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.
Li Ning CoFRA:LNL -2.58%98 3-Year ROIIC % is 9.89 as of Dec. 2025, which is at its 10-year median of 9.89. GuruFocus rates FRA:LNL with a GF Score™ of 98/100 and a GF Value™ of €54.33. The stock has 3 warning signs investors should review. Among 791 Travel & Leisure companies, Li Ning Co ranks better than 59.8% 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.
Li Ning Co's 3-Year ROIIC % for the quarter that ended in Dec. 2025 was 9.89%. High ROIIC is generally an indication that your business is capital efficient or has a higher operating leverage.
The industry rank for Li Ning Co's 3-Year ROIIC % or its related term are showing as below:
FRA:LNL's 3-Year ROIIC % is ranked better than 59.8% of 791
companies
in the Travel & Leisure industry
Industry Median: 3.94
vs FRA:LNL: 9.89
Li Ning Co (FRA:LNL) 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.
Li Ning Co 3-Year ROIIC % Related Terms
Li Ning Co 3-Year ROIIC % Historical Data
* Premium members only.
The historical data trend for Li Ning Co'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:LNL vs AS, HAS, LTH: 3-Year ROIIC % Comparison
For the Leisure subindustry, Li Ning Co'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.
Li Ning Co 3-Year ROIIC % vs Travel & Leisure Industry
For the Travel & Leisure industry and Consumer Cyclical sector, Li Ning Co's 3-Year ROIIC % distribution charts can be found below:
* The bar in red indicates where Li Ning Co's 3-Year ROIIC % falls into.
* 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.
Li Ning Co (FRA:LNL) has a 3-Year ROIIC % of 9.89 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 Li Ning Co and its competitors. This is near median its historical median of 9.89. According to the industry distribution chart, Li Ning Co ranks #318 out of 791 companies in the Travel & Leisure industry, placing it in the top 40.2%.
Is Li Ning Co's 3-Year ROIIC % too high?
Li Ning Co's current 3-Year ROIIC % of 9.89 is near median its 10-year median of 9.89. The Travel & Leisure industry median 3-Year ROIIC % is 3.94. Li Ning Co's value of 9.89 is 151% above this industry median. Based on the distribution chart, Li Ning Co ranks #318 out of 791 companies in the Travel & Leisure industry, which is above the industry midpoint. Overall, Li Ning Co has a GF Score™ of 98/100, reflecting its overall financial health beyond just this single metric.
How does Li Ning Co's 3-Year ROIIC % compare to AS and HAS?
According to the Travel & Leisure industry distribution chart, Li Ning Co ranks #318 out of 791 companies for 3-Year ROIIC %. This puts Li Ning Co in the upper half of its industry. The industry median 3-Year ROIIC % is 3.94. Li Ning Co's value of 9.89 is 151% above this benchmark. While the company's 10-year median is 9.89 vs. the industry median of 3.94, Li Ning Co 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 a Travel & Leisure company?
The median 3-Year ROIIC % among Travel & Leisure companies is 3.94, based on 791 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. Li Ning Co's current 3-Year ROIIC % of 9.89 is 151% 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 Li Ning Co and its competitors. For the Travel & Leisure industry, the median 3-Year ROIIC % is 3.94 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Li Ning Co's current 3-Year ROIIC % is 9.89, which is near median its own 10-year median of 9.89. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Li Ning Co stock overvalued right now?
Li Ning Co (FRA:LNL) has a current 3-Year ROIIC % of 9.89. The stock's GF Value™ is €54.33, compared to a current price of €37.80 — trading 30.4% below its estimated fair value. The current 3-Year ROIIC % is 9.89, which is near median its 10-year median of 9.89 and 151% above the Travel & Leisure industry median of 3.94. Li Ning Co's overall GF Score™ is 98/100 with 3 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 Li Ning Co (FRA:LNL), the current 3-Year ROIIC % is 9.89 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 Li Ning Co (FRA:LNL) Overvalued in 2026?
Based on GuruFocus' analysis, Li Ning Co stock appears to be undervalued.
The current stock price of €37.80 is trading 30.4% below its estimated GF Value™ of €54.33.
Key valuation signals for FRA:LNL:
3-Year ROIIC %: 9.89 (near median its 10-year median of 9.89)
GF Value™: €54.33 vs. price of €37.80 (30.4% below fair value)
Industry Position: 151% above the Travel & Leisure median (#318 of 791)
No single metric tells the full story. See the FRA:LNL stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Established in 1989, Li Ning is one of the largest sportswear companies in China. Headquartered in Beijing, Li Ning mainly sells professional and leisure footwear and apparel under the Li Ning brand. Despite having a single-brand strategy, Li Ning launched multiple sub-brands (such as China Li Ning and Li Ning 1990) to appeal to different demographics. As of the end of 2024, the company had 7,585 stores in China, of which 1,297 were directly operated, and the rest franchised.
98GF Score
Get the complete analysis for FRA:LNL
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:LNL has been successfully added to your 
