand as well as the distribution of other bulk oil and gas well completion materials that aren't produced by Source. It provides customers with an end-to-end solution for frac sand supported by its Wisconsin, United States, and Peace River, Alberta, Canada mines and processing facilities, its Western Canadian terminal network, and its last-mile logistics capabilities, including its trucking operations, and Sahara, a proprietary well site mobile sand storage and handling system. The geographical segments of the group are the USA Operations and Canadian Operations.
69GF Score
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