Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.
AudaciaFRA:2JA -2.15%94 3-Year ROIIC % is 270.07 as of Dec. 2025, which is 187% above its 10-year median of 94.06. GuruFocus rates FRA:2JA with a GF Score™ of 94/100 and a GF Value™ of €4.53 (Modestly Undervalued). The stock has 2 warning signs investors should review. Among 653 Asset Management companies, Audacia ranks better than 95.71% on this metric.
3-Year Return on Invested Incremental Capital (3-Year ROIIC %) measures the change in earnings as a percentage of change in investment over 3-year.
Audacia's 3-Year ROIIC % for the quarter that ended in Dec. 2025 was 270.07%. High ROIIC is generally an indication that your business is capital efficient or has a higher operating leverage.
The industry rank for Audacia's 3-Year ROIIC % or its related term are showing as below:
FRA:2JA's 3-Year ROIIC % is ranked better than 95.71% of 653
companies
in the Asset Management industry
Industry Median: 2.21
vs FRA:2JA: 270.07
Audacia (FRA:2JA) 3-Year ROIIC % Explanation
Return on Incremental Invested Capital (ROIIC) is an extension of Return on Investment Capital (ROIC). ROIC % tells investors how efficiently that profitability is earned per dollar of company capital. ROIIC narrows the focus even further and shows how profitable each additional unit of capital investment could be. ROIIC % is a more powerful metric than ROIC because it measures how much money the company can generate going forward on future capital investments.
High ROIIC is generally an indication that your business is capital efficient or has a higher operating leverage.
Be Aware
It's important to keep in mind that when tracking ROIIC, the metric is better suited to forecasting the trend of future returns rather than measuring current return on investment.
Audacia 3-Year ROIIC % Related Terms
Audacia 3-Year ROIIC % Historical Data
* Premium members only.
The historical data trend for Audacia's 3-Year ROIIC % 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.
FRA:2JA vs BLK, BX, KKR: 3-Year ROIIC % Comparison
For the Asset Management subindustry, Audacia's 3-Year ROIIC %, along with its competitors' market caps and 3-Year ROIIC % 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.
Audacia 3-Year ROIIC % vs Asset Management Industry
For the Asset Management industry and Financial Services sector, Audacia's 3-Year ROIIC % distribution charts can be found below:
* The bar in red indicates where Audacia's 3-Year ROIIC % falls into.
Audacia's 3-Year ROIIC % for the quarter that ended in Dec. 2025 is calculated as:
3-Year ROIIC %
=
3-Year Incremental Net Operating Profit After Taxes (NOPAT)**
/
3-Year Incremental Invested Capital**
=
( 1.778853 (Dec. 2025) - 0.5527274 (Dec. 2022) )
/
( 15.894 (Dec. 2025) - 15.44 (Dec. 2022) )
=
1.2261256
/
0.454
=
270.07%***
* 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.
** Annual data of NOPAT and Invested Capital was used to calculate 3-Year ROIIC %.
*** Please be aware that the ROIIC (Return on Invested Capital) calculations are based on company-level data using the primary share class. The calculated data provided is for demonstration purposes and may slightly differ from the results displayed in the title due to potential variations caused by currency exchange rate differences throughout the year.
Audacia (FRA:2JA) has a 3-Year ROIIC % of 270.07 as of Dec. 2025. 3-Year ROIIC % measures the change in earnings as a percentage of change in investment over 3-year. View historical data on Audacia and its competitors. This is 187% above median its historical median of 94.06. According to the industry distribution chart, Audacia ranks #28 out of 653 companies in the Asset Management industry, placing it in the top 4.3%.
Is Audacia's 3-Year ROIIC % too high?
Audacia's current 3-Year ROIIC % of 270.07 is 187% above median its 10-year median of 94.06. The Asset Management industry median 3-Year ROIIC % is 2.21. Audacia's value of 270.07 is 12120.4% above this industry median. Based on the distribution chart, Audacia ranks #28 out of 653 companies in the Asset Management industry, which is in the top quartile — a strong position relative to peers. Overall, Audacia has a GF Score™ of 94/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Audacia's 3-Year ROIIC % compare to BLK and BX?
According to the Asset Management industry distribution chart, Audacia ranks #28 out of 653 companies for 3-Year ROIIC %. This places Audacia in the top 4% of its industry — outperforming the majority of peers. The industry median 3-Year ROIIC % is 2.21. Audacia's value of 270.07 is 12120.4% above this benchmark. While the company's 10-year median is 94.06 vs. the industry median of 2.21, Audacia 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 3-Year ROIIC % for an Asset Management company?
The median 3-Year ROIIC % among Asset Management companies is 2.21, based on 653 companies in the industry. Companies in the top quartile (top 25%) have a 3-Year ROIIC % significantly above this median, while those in the bottom quartile fall well below. However, 3-Year ROIIC % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Audacia's current 3-Year ROIIC % of 270.07 is 12120.4% 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 3-Year ROIIC % mean?
A high 3-Year ROIIC % can signal that a stock is expensive relative to its fundamentals. 3-Year ROIIC % measures the change in earnings as a percentage of change in investment over 3-year. View historical data on Audacia and its competitors. For the Asset Management industry, the median 3-Year ROIIC % is 2.21 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Audacia's current 3-Year ROIIC % is 270.07, which is 187% above median its own 10-year median of 94.06. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Audacia stock overvalued right now?
Based on GuruFocus' analysis, Audacia (FRA:2JA) is currently considered Modestly Undervalued. The stock's GF Value™ is €4.53, compared to a current price of €4.09 — trading 9.7% below its estimated fair value. The current 3-Year ROIIC % is 270.07, which is 187% above median its 10-year median of 94.06 and 12120.4% above the Asset Management industry median of 2.21. Audacia's overall GF Score™ is 94/100 with 2 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is 3-Year ROIIC % calculated?
3-Year ROIIC % is calculated from a company's financial statements. For Audacia (FRA:2JA), the current 3-Year ROIIC % is 270.07 as of Dec. 2025. 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 Audacia (FRA:2JA) Overvalued in 2026?
Based on GuruFocus' analysis, Audacia stock appears to be undervalued.
The current stock price of €4.09 is trading 9.7% below its estimated GF Value™ of €4.53.
GuruFocus considers Audacia to be Modestly Undervalued.
Key valuation signals for FRA:2JA:
3-Year ROIIC %: 270.07 (187% above median its 10-year median of 94.06)
GF Value™: €4.53 vs. price of €4.09 (9.7% below fair value)
Industry Position: 12120.4% above the Asset Management median (#28 of 653)
No single metric tells the full story. See the FRA:2JA stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Audacia SA is an independent management company, specializing in alternative asset classes that support entrepreneurs in their projects innovation and growth.
94GF Score
Get the complete analysis for FRA:2JA
3-Year ROIIC % is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
FRA:2JA has been successfully added to your 
