Air LiquideXSWX:AI1 98 ROC (Joel Greenblatt) % is 18.71% as of Dec. 2025, which is 6% above its 10-year median of 17.60. GuruFocus rates XSWX:AI1 with a GF Score™ of 98/100 and a GF Value™ of CHF140.88. The stock has 5 warning signs investors should review. Among 1,611 Chemicals companies, Air Liquide ranks better than 75.11% 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. Air Liquide's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2025 was 18.71%.
The historical rank and industry rank for Air Liquide's ROC (Joel Greenblatt) % or its related term are showing as below:
XSWX:AI1'
s ROC (Joel Greenblatt) % Range Over the Past 10 Years
Min: 14.75 Med: 17.6 Max: 19.72
Current: 19.72
During the past 13 years, Air Liquide's highest ROC (Joel Greenblatt) % was 19.72%. The lowest was 14.75%. And the median was 17.60%.
XSWX:AI1's ROC (Joel Greenblatt) % is ranked better than 75.11% of 1611
companies
in the Chemicals industry
Industry Median: 9.38
vs XSWX:AI1: 19.72
Air Liquide's 5-Year average Growth Rate of ROC (Joel Greenblatt) % was 1.70% per year.
Air Liquide (XSWX:AI1) 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.
Air Liquide ROC (Joel Greenblatt) % Historical Data
* Premium members only.
The historical data trend for Air Liquide'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.
XSWX:AI1 vs LIN, SHW, ECL: ROC (Joel Greenblatt) % Comparison
For the Specialty Chemicals subindustry, Air Liquide'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.
Air Liquide ROC (Joel Greenblatt) % vs Chemicals Industry
For the Chemicals industry and Basic Materials sector, Air Liquide's ROC (Joel Greenblatt) % distribution charts can be found below:
* The bar in red indicates where Air Liquide'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 18.71% mean?
Air Liquide (XSWX:AI1) has a ROC (Joel Greenblatt) % of 18.71% 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 Air Liquide and its competitors. This is near median its historical median of 17.60. Over the past decade, Air Liquide's ROC (Joel Greenblatt) % has ranged from 14.75 to 19.72. According to the industry distribution chart, Air Liquide ranks #401 out of 1611 companies in the Chemicals industry, placing it in the top 24.9%.
Is Air Liquide's ROC (Joel Greenblatt) % too high?
Air Liquide's current ROC (Joel Greenblatt) % of 18.71% is near median its 10-year median of 17.60. Over the past 10 years, this metric has ranged from a low of 14.75 to a high of 19.72. The Chemicals industry median ROC (Joel Greenblatt) % is 9.38. Air Liquide's value of 18.71% is 99.5% above this industry median. Based on the distribution chart, Air Liquide ranks #401 out of 1611 companies in the Chemicals industry, which is in the top quartile — a strong position relative to peers. Overall, Air Liquide has a GF Score™ of 98/100, reflecting its overall financial health beyond just this single metric.
How does Air Liquide's ROC (Joel Greenblatt) % compare to LIN and SHW?
According to the Chemicals industry distribution chart, Air Liquide ranks #401 out of 1611 companies for ROC (Joel Greenblatt) %. This places Air Liquide in the top 25% of its industry — outperforming the majority of peers. The industry median ROC (Joel Greenblatt) % is 9.38. Air Liquide's value of 18.71% is 99.5% above this benchmark. Historically, Air Liquide's own ROC (Joel Greenblatt) % has ranged from 14.75 to 19.72 over the past decade. While the company's 10-year median is 17.60 vs. the industry median of 9.38, Air Liquide 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 a Chemicals company?
The median ROC (Joel Greenblatt) % among Chemicals companies is 9.38, based on 1,611 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. Air Liquide's current ROC (Joel Greenblatt) % of 18.71% is 99.5% 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 Air Liquide and its competitors. For the Chemicals industry, the median ROC (Joel Greenblatt) % is 9.38 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Air Liquide's current ROC (Joel Greenblatt) % is 18.71%, which is near median its own 10-year median of 17.60. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Air Liquide stock overvalued right now?
Air Liquide (XSWX:AI1) has a current ROC (Joel Greenblatt) % of 18.71%. The stock's GF Value™ is CHF140.88, compared to a current price of CHF157.66 — trading 11.9% above its estimated fair value. The current ROC (Joel Greenblatt) % is 18.71%, which is near median its 10-year median of 17.60 and 99.5% above the Chemicals industry median of 9.38. Air Liquide's overall GF Score™ is 98/100 with 5 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 Air Liquide (XSWX:AI1), the current ROC (Joel Greenblatt) % is 18.71% 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 Air Liquide (XSWX:AI1) Overvalued in 2026?
Based on GuruFocus' analysis, Air Liquide stock appears to be overvalued.
The current stock price of CHF157.66 is trading 11.9% above its estimated GF Value™ of CHF140.88.
Key valuation signals for XSWX:AI1:
ROC (Joel Greenblatt) %: 18.71% (near median its 10-year median of 17.60)
GF Value™: CHF140.88 vs. price of CHF157.66 (11.9% above fair value)
Industry Position: 99.5% above the Chemicals median (#401 of 1611)
No single metric tells the full story. See the XSWX:AI1 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Founded in 1902, Air Liquide is one of the leading industrial gas companies in the world, serving over 3.8 million customers in 78 countries. The company generated approximately EUR 27.9 billion of revenue in 2025, serving a wide range of industries, including chemicals, energy, healthcare, food and beverage, and electronics. Air Liquide employs approximately 65,000 people.
98GF Score
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