AlconXSWX:ALCE +3.65%53 ROC (Joel Greenblatt) % is 20.63% as of Mar. 2026, which is 95% above its 10-year median of 10.59. GuruFocus rates XSWX:ALCE with a GF Score™ of 53/100 and a GF Value™ of CHF73.46 (Modestly Undervalued). The stock has 3 warning signs investors should review. Among 841 Medical Devices & Instruments companies, Alcon ranks better than 65.99% 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. Alcon's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 was 20.63%.
The historical rank and industry rank for Alcon's ROC (Joel Greenblatt) % or its related term are showing as below:
XSWX:ALCE'
s ROC (Joel Greenblatt) % Range Over the Past 10 Years
Min: -10.22 Med: 10.59 Max: 33.82
Current: 17.12
During the past 10 years, Alcon's highest ROC (Joel Greenblatt) % was 33.82%. The lowest was -10.22%. And the median was 10.59%.
XSWX:ALCE's ROC (Joel Greenblatt) % is ranked better than 65.99% of 841
companies
in the Medical Devices & Instruments industry
Industry Median: 4.13
vs XSWX:ALCE: 17.12
Alcon's 5-Year average Growth Rate of ROC (Joel Greenblatt) % was 0.00% 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.
The historical data trend for Alcon'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:ALCE vs ISRG, BDX, MDLN: ROC (Joel Greenblatt) % Comparison
For the Medical Instruments & Supplies subindustry, Alcon'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.
Alcon ROC (Joel Greenblatt) % vs Medical Devices & Instruments Industry
For the Medical Devices & Instruments industry and Healthcare sector, Alcon's ROC (Joel Greenblatt) % distribution charts can be found below:
* The bar in red indicates where Alcon'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 four times the quarterly (Mar. 2026) 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 20.63% mean?
Alcon (XSWX:ALCE) has a ROC (Joel Greenblatt) % of 20.63% as of Mar. 2026. Joel Greenblatt's return on capital is the ratio of EBIT to average fixed assets and net working capital. View historical data on Alcon and its competitors. This is 95% above median its historical median of 10.59. According to the industry distribution chart, Alcon ranks #286 out of 841 companies in the Medical Devices & Instruments industry, placing it in the top 34%.
Is Alcon's ROC (Joel Greenblatt) % too high?
Alcon's current ROC (Joel Greenblatt) % of 20.63% is 95% above median its 10-year median of 10.59. The Medical Devices & Instruments industry median ROC (Joel Greenblatt) % is 4.13. Alcon's value of 20.63% is 399.5% above this industry median. Based on the distribution chart, Alcon ranks #286 out of 841 companies in the Medical Devices & Instruments industry, which is above the industry midpoint. Overall, Alcon has a GF Score™ of 53/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Alcon's ROC (Joel Greenblatt) % compare to ISRG and BDX?
According to the Medical Devices & Instruments industry distribution chart, Alcon ranks #286 out of 841 companies for ROC (Joel Greenblatt) %. This puts Alcon in the upper half of its industry. The industry median ROC (Joel Greenblatt) % is 4.13. Alcon's value of 20.63% is 399.5% above this benchmark. While the company's 10-year median is 10.59 vs. the industry median of 4.13, Alcon 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 Medical Devices & Instruments company?
The median ROC (Joel Greenblatt) % among Medical Devices & Instruments companies is 4.13, based on 841 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. Alcon's current ROC (Joel Greenblatt) % of 20.63% is 399.5% 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 Alcon and its competitors. For the Medical Devices & Instruments industry, the median ROC (Joel Greenblatt) % is 4.13 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Alcon's current ROC (Joel Greenblatt) % is 20.63%, which is 95% above median its own 10-year median of 10.59. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Alcon stock overvalued right now?
Based on GuruFocus' analysis, Alcon (XSWX:ALCE) is currently considered Modestly Undervalued. The stock's GF Value™ is CHF73.46, compared to a current price of CHF55.60 — trading 24.3% below its estimated fair value. The current ROC (Joel Greenblatt) % is 20.63%, which is 95% above median its 10-year median of 10.59 and 399.5% above the Medical Devices & Instruments industry median of 4.13. Alcon's overall GF Score™ is 53/100 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 Alcon (XSWX:ALCE), the current ROC (Joel Greenblatt) % is 20.63% as of Mar. 2026. 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 Alcon (XSWX:ALCE) Overvalued in 2026?
Based on GuruFocus' analysis, Alcon stock appears to be undervalued.
The current stock price of CHF55.60 is trading 24.3% below its estimated GF Value™ of CHF73.46.
GuruFocus considers Alcon to be Modestly Undervalued.
Key valuation signals for XSWX:ALCE:
ROC (Joel Greenblatt) %: 20.63% (95% above median its 10-year median of 10.59)
GF Value™: CHF73.46 vs. price of CHF55.60 (24.3% below fair value)
Industry Position: 399.5% above the Medical Devices & Instruments median (#286 of 841)
No single metric tells the full story. See the XSWX:ALCE stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Alcon is one of the leading visioncare companies in the world. Following nine years as a Novartis subsidiary, it was spun off as a public company in April 2019. Alcon operates in two segments: visioncare and surgical. Visioncare comprises contact lenses, lenscare solutions, and a suite of ocular health products. With brands like Dailies, Total1, and Air Optix, Alcon controls about one fourth of the US contact lens market. Surgical comprises intraocular lenses, ophthalmic surgical equipment, and consumables used during surgeries. Its main products include Centurion, a phacoemulsification device used during cataract surgeries, and a portfolio of IOLs including PanOptix and Vivity. Alcon has one of the largest installed bases of eye surgical equipment in the world.
53GF Score
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