Naturgy Energy GroupWBO:GAS -0.57%65 ROC (Joel Greenblatt) % is 18.60% as of Dec. 2025, which is 49% above its 10-year median of 12.45. GuruFocus rates WBO:GAS with a GF Score™ of 65/100 and a GF Value™ of €22.47 (Modestly Overvalued). The stock has 7 warning signs investors should review. Among 504 Utilities - Regulated companies, Naturgy Energy Group ranks better than 69.44% 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. Naturgy Energy Group's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2025 was 18.60%.
The historical rank and industry rank for Naturgy Energy Group's ROC (Joel Greenblatt) % or its related term are showing as below:
WBO:GAS'
s ROC (Joel Greenblatt) % Range Over the Past 10 Years
Min: -12.04 Med: 12.45 Max: 19.47
Current: 19.27
During the past 13 years, Naturgy Energy Group's highest ROC (Joel Greenblatt) % was 19.47%. The lowest was -12.04%. And the median was 12.45%.
WBO:GAS's ROC (Joel Greenblatt) % is ranked better than 69.44% of 504
companies
in the Utilities - Regulated industry
Industry Median: 10.81
vs WBO:GAS: 19.27
Naturgy Energy Group's 5-Year average Growth Rate of ROC (Joel Greenblatt) % was 40.40% per year.
Naturgy Energy Group (WBO:GAS) 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.
Naturgy Energy Group ROC (Joel Greenblatt) % Related Terms
Naturgy Energy Group ROC (Joel Greenblatt) % Historical Data
* Premium members only.
The historical data trend for Naturgy Energy Group'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.
Naturgy Energy Group ROC (Joel Greenblatt) % Chart
WBO:GAS vs ATO, NI, UGI: ROC (Joel Greenblatt) % Comparison
For the Utilities - Regulated Gas subindustry, Naturgy Energy Group'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.
Naturgy Energy Group ROC (Joel Greenblatt) % vs Utilities - Regulated Industry
For the Utilities - Regulated industry and Utilities sector, Naturgy Energy Group's ROC (Joel Greenblatt) % distribution charts can be found below:
* The bar in red indicates where Naturgy Energy Group's ROC (Joel Greenblatt) % falls into.
Naturgy Energy Group 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 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 18.60% mean?
Naturgy Energy Group (WBO:GAS) has a ROC (Joel Greenblatt) % of 18.60% 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 Naturgy Energy Group and its competitors. This is 49% above median its historical median of 12.45. According to the industry distribution chart, Naturgy Energy Group ranks #154 out of 504 companies in the Utilities - Regulated industry, placing it in the top 30.6%.
Is Naturgy Energy Group's ROC (Joel Greenblatt) % too high?
Naturgy Energy Group's current ROC (Joel Greenblatt) % of 18.60% is 49% above median its 10-year median of 12.45. The Utilities - Regulated industry median ROC (Joel Greenblatt) % is 10.81. Naturgy Energy Group's value of 18.60% is 72.1% above this industry median. Based on the distribution chart, Naturgy Energy Group ranks #154 out of 504 companies in the Utilities - Regulated industry, which is above the industry midpoint. Overall, Naturgy Energy Group has a GF Score™ of 65/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Naturgy Energy Group's ROC (Joel Greenblatt) % compare to ATO and NI?
According to the Utilities - Regulated industry distribution chart, Naturgy Energy Group ranks #154 out of 504 companies for ROC (Joel Greenblatt) %. This puts Naturgy Energy Group in the upper half of its industry. The industry median ROC (Joel Greenblatt) % is 10.81. Naturgy Energy Group's value of 18.60% is 72.1% above this benchmark. While the company's 10-year median is 12.45 vs. the industry median of 10.81, Naturgy Energy Group 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 Utilities - Regulated company?
The median ROC (Joel Greenblatt) % among Utilities - Regulated companies is 10.81, based on 504 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. Naturgy Energy Group's current ROC (Joel Greenblatt) % of 18.60% is 72.1% 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 Naturgy Energy Group and its competitors. For the Utilities - Regulated industry, the median ROC (Joel Greenblatt) % is 10.81 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Naturgy Energy Group's current ROC (Joel Greenblatt) % is 18.60%, which is 49% above median its own 10-year median of 12.45. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Naturgy Energy Group stock overvalued right now?
Based on GuruFocus' analysis, Naturgy Energy Group (WBO:GAS) is currently considered Modestly Overvalued. The stock's GF Value™ is €22.47, compared to a current price of €28.00 — trading 24.6% above its estimated fair value. The current ROC (Joel Greenblatt) % is 18.60%, which is 49% above median its 10-year median of 12.45 and 72.1% above the Utilities - Regulated industry median of 10.81. Naturgy Energy Group's overall GF Score™ is 65/100 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 Naturgy Energy Group (WBO:GAS), the current ROC (Joel Greenblatt) % is 18.60% 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 Naturgy Energy Group (WBO:GAS) Overvalued in 2026?
Based on GuruFocus' analysis, Naturgy Energy Group stock appears to be overvalued.
The current stock price of €28.00 is trading 24.6% above its estimated GF Value™ of €22.47.
GuruFocus considers Naturgy Energy Group to be Modestly Overvalued.
Key valuation signals for WBO:GAS:
ROC (Joel Greenblatt) %: 18.60% (49% above median its 10-year median of 12.45)
GF Value™: €22.47 vs. price of €28.00 (24.6% above fair value)
Industry Position: 72.1% above the Utilities - Regulated median (#154 of 504)
No single metric tells the full story. See the WBO:GAS stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Naturgy stems from the 2008 acquisition of Union Fenosa. The company operates across the gas value chain, from procurement to distribution and marketing. It owns and operates the largest gas distribution network in Spain, where it is also the leading retail gas supplier. The company additionally operates gas and electricity distribution networks across several Latin American countries. It owns 17.9 GW of generation capacity, including 7.3 GW of wind and solar.
65GF Score
Get the complete analysis for WBO:GAS
ROC (Joel Greenblatt) % is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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