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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. Coka duvanska industrija a.d's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2025 was -14.44%.
The historical rank and industry rank for Coka duvanska industrija a.d's ROC (Joel Greenblatt) % or its related term are showing as below:
XBEL:COKA'
s ROC (Joel Greenblatt) % Range Over the Past 10 Years
Min: 0.84 Med: 12.82 Max: 28.41
Current: 0.97
During the past 13 years, Coka duvanska industrija a.d's highest ROC (Joel Greenblatt) % was 28.41%. The lowest was 0.84%. And the median was 12.82%.
XBEL:COKA's ROC (Joel Greenblatt) % is ranked worse than 78.26% of 46
companies
in the Tobacco Products industry
Industry Median: 38.645
vs XBEL:COKA: 0.97
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.
XBEL:COKA vs PM, MO, TPB: ROC (Joel Greenblatt) % Comparison
For the Tobacco subindustry, Coka duvanska industrija a.d'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.
Coka duvanska industrija a.d ROC (Joel Greenblatt) % vs Tobacco Products Industry
For the Tobacco Products industry and Consumer Defensive sector, Coka duvanska industrija a.d's ROC (Joel Greenblatt) % distribution charts can be found below:
* The bar in red indicates where Coka duvanska industrija a.d'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 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 -14.44% mean?
Coka duvanska industrija a.d (XBEL:COKA) has a ROC (Joel Greenblatt) % of -14.44% 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 Coka duvanska industrija a.d and its competitors. Over the past decade, Coka duvanska industrija a.d's ROC (Joel Greenblatt) % has ranged from 0.84 to 28.41. According to the industry distribution chart, Coka duvanska industrija a.d ranks #36 out of 46 companies in the Tobacco Products industry, placing it in the top 78.3%.
Is Coka duvanska industrija a.d's ROC (Joel Greenblatt) % too high?
Coka duvanska industrija a.d's current ROC (Joel Greenblatt) % is -14.44%. Over the past 10 years, this metric has ranged from a low of 0.84 to a high of 28.41. Based on the distribution chart, Coka duvanska industrija a.d ranks #36 out of 46 companies in the Tobacco Products industry, which is in the bottom quartile relative to peers. Overall, Coka duvanska industrija a.d has a GF Score™ of 67/100, reflecting its overall financial health beyond just this single metric.
How does Coka duvanska industrija a.d's ROC (Joel Greenblatt) % compare to PM and MO?
According to the Tobacco Products industry distribution chart, Coka duvanska industrija a.d ranks #36 out of 46 companies for ROC (Joel Greenblatt) %. This places Coka duvanska industrija a.d in the lower half of its industry. The industry median ROC (Joel Greenblatt) % is 38.65. Historically, Coka duvanska industrija a.d's own ROC (Joel Greenblatt) % has ranged from 0.84 to 28.41 over the past decade. 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 Tobacco Products company?
The median ROC (Joel Greenblatt) % among Tobacco Products companies is 38.65, based on 46 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 Coka duvanska industrija a.d and its competitors. For the Tobacco Products industry, the median ROC (Joel Greenblatt) % is 38.65 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Coka duvanska industrija a.d's current ROC (Joel Greenblatt) % is -14.44%. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Coka duvanska industrija a.d stock overvalued right now?
Coka duvanska industrija a.d (XBEL:COKA) has a current ROC (Joel Greenblatt) % of -14.44%. The stock's GF Value™ is RSD8,788.85, compared to a current price of RSD8,900.00 — trading 1.3% above its estimated fair value. The current ROC (Joel Greenblatt) % is -14.44%. Coka duvanska industrija a.d's overall GF Score™ is 67/100 with 8 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 Coka duvanska industrija a.d (XBEL:COKA), the current ROC (Joel Greenblatt) % is -14.44% 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 Coka duvanska industrija a.d (XBEL:COKA) Overvalued in 2026?
Based on GuruFocus' analysis, Coka duvanska industrija a.d stock appears to be overvalued.
The current stock price of RSD8,900.00 is trading 1.3% above its estimated GF Value™ of RSD8,788.85.
Key valuation signals for XBEL:COKA:
ROC (Joel Greenblatt) %: -14.44%
GF Value™: RSD8,788.85 vs. price of RSD8,900.00 (1.3% above fair value)
No single metric tells the full story. See the XBEL:COKA stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Coka duvanska industrija a.d is a Serbia based company. It is engaged in the production and processing of raw tobacco. it is also engaged in the wholesale and retail trade of tobacco products.
67GF Score
Get the complete analysis for XBEL:COKA
ROC (Joel Greenblatt) % is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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