BlackRockXSWX:BLK +2.22%93 ROC (Joel Greenblatt) % is 86.13% as of Mar. 2026, which is 98% above its 10-year median of 43.48. GuruFocus rates XSWX:BLK with a GF Score™ of 93/100 and a GF Value™ of CHF919.21. The stock has 6 warning signs investors should review. Among 627 Asset Management companies, BlackRock ranks better than 51.52% 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. BlackRock's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 was 86.13%.
The historical rank and industry rank for BlackRock's ROC (Joel Greenblatt) % or its related term are showing as below:
XSWX:BLK'
s ROC (Joel Greenblatt) % Range Over the Past 10 Years
Min: 14.87 Med: 43.48 Max: 82.55
Current: 73.6
During the past 13 years, BlackRock's highest ROC (Joel Greenblatt) % was 82.55%. The lowest was 14.87%. And the median was 43.48%.
XSWX:BLK's ROC (Joel Greenblatt) % is ranked better than 51.52% of 627
companies
in the Asset Management industry
Industry Median: 63.97
vs XSWX:BLK: 73.60
BlackRock's 5-Year average Growth Rate of ROC (Joel Greenblatt) % was 14.00% 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 BlackRock'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:BLK vs BX, KKR, APO: ROC (Joel Greenblatt) % Comparison
For the Asset Management subindustry, BlackRock'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.
BlackRock ROC (Joel Greenblatt) % vs Asset Management Industry
For the Asset Management industry and Financial Services sector, BlackRock's ROC (Joel Greenblatt) % distribution charts can be found below:
* The bar in red indicates where BlackRock'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 86.13% mean?
BlackRock (XSWX:BLK) has a ROC (Joel Greenblatt) % of 86.13% 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 BlackRock and its competitors. This is 98% above median its historical median of 43.48. Over the past decade, BlackRock's ROC (Joel Greenblatt) % has ranged from 14.87 to 82.55. According to the industry distribution chart, BlackRock ranks #304 out of 627 companies in the Asset Management industry, placing it in the top 48.5%.
Is BlackRock's ROC (Joel Greenblatt) % too high?
BlackRock's current ROC (Joel Greenblatt) % of 86.13% is 98% above median its 10-year median of 43.48. Over the past 10 years, this metric has ranged from a low of 14.87 to a high of 82.55. The Asset Management industry median ROC (Joel Greenblatt) % is 63.97. BlackRock's value of 86.13% is 34.6% above this industry median. Based on the distribution chart, BlackRock ranks #304 out of 627 companies in the Asset Management industry, which is above the industry midpoint. Overall, BlackRock has a GF Score™ of 93/100, reflecting its overall financial health beyond just this single metric.
How does BlackRock's ROC (Joel Greenblatt) % compare to BX and KKR?
According to the Asset Management industry distribution chart, BlackRock ranks #304 out of 627 companies for ROC (Joel Greenblatt) %. This puts BlackRock in the upper half of its industry. The industry median ROC (Joel Greenblatt) % is 63.97. BlackRock's value of 86.13% is 34.6% above this benchmark. Historically, BlackRock's own ROC (Joel Greenblatt) % has ranged from 14.87 to 82.55 over the past decade. While the company's 10-year median is 43.48 vs. the industry median of 63.97, BlackRock 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 Asset Management company?
The median ROC (Joel Greenblatt) % among Asset Management companies is 63.97, based on 627 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. BlackRock's current ROC (Joel Greenblatt) % of 86.13% is 34.6% 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 BlackRock and its competitors. For the Asset Management industry, the median ROC (Joel Greenblatt) % is 63.97 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. BlackRock's current ROC (Joel Greenblatt) % is 86.13%, which is 98% above median its own 10-year median of 43.48. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is BlackRock stock overvalued right now?
BlackRock (XSWX:BLK) has a current ROC (Joel Greenblatt) % of 86.13%. The stock's GF Value™ is CHF919.21, compared to a current price of CHF834.80 — trading 9.2% below its estimated fair value. The current ROC (Joel Greenblatt) % is 86.13%, which is 98% above median its 10-year median of 43.48 and 34.6% above the Asset Management industry median of 63.97. BlackRock's overall GF Score™ is 93/100 with 6 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 BlackRock (XSWX:BLK), the current ROC (Joel Greenblatt) % is 86.13% 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 BlackRock (XSWX:BLK) Overvalued in 2026?
Based on GuruFocus' analysis, BlackRock stock appears to be undervalued.
The current stock price of CHF834.80 is trading 9.2% below its estimated GF Value™ of CHF919.21.
Key valuation signals for XSWX:BLK:
ROC (Joel Greenblatt) %: 86.13% (98% above median its 10-year median of 43.48)
GF Value™: CHF919.21 vs. price of CHF834.80 (9.2% below fair value)
Industry Position: 34.6% above the Asset Management median (#304 of 627)
No single metric tells the full story. See the XSWX:BLK stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
BlackRock is the largest asset manager in the world, with $14.041 trillion in assets under management at the end of December 2025. Its product mix is diverse, with 55% of managed assets in equity strategies, 23% in fixed income, 9% in multi-asset classes, 6% in money market funds, and 5% in alternatives. Passive strategies account for more than two-thirds of long-term AUM, with the company's ETF platform maintaining a leading market share domestically and on a global basis. Product distribution is weighted more toward institutional clients, which, by our calculations, account for around 80% of AUM. BlackRock is geographically diverse, with clients in more than 100 countries and more than one-third of managed assets coming from investors domiciled outside the US and Canada.
93GF Score
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