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. Wharf Real Estate Investment Co's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2025 was -18.22%.
The historical rank and industry rank for Wharf Real Estate Investment Co's ROC (Joel Greenblatt) % or its related term are showing as below:
WRFRF'
s ROC (Joel Greenblatt) % Range Over the Past 10 Years
Min: -85.15 Med: 85.6 Max: 297.04
Current: -24.64
During the past 12 years, Wharf Real Estate Investment Co's highest ROC (Joel Greenblatt) % was 297.04%. The lowest was -85.15%. And the median was 85.60%.
WRFRF's ROC (Joel Greenblatt) % is ranked worse than 86.84% of 1748
companies
in the Real Estate industry
Industry Median: 12.585
vs WRFRF: -24.64
Wharf Real Estate Investment Co (OTCPK:WRFRF) 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.
* 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.
Wharf Real Estate Investment Co ROC (Joel Greenblatt) % Chart
WRFRF vs CBRE, BEKE, JLL: ROC (Joel Greenblatt) % Comparison
For the Real Estate Services subindustry, Wharf Real Estate Investment Co'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.
Wharf Real Estate Investment Co ROC (Joel Greenblatt) % vs Real Estate Industry
For the Real Estate industry and Real Estate sector, Wharf Real Estate Investment Co's ROC (Joel Greenblatt) % distribution charts can be found below:
* The bar in red indicates where Wharf Real Estate Investment Co's ROC (Joel Greenblatt) % falls into.
Wharf Real Estate Investment Co 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 -18.22% mean?
Wharf Real Estate Investment Co (WRFRF) has a ROC (Joel Greenblatt) % of -18.22% 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 Wharf Real Estate Investment Co and its competitors. According to the industry distribution chart, Wharf Real Estate Investment Co ranks #1518 out of 1748 companies in the Real Estate industry, placing it in the top 86.8%.
Is Wharf Real Estate Investment Co's ROC (Joel Greenblatt) % too high?
Wharf Real Estate Investment Co's current ROC (Joel Greenblatt) % is -18.22%. Based on the distribution chart, Wharf Real Estate Investment Co ranks #1518 out of 1748 companies in the Real Estate industry, which is in the bottom quartile relative to peers. Overall, Wharf Real Estate Investment Co has a GF Score™ of 67/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Wharf Real Estate Investment Co's ROC (Joel Greenblatt) % compare to CBRE and BEKE?
According to the Real Estate industry distribution chart, Wharf Real Estate Investment Co ranks #1518 out of 1748 companies for ROC (Joel Greenblatt) %. This places Wharf Real Estate Investment Co in the lower half of its industry. The industry median ROC (Joel Greenblatt) % is 12.59. 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 Real Estate company?
The median ROC (Joel Greenblatt) % among Real Estate companies is 12.59, based on 1,748 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. 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 Wharf Real Estate Investment Co and its competitors. For the Real Estate industry, the median ROC (Joel Greenblatt) % is 12.59 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Wharf Real Estate Investment Co's current ROC (Joel Greenblatt) % is -18.22%. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Wharf Real Estate Investment Co stock overvalued right now?
Based on GuruFocus' analysis, Wharf Real Estate Investment Co (WRFRF) is currently considered Modestly Undervalued. The stock's GF Value™ is $3.10, compared to a current price of $2.70 — trading 12.9% below its estimated fair value. The current ROC (Joel Greenblatt) % is -18.22%. Wharf Real Estate Investment Co's overall GF Score™ is 67/100 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 Wharf Real Estate Investment Co (WRFRF), the current ROC (Joel Greenblatt) % is -18.22% 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 Wharf Real Estate Investment Co (WRFRF) Overvalued in 2026?
Based on GuruFocus' analysis, Wharf Real Estate Investment Co stock appears to be undervalued.
The current stock price of $2.70 is trading 12.9% below its estimated GF Value™ of $3.10.
GuruFocus considers Wharf Real Estate Investment Co to be Modestly Undervalued.
Key valuation signals for WRFRF:
ROC (Joel Greenblatt) %: -18.22%
GF Value™: $3.10 vs. price of $2.70 (12.9% below fair value)
No single metric tells the full story. See the WRFRF stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Wharf Real Estate Investment Co Business Description
Wharf spun off Wharf Real Estate Investment Co. in November 2017. It is a leading property investor with a focus on prime retail assets in Hong Kong. Rental income from flagship assets Harbour City and Times Square accounts for over 85% of revenue. The balance comes from Plaza Hollywood, The Murray, and Marco Polo hotels, and two offices in the central business district. The group also holds two malls in Singapore and a mixed development in Suzhou. Wharf was originally a shipping company but transformed into a property developer and investor in the 1960s by redeveloping its unused industrial assets, many located in city center and waterfront locations. The Harbour City site had been wharfs, and the Times Square site was a tram depot in the 1970s. Wheelock holds a 49% stake in the group.
67GF Score
Get the complete analysis for WRFRF
ROC (Joel Greenblatt) % is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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