ROC % measures how well a company generates cash flow relative to the capital it has invested in its business. It is also called ROIC %. Aqua Metals's annualized return on capital (ROC %) for the quarter that ended in Mar. 2026 was -243.17%.
As of today (2026-06-25), Aqua Metals's WACC % is 8.84%. Aqua Metals's ROC % is -158.92% (calculated using TTM income statement data).
Aqua Metals earns returns that do not match up to its cost of capital. It will destroy value as it grows.
Aqua Metals (NAS:AQMS) ROC % Explanation
ROC % measures how well a company generates cash flow relative to the capital it has invested in its business. It is also called ROIC %. The reason book values of debt and equity are used is because the book values are the capital the company received when issuing the debt or receiving the equity investments.
There are four key components to this definition. The first is the use of operating income or EBIT rather than net income in the numerator. The second is the tax adjustment to this operating income or EBIT, computed as a hypothetical tax based on an effective or marginal tax rate. The third is the use of book values for invested capital, rather than market values. The final is the timing difference; the capital invested is from the end of the prior year whereas the operating income or EBIT is the current year's number.
Why is ROC % important?
Because it costs money to raise capital. A firm that generates higher returns on investment than it costs the company to raise the capital needed for that investment is earning excess returns. A firm that expects to continue generating positive excess returns on new investments in the future will see its value increase as growth increases, whereas a firm that earns returns that do not match up to its cost of capital will destroy value as it grows.
As of today, Aqua Metals's WACC % is 8.84%. Aqua Metals's ROC % is -158.92% (calculated using TTM income statement data).
Aqua Metals earns returns that do not match up to its cost of capital. It will destroy value as it grows.
Be Aware
Like ROE % and ROA %, ROC % is calculated with only 12 months of data. Fluctuations in the company's earnings or business cycles can affect the ratio drastically. It is important to look at the ratio from a long term perspective.
Aqua Metals ROC % Related Terms
Aqua Metals ROC % Historical Data
* Premium members only.
The historical data trend for Aqua Metals's ROC % 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.
Note:
The Operating Income data used here is four times the quarterly (Mar. 2026) data.
The tax rate is limited to between 0% and 100%.
* 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.
Aqua Metals (AQMS) has a ROC % of -243.17% as of Mar. 2026. Return on capital is the ratio of current-period net income to average two-period capital. View historical data on Aqua Metals and its competitors.
Is Aqua Metals' ROC % too high?
Aqua Metals' current ROC % is -243.17%. Overall, Aqua Metals has a GF Score™ of 25/100, reflecting its overall financial health beyond just this single metric.
How does Aqua Metals' ROC % compare to AWX and OCLN?
Aqua Metals' ROC % of -243.17% can be compared against companies in the Waste Management industry. The industry median ROC % is 3.53. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good ROC % for a Waste Management company?
The median ROC % among Waste Management companies is 3.53, based on 246 companies in the industry. Companies in the top quartile (top 25%) have a ROC % significantly above this median, while those in the bottom quartile fall well below. However, ROC % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high ROC % mean?
A high ROC % can signal that a stock is expensive relative to its fundamentals. Return on capital is the ratio of current-period net income to average two-period capital. View historical data on Aqua Metals and its competitors. For the Waste Management industry, the median ROC % is 3.53 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Aqua Metals's current ROC % is -243.17%. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Aqua Metals stock overvalued right now?
Aqua Metals (AQMS) has a current ROC % of -243.17%. The current ROC % is -243.17%. Aqua Metals' overall GF Score™ is 25/100 with 3 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is ROC % calculated?
ROC % is calculated from a company's financial statements. For Aqua Metals (AQMS), the current ROC % is -243.17% 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.
Aqua Metals Inc is developing and seeking to commercialize proprietary recycling and refining technologies for the recovery of critical minerals and metals. Its patented and patent-pending AquaRefining process is an electro-hydrometallurgical method designed to recover high-purity materials from battery and other metal-bearing feedstocks using a closed-loop system powered by electricity. Its idea is to reduce CAPEX and OPEX costs, reduce emissions, hazardous waste, and reliance on conventional smelting and chemical-intensive refining processes. It has one operating segment: sustainable metals recycling. It focused on the development and commercialization of AquaRefining technology for the clean and efficient recovery of valuable metals from lead-acid and lithium-ion batteries.
25GF Score
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