Carl Zeiss Meditec AGXSWX:AFX 80 ROC (Joel Greenblatt) % is 1.32% as of Dec. 2025, which is 98% below its 10-year median of 82.15. GuruFocus rates XSWX:AFX with a GF Score™ of 80/100 and a GF Value™ of CHF69.46 (Significantly Undervalued). The stock has 4 warning signs investors should review. Among 840 Medical Devices & Instruments companies, Carl Zeiss Meditec AG ranks better than 81.19% 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. Carl Zeiss Meditec AG's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2025 was 1.32%.
The historical rank and industry rank for Carl Zeiss Meditec AG's ROC (Joel Greenblatt) % or its related term are showing as below:
XSWX:AFX'
s ROC (Joel Greenblatt) % Range Over the Past 10 Years
Min: 32.42 Med: 82.15 Max: 126.75
Current: 32.42
During the past 13 years, Carl Zeiss Meditec AG's highest ROC (Joel Greenblatt) % was 126.75%. The lowest was 32.42%. And the median was 82.15%.
XSWX:AFX's ROC (Joel Greenblatt) % is ranked better than 81.19% of 840
companies
in the Medical Devices & Instruments industry
Industry Median: 4.035
vs XSWX:AFX: 32.42
Carl Zeiss Meditec AG's 5-Year average Growth Rate of ROC (Joel Greenblatt) % was -16.00% per year.
Carl Zeiss Meditec AG (XSWX:AFX) 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.
Carl Zeiss Meditec AG ROC (Joel Greenblatt) % Related Terms
Carl Zeiss Meditec AG ROC (Joel Greenblatt) % Historical Data
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The historical data trend for Carl Zeiss Meditec AG'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.
Carl Zeiss Meditec AG ROC (Joel Greenblatt) % Chart
XSWX:AFX vs ISRG, BDX, MDLN: ROC (Joel Greenblatt) % Comparison
For the Medical Instruments & Supplies subindustry, Carl Zeiss Meditec AG'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.
Carl Zeiss Meditec AG ROC (Joel Greenblatt) % vs Medical Devices & Instruments Industry
For the Medical Devices & Instruments industry and Healthcare sector, Carl Zeiss Meditec AG's ROC (Joel Greenblatt) % distribution charts can be found below:
* The bar in red indicates where Carl Zeiss Meditec AG's ROC (Joel Greenblatt) % falls into.
Carl Zeiss Meditec AG 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 (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 1.32% mean?
Carl Zeiss Meditec AG (XSWX:AFX) has a ROC (Joel Greenblatt) % of 1.32% 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 Carl Zeiss Meditec AG and its competitors. This is 98% below median its historical median of 82.15. Over the past decade, Carl Zeiss Meditec AG's ROC (Joel Greenblatt) % has ranged from 32.42 to 126.75. According to the industry distribution chart, Carl Zeiss Meditec AG ranks #158 out of 840 companies in the Medical Devices & Instruments industry, placing it in the top 18.8%.
Is Carl Zeiss Meditec AG's ROC (Joel Greenblatt) % too high?
Carl Zeiss Meditec AG's current ROC (Joel Greenblatt) % of 1.32% is 98% below median its 10-year median of 82.15. Over the past 10 years, this metric has ranged from a low of 32.42 to a high of 126.75. The Medical Devices & Instruments industry median ROC (Joel Greenblatt) % is 4.04. Carl Zeiss Meditec AG's value of 1.32% is 67.3% below this industry median. Based on the distribution chart, Carl Zeiss Meditec AG ranks #158 out of 840 companies in the Medical Devices & Instruments industry, which is in the top quartile — a strong position relative to peers. Overall, Carl Zeiss Meditec AG has a GF Score™ of 80/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Carl Zeiss Meditec AG's ROC (Joel Greenblatt) % compare to ISRG and BDX?
According to the Medical Devices & Instruments industry distribution chart, Carl Zeiss Meditec AG ranks #158 out of 840 companies for ROC (Joel Greenblatt) %. This places Carl Zeiss Meditec AG in the top 19% of its industry — outperforming the majority of peers. The industry median ROC (Joel Greenblatt) % is 4.04. Carl Zeiss Meditec AG's value of 1.32% is 67.3% below this benchmark. Historically, Carl Zeiss Meditec AG's own ROC (Joel Greenblatt) % has ranged from 32.42 to 126.75 over the past decade. While the company's 10-year median is 82.15 vs. the industry median of 4.04, Carl Zeiss Meditec AG has consistently been below 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 Medical Devices & Instruments company?
The median ROC (Joel Greenblatt) % among Medical Devices & Instruments companies is 4.04, based on 840 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. Carl Zeiss Meditec AG's current ROC (Joel Greenblatt) % of 1.32% is 67.3% below 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 Carl Zeiss Meditec AG and its competitors. For the Medical Devices & Instruments industry, the median ROC (Joel Greenblatt) % is 4.04 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Carl Zeiss Meditec AG's current ROC (Joel Greenblatt) % is 1.32%, which is 98% below median its own 10-year median of 82.15. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Carl Zeiss Meditec AG stock overvalued right now?
Based on GuruFocus' analysis, Carl Zeiss Meditec AG (XSWX:AFX) is currently considered Significantly Undervalued. The stock's GF Value™ is CHF69.46, compared to a current price of CHF25.10 — trading 63.9% below its estimated fair value. The current ROC (Joel Greenblatt) % is 1.32%, which is 98% below median its 10-year median of 82.15 and 67.3% below the Medical Devices & Instruments industry median of 4.04. Carl Zeiss Meditec AG's overall GF Score™ is 80/100 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 Carl Zeiss Meditec AG (XSWX:AFX), the current ROC (Joel Greenblatt) % is 1.32% 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 Carl Zeiss Meditec AG (XSWX:AFX) Overvalued in 2026?
Based on GuruFocus' analysis, Carl Zeiss Meditec AG stock appears to be undervalued.
The current stock price of CHF25.10 is trading 63.9% below its estimated GF Value™ of CHF69.46.
GuruFocus considers Carl Zeiss Meditec AG to be Significantly Undervalued.
Key valuation signals for XSWX:AFX:
ROC (Joel Greenblatt) %: 1.32% (98% below median its 10-year median of 82.15)
GF Value™: CHF69.46 vs. price of CHF25.10 (63.9% below fair value)
Industry Position: 67.3% below the Medical Devices & Instruments median (#158 of 840)
No single metric tells the full story. See the XSWX:AFX stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Carl Zeiss Meditec is one of the largest visioncare technology companies in the world, and it operates in two segments: ophthalmic devices and microsurgery. OPT, which made up about 75% of sales in 2025, includes refractive lasers, surgical ophthalmic devices, equipment for ophthalmic diagnostics, as well as a portfolio of intraocular lenses and disposable medical instruments. With a low-teens share of the market, Zeiss is the second-largest player in the space. MCS is composed of implants, surgical instruments, and visualization devices used during neurosurgery, spine surgery, and otolaryngology surgery. With over 60% market share, Zeiss is the clear leader in the microsurgery space.
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