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Audax RenovablesXMAD:ADX -0.49%76 ROC (Joel Greenblatt) % is 24.91% as of Dec. 2025, which is 14% below its 10-year median of 28.99. GuruFocus rates XMAD:ADX with a GF Score™ of 76/100 and a GF Value™ of €1.26 (Fairly Valued). The stock has 4 warning signs investors should review. Among 436 Utilities - Independent Power Producers companies, Audax Renovables ranks better than 88.3% 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. Audax Renovables's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2025 was 24.91%.
The historical rank and industry rank for Audax Renovables's ROC (Joel Greenblatt) % or its related term are showing as below:
XMAD:ADX'
s ROC (Joel Greenblatt) % Range Over the Past 10 Years
Min: -13.5 Med: 28.99 Max: 69.41
Current: 35.7
During the past 13 years, Audax Renovables's highest ROC (Joel Greenblatt) % was 69.41%. The lowest was -13.50%. And the median was 28.99%.
XMAD:ADX's ROC (Joel Greenblatt) % is ranked better than 88.3% of 436
companies
in the Utilities - Independent Power Producers industry
Industry Median: 6.525
vs XMAD:ADX: 35.70
Audax Renovables's 5-Year average Growth Rate of ROC (Joel Greenblatt) % was 7.90% per year.
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.
Audax Renovables ROC (Joel Greenblatt) % Related Terms
Audax Renovables ROC (Joel Greenblatt) % Historical Data
* Premium members only.
The historical data trend for Audax Renovables'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.
For the Utilities - Renewable subindustry, Audax Renovables'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.
Audax Renovables ROC (Joel Greenblatt) % vs Utilities - Independent Power Producers Industry
For the Utilities - Independent Power Producers industry and Utilities sector, Audax Renovables's ROC (Joel Greenblatt) % distribution charts can be found below:
* The bar in red indicates where Audax Renovables'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 24.91% mean?
Audax Renovables (XMAD:ADX) has a ROC (Joel Greenblatt) % of 24.91% 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 Audax Renovables and its competitors. This is 14% below median its historical median of 28.99. According to the industry distribution chart, Audax Renovables ranks #51 out of 436 companies in the Utilities - Independent Power Producers industry, placing it in the top 11.7%.
Is Audax Renovables' ROC (Joel Greenblatt) % too high?
Audax Renovables' current ROC (Joel Greenblatt) % of 24.91% is 14% below median its 10-year median of 28.99. The Utilities - Independent Power Producers industry median ROC (Joel Greenblatt) % is 6.53. Audax Renovables' value of 24.91% is 281.8% above this industry median. Based on the distribution chart, Audax Renovables ranks #51 out of 436 companies in the Utilities - Independent Power Producers industry, which is in the top quartile — a strong position relative to peers. Overall, Audax Renovables has a GF Score™ of 76/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Audax Renovables' ROC (Joel Greenblatt) % compare to competitors?
According to the Utilities - Independent Power Producers industry distribution chart, Audax Renovables ranks #51 out of 436 companies for ROC (Joel Greenblatt) %. This places Audax Renovables in the top 12% of its industry — outperforming the majority of peers. The industry median ROC (Joel Greenblatt) % is 6.53. Audax Renovables' value of 24.91% is 281.8% above this benchmark. While the company's 10-year median is 28.99 vs. the industry median of 6.53, Audax Renovables 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 - Independent Power Producers company?
The median ROC (Joel Greenblatt) % among Utilities - Independent Power Producers companies is 6.53, based on 436 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. Audax Renovables's current ROC (Joel Greenblatt) % of 24.91% is 281.8% 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 Audax Renovables and its competitors. For the Utilities - Independent Power Producers industry, the median ROC (Joel Greenblatt) % is 6.53 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Audax Renovables's current ROC (Joel Greenblatt) % is 24.91%, which is 14% below median its own 10-year median of 28.99. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Audax Renovables stock overvalued right now?
Based on GuruFocus' analysis, Audax Renovables (XMAD:ADX) is currently considered Fairly Valued. The stock's GF Value™ is €1.26, compared to a current price of €1.22 — trading 3.5% below its estimated fair value. The current ROC (Joel Greenblatt) % is 24.91%, which is 14% below median its 10-year median of 28.99 and 281.8% above the Utilities - Independent Power Producers industry median of 6.53. Audax Renovables' overall GF Score™ is 76/100 with 4 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 Audax Renovables (XMAD:ADX), the current ROC (Joel Greenblatt) % is 24.91% 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 Audax Renovables (XMAD:ADX) Overvalued in 2026?
Based on GuruFocus' analysis, Audax Renovables stock appears to be undervalued.
The current stock price of €1.22 is trading 3.5% below its estimated GF Value™ of €1.26.
GuruFocus considers Audax Renovables to be Fairly Valued.
Key valuation signals for XMAD:ADX:
ROC (Joel Greenblatt) %: 24.91% (14% below median its 10-year median of 28.99)
GF Value™: €1.26 vs. price of €1.22 (3.5% below fair value)
Industry Position: 281.8% above the Utilities - Independent Power Producers median (#51 of 436)
No single metric tells the full story. See the XMAD:ADX stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Audax Renovables SA is engaged in the development of renewable energy for generating electricity. The company is mainly focused on developing wind energy. The group's projects are located in Spain, France, Panama, Germany, and Poland. The majority of the revenue is generated from Spain and Portugal.
76GF Score
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