Ninety One (FRA:L91) ROCE %: 29.19% (As of Mar. 2026)

What is Ninety One ROCE %?

Ninety One FRA:L91 -1.74% 74 ROCE % is 29.19% as of Mar. 2026. GuruFocus rates FRA:L91 with a GF Score™ of 74/100 and a GF Value™ of €2.06. The stock has 7 warning signs investors should review.

ROCE % measures how well a company generates profits from its capital. It is calculated as EBIT divided by Capital Employed, where Capital Employed is calculated as Total Assets minus Total Current Liabilities. Ninety One's annualized ROCE % for the quarter that ended in Mar. 2026 was 29.19%.

Ninety One (FRA:L91) ROCE % Explanation

ROCE % can be especially useful when comparing the performance of capital-intensive companies. Unlike ROE %, which indicates the profitability of Shareholders Equity, ROCE % also considers long-term debt in Capital Employed. This can be helpful when analyzing companies with significant debt, as the result is neutralized by taking debt into consideration.

Generally speaking, a higher ROCE % indicates a stonger profitability for a company. Moreover, it is important to look at the ratio from a long term perspective. Investors tend to favor companies with stable and rising ROCE % trend over those with volatile ones.

Ninety One ROCE % Related Terms

Ninety One ROCE % Historical Data

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The historical data trend for Ninety One's ROCE % 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.

Ninety One ROCE % Chart

Ninety One Annual Data

Trend

Mar17

Mar18

Mar19

Mar20

Mar21

Mar22

Mar23

Mar24

Mar25

Mar26

ROCE %

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58.98

42.03

43.77

40.02

29.16

Ninety One Semi-Annual Data
	Mar17	Mar18	Sep18	Mar19	Sep19	Mar20	Sep20	Mar21	Sep21	Mar22	Sep22	Mar23	Sep23	Mar24	Sep24	Mar25	Sep25	Mar26
ROCE %	Get a 7-Day Free Trial													45.46	37.38	43.78	37.25	29.19

74GF Score

Ninety One Ltd FRA:L91

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Ninety One ROCE % Calculation

Ninety One's annualized ROCE % for the fiscal year that ended in Mar. 2026 is calculated as:

ROCE %	=	EBIT	/	( (Capital Employed	+	Capital Employed)	/ count )
		(A: Mar. 2026 )		(A: Mar. 2025 )		(A: Mar. 2026 )
	=	EBIT	/	( ( (Total Assets - Total Current Liabilities)	+	(Total Assets - Total Current Liabilities) )	/ count )
		(A: Mar. 2026 )		(A: Mar. 2025 )		(A: Mar. 2026 )
	=	243.353	/	( ( (14594.564 - 13966.902)	+	(17157.333 - 16115.757) )	/ 2 )
	=	243.353	/	( (627.662	+	1041.576)	/ 2 )
	=	243.353	/	834.619
	=	29.16 %

Ninety One's ROCE % of for the quarter that ended in Mar. 2026 is calculated as:

ROCE %	=	EBIT ⁽¹⁾	/	( (Capital Employed	+	Capital Employed)	/ count )
		(Q: Mar. 2026 )		(Q: Sep. 2025 )		(Q: Mar. 2026 )
	=	EBIT	/	( ( (Total Assets - Total Current Liabilities)	+	(Total Assets - Total Current Liabilities) )	/ count )
		(Q: Mar. 2026 )		(Q: Sep. 2025 )		(Q: Mar. 2026 )
	=	247.506	/	( ( (15706.85 - 15052.422)	+	(17157.333 - 16115.757) )	/ 2 )
	=	247.506	/	( ( 654.428	+	1041.576 )	/ 2 )
	=	247.506	/	848.002
	=	29.19 %

(1) Note: The EBIT data used here is two times the semi-annual (Mar. 2026) EBIT data.

Frequently Asked Questions Learn more about ROCE % →

What does a ROCE % of 29.19% mean?

Ninety One (FRA:L91) has a ROCE % of 29.19% as of Mar. 2026.

Is Ninety One's ROCE % too high?

Ninety One's current ROCE % is 29.19%. The Asset Management industry median ROCE % is 4.39. Ninety One's value of 29.19% is 564.9% above this industry median. Overall, Ninety One has a GF Score™ of 74/100, reflecting its overall financial health beyond just this single metric.

How does Ninety One's ROCE % compare to BLK and BX?

Ninety One's ROCE % of 29.19% can be compared against companies in the Asset Management industry. The industry median ROCE % is 4.39. Ninety One's value of 29.19% is 564.9% above this benchmark. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.

What is a good ROCE % for an Asset Management company?

The median ROCE % among Asset Management companies is 4.39, based on 707 companies in the industry. Companies in the top quartile (top 25%) have a ROCE % significantly above this median, while those in the bottom quartile fall well below. However, ROCE % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Ninety One's current ROCE % of 29.19% is 564.9% 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 ROCE % mean?

A high ROCE % can signal that a stock is expensive relative to its fundamentals. For the Asset Management industry, the median ROCE % is 4.39 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Ninety One's current ROCE % is 29.19%. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Ninety One stock overvalued right now?

Ninety One (FRA:L91) has a current ROCE % of 29.19%. The stock's GF Value™ is €2.06, compared to a current price of €2.26 — trading 9.7% above its estimated fair value. The current ROCE % is 29.19% and 564.9% above the Asset Management industry median of 4.39. Ninety One's overall GF Score™ is 74/100 with 7 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.

How is ROCE % calculated?

ROCE % is calculated from a company's financial statements. For Ninety One (FRA:L91), the current ROCE % is 29.19% 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 Ninety One (FRA:L91) Overvalued in 2026?

Based on GuruFocus' analysis, Ninety One stock appears to be overvalued. The current stock price of €2.26 is trading 9.7% above its estimated GF Value™ of €2.06.

Key valuation signals for FRA:L91:

ROCE %: 29.19%
GF Value™: €2.06 vs. price of €2.26 (9.7% above fair value)
GF Score™: 74/100 with 7 warning signs
Industry Position: 564.9% above the Asset Management median

No single metric tells the full story. See the FRA:L91 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Ninety One Business Description

Industry Financial Services Asset Management

Comparable Companies JSE:KST JSE:CML JSE:SBP JSE:AXX JSE:ZED JSE:EPE JSE:MHB JSE:GRSP JSE:HUG JSE:BAC BLK BX OSTO:INVE A TSX:BN KKR TSX:BAM APO STT OSTO:EQT AMP

Other Exchanges NY1:South Africa

Address 36 Hans Strijdom Avenue, Foreshore, Cape Town, WC, ZAF, 8001

Website https://www.ninetyone.com

Ninety One Ltd is an asset manager. The company provides a range of differentiated strategies managed by its specialist investment teams, providing access to a diverse range of asset classes and regions. It serves its client base via five regional teams namely Africa, the United Kingdom, Asia Pacific, the Americas and Europe and across two distribution channels Institutional and Advisor. Institutional clients include private and public sector pension funds, sovereign wealth funds, insurers, corporates, foundations and central banks, while Advisor clients include large retail groups, wealth managers, private banks and intermediaries serving individual investors.

74GF Score

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ROCE % is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

€2.26

Price

€2.06

GF Value

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