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.
Investment Friends SEWAR:IFR 33 ROC (Joel Greenblatt) % is 54.17% as of Mar. 2026, which is 1899% above its 10-year median of 2.71. GuruFocus rates WAR:IFR with a GF Score™ of 33/100 and a GF Value™ of zł0.49 (Possible Value Trap). The stock has 3 warning signs investors should review. Among 415 Credit Services companies, Investment Friends SE ranks worse than 63.61% 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. Investment Friends SE's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 was 54.17%.
The historical rank and industry rank for Investment Friends SE's ROC (Joel Greenblatt) % or its related term are showing as below:
WAR:IFR'
s ROC (Joel Greenblatt) % Range Over the Past 10 Years
Min: -49.07 Med: 2.71 Max: 99999999.99
Current: 7.99
During the past 13 years, Investment Friends SE's highest ROC (Joel Greenblatt) % was 99999999.99%. The lowest was -49.07%. And the median was 2.71%.
WAR:IFR's ROC (Joel Greenblatt) % is ranked worse than 63.61% of 415
companies
in the Credit Services industry
Industry Median: 38.99
vs WAR:IFR: 7.99
Investment Friends SE's 5-Year average Growth Rate of ROC (Joel Greenblatt) % was 0.00% per year.
Investment Friends SE (WAR:IFR) 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.
Investment Friends SE ROC (Joel Greenblatt) % Related Terms
Investment Friends SE ROC (Joel Greenblatt) % Historical Data
* Premium members only.
The historical data trend for Investment Friends SE'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.
Investment Friends SE ROC (Joel Greenblatt) % Chart
WAR:IFR vs V, MA, AXP: ROC (Joel Greenblatt) % Comparison
For the Credit Services subindustry, Investment Friends SE'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.
Investment Friends SE ROC (Joel Greenblatt) % vs Credit Services Industry
For the Credit Services industry and Financial Services sector, Investment Friends SE's ROC (Joel Greenblatt) % distribution charts can be found below:
* The bar in red indicates where Investment Friends SE's ROC (Joel Greenblatt) % falls into.
Investment Friends SE 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 54.17% mean?
Investment Friends SE (WAR:IFR) has a ROC (Joel Greenblatt) % of 54.17% 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 Investment Friends SE and its competitors. This is 1899% above median its historical median of 2.71. According to the industry distribution chart, Investment Friends SE ranks #264 out of 415 companies in the Credit Services industry, placing it in the top 63.6%.
Is Investment Friends SE's ROC (Joel Greenblatt) % too high?
Investment Friends SE's current ROC (Joel Greenblatt) % of 54.17% is 1899% above median its 10-year median of 2.71. The Credit Services industry median ROC (Joel Greenblatt) % is 38.99. Investment Friends SE's value of 54.17% is 38.9% above this industry median. Based on the distribution chart, Investment Friends SE ranks #264 out of 415 companies in the Credit Services industry, which is below the industry midpoint. Overall, Investment Friends SE has a GF Score™ of 33/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does Investment Friends SE's ROC (Joel Greenblatt) % compare to V and MA?
According to the Credit Services industry distribution chart, Investment Friends SE ranks #264 out of 415 companies for ROC (Joel Greenblatt) %. This places Investment Friends SE in the lower half of its industry. The industry median ROC (Joel Greenblatt) % is 38.99. Investment Friends SE's value of 54.17% is 38.9% above this benchmark. While the company's 10-year median is 2.71 vs. the industry median of 38.99, Investment Friends SE 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 a Credit Services company?
The median ROC (Joel Greenblatt) % among Credit Services companies is 38.99, based on 415 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. Investment Friends SE's current ROC (Joel Greenblatt) % of 54.17% is 38.9% 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 Investment Friends SE and its competitors. For the Credit Services industry, the median ROC (Joel Greenblatt) % is 38.99 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Investment Friends SE's current ROC (Joel Greenblatt) % is 54.17%, which is 1899% above median its own 10-year median of 2.71. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Investment Friends SE stock overvalued right now?
Based on GuruFocus' analysis, Investment Friends SE (WAR:IFR) is currently considered Possible Value Trap. The stock's GF Value™ is zł0.49, compared to a current price of zł0.12 — trading 76.5% below its estimated fair value. The current ROC (Joel Greenblatt) % is 54.17%, which is 1899% above median its 10-year median of 2.71 and 38.9% above the Credit Services industry median of 38.99. Investment Friends SE's overall GF Score™ is 33/100 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 Investment Friends SE (WAR:IFR), the current ROC (Joel Greenblatt) % is 54.17% 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 Investment Friends SE (WAR:IFR) Overvalued in 2026?
Based on GuruFocus' analysis, Investment Friends SE stock appears to be undervalued.
The current stock price of zł0.12 is trading 76.5% below its estimated GF Value™ of zł0.49.
GuruFocus considers Investment Friends SE to be Possible Value Trap.
Key valuation signals for WAR:IFR:
ROC (Joel Greenblatt) %: 54.17% (1899% above median its 10-year median of 2.71)
GF Value™: zł0.49 vs. price of zł0.12 (76.5% below fair value)
Industry Position: 38.9% above the Credit Services median (#264 of 415)
No single metric tells the full story. See the WAR:IFR stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Investment Friends SE provides financial services, mainly granting loans and generating revenue from interest on loans granted. The company derives the majority of its revenue from customers in Estonia, with the remainder from Poland. Loans granted to related parties were subsequently invested by those entities in real estate and tradeable securities.
33GF Score
Get the complete analysis for WAR:IFR
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
WAR:IFR has been successfully added to your 
