Nigerian Breweries (NSA:NB) ROCE %: 58.85% (As of Mar. 2026)


NSA:NB Nigerian Breweries PLC NSA:NB
64 GF Score
Price ₦72.50
GF Value ₦30.66
Valuation Significantly Overvalued
! 2 Warning Signs
View Full Analysis

What is Nigerian Breweries ROCE %?

Nigerian Breweries NSA:NB -1.09% 64 ROCE % is 58.85% as of Mar. 2026. GuruFocus rates NSA:NB with a GF Score™ of 64/100 and a GF Value™ of ₦30.66 (Significantly Overvalued). The stock has 2 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. Nigerian Breweries's annualized ROCE % for the quarter that ended in Mar. 2026 was 58.85%.

Nigerian Breweries  (NSA:NB) 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.

Nigerian Breweries ROCE % Related Terms

Nigerian Breweries ROCE % Historical Data

* Premium members only.

The historical data trend for Nigerian Breweries'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.

Nigerian Breweries ROCE % Chart

Nigerian Breweries Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
ROCE %
Get a 7-Day Free Trial Premium Member Only Premium Member Only 15.51 12.12 -51.40 -23.02 38.18

Nigerian Breweries Quarterly Data
Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26
ROCE % Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 64.10 52.38 5.84 27.05 58.85
NSA:NB
64GF Score
Nigerian Breweries PLC NSA:NB
ROCE % is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Nigerian Breweries ROCE % Calculation

Nigerian Breweries's annualized ROCE % for the fiscal year that ended in Dec. 2025 is calculated as:

ROCE %=EBIT/( (Capital Employed+Capital Employed)/ count )
(A: Dec. 2025 )  (A: Dec. 2024 )(A: Dec. 2025 )
=EBIT/( ( (Total Assets - Total Current Liabilities)+(Total Assets - Total Current Liabilities) )/ count )
(A: Dec. 2025 )  (A: Dec. 2024 )(A: Dec. 2025 )
=207729.94/( ( (1138275.648 - 624585.972) + (1066117.729 - 491650.625) )/ 2 )
=207729.94/( (513689.676+574467.104)/ 2 )
=207729.94/544078.39
=38.18 %

Nigerian Breweries'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: Dec. 2025 )(Q: Mar. 2026 )
=EBIT/( ( (Total Assets - Total Current Liabilities)+(Total Assets - Total Current Liabilities) )/ count )
(Q: Mar. 2026 )  (Q: Dec. 2025 )(Q: Mar. 2026 )
=354771.528/( ( (1066117.729 - 491650.625) + (1137211.247 - 505971.773) )/ 2 )
=354771.528/( ( 574467.104 + 631239.474 )/ 2 )
=354771.528/602853.289
=58.85 %

(1) 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.

Frequently Asked Questions Learn more about ROCE % →
What does a ROCE % of 58.85% mean?
Nigerian Breweries (NSA:NB) has a ROCE % of 58.85% as of Mar. 2026.
Is Nigerian Breweries' ROCE % too high?
Nigerian Breweries' current ROCE % is 58.85%. The Beverages - Alcoholic industry median ROCE % is 7.59. Nigerian Breweries' value of 58.85% is 675.9% above this industry median. Overall, Nigerian Breweries has a GF Score™ of 64/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Nigerian Breweries' ROCE % compare to STZ and TAP?
Nigerian Breweries' ROCE % of 58.85% can be compared against companies in the Beverages - Alcoholic industry. The industry median ROCE % is 7.59. Nigerian Breweries' value of 58.85% is 675.9% 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 a Beverages - Alcoholic company?
The median ROCE % among Beverages - Alcoholic companies is 7.59, based on 208 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. Nigerian Breweries's current ROCE % of 58.85% is 675.9% 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 Beverages - Alcoholic industry, the median ROCE % is 7.59 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Nigerian Breweries's current ROCE % is 58.85%. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Nigerian Breweries stock overvalued right now?
Based on GuruFocus' analysis, Nigerian Breweries (NSA:NB) is currently considered Significantly Overvalued. The stock's GF Value™ is ₦30.66, compared to a current price of ₦72.50 — trading 136.5% above its estimated fair value. The current ROCE % is 58.85% and 675.9% above the Beverages - Alcoholic industry median of 7.59. Nigerian Breweries' overall GF Score™ is 64/100 with 2 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 Nigerian Breweries (NSA:NB), the current ROCE % is 58.85% 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 Nigerian Breweries (NSA:NB) Overvalued in 2026?

Based on GuruFocus' analysis, Nigerian Breweries stock appears to be overvalued. The current stock price of ₦72.50 is trading 136.5% above its estimated GF Value™ of ₦30.66. GuruFocus considers Nigerian Breweries to be Significantly Overvalued.

Key valuation signals for NSA:NB:

  • ROCE %: 58.85%
  • GF Value™: ₦30.66 vs. price of ₦72.50 (136.5% above fair value)
  • GF Score™: 64/100 with 2 warning signs
  • Industry Position: 675.9% above the Beverages - Alcoholic median

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

Nigerian Breweries Business Description

Address 1, Abebe Village Road, P. O. Box 545, Iganmu House, Iganmu, Lagos, NGA, 101241
Nigerian Breweries PLC is a Brewing firm. The company's principal activities are brewing, marketing, and selling lager, stout, non-alcoholic malt, and soft drinks. Geographically, it derives a majority of its revenue from Nigeria and also has a presence in the United Kingdom, the Netherlands, the United States of America, Canada, some parts of Africa, and parts of the Middle East and Asia. The company's brands include Star, Goldberg, Turbo King, Ace Bitters, Gulder, Maltina, Legend Extra Stout, Amstel Malta, Heineken, Maltina Sip-it, Fayrouz, Goldberg, Malta Gold, and others.
64GF Score

Get the complete analysis for NSA:NB

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

₦72.50
Price
₦30.66
GF Value