First Capital SpAMIL:FIC -1.94%43 3-Year ROIIC % is 90.65 as of Dec. 2025, which is 1858% above its 10-year median of 4.63. GuruFocus rates MIL:FIC with a GF Score™ of 43/100 and a GF Value™ of €66.94 (Possible Value Trap). The stock has 3 warning signs investors should review. Among 656 Capital Markets companies, First Capital SpA ranks better than 92.38% 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.
First Capital SpA's 3-Year ROIIC % for the quarter that ended in Dec. 2025 was 90.65%. High ROIIC is generally an indication that your business is capital efficient or has a higher operating leverage.
The industry rank for First Capital SpA's 3-Year ROIIC % or its related term are showing as below:
MIL:FIC's 3-Year ROIIC % is ranked better than 92.38% of 656
companies
in the Capital Markets industry
Industry Median: 2.895
vs MIL:FIC: 90.65
First Capital SpA (MIL:FIC) 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.
First Capital SpA 3-Year ROIIC % Related Terms
First Capital SpA 3-Year ROIIC % Historical Data
* Premium members only.
The historical data trend for First Capital SpA'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.
MIL:FIC vs MS, GS, SCHW: 3-Year ROIIC % Comparison
For the Capital Markets subindustry, First Capital SpA'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.
First Capital SpA 3-Year ROIIC % vs Capital Markets Industry
For the Capital Markets industry and Financial Services sector, First Capital SpA's 3-Year ROIIC % distribution charts can be found below:
* The bar in red indicates where First Capital SpA's 3-Year ROIIC % falls into.
First Capital SpA'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**
=
( 17.3034416 (Dec. 2025) - -7.692 (Dec. 2022) )
/
( 132.247 (Dec. 2025) - 104.672 (Dec. 2022) )
=
24.9954416
/
27.575
=
90.65%***
* 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.
First Capital SpA (MIL:FIC) has a 3-Year ROIIC % of 90.65 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 First Capital SpA and its competitors. This is 1858% above median its historical median of 4.63. According to the industry distribution chart, First Capital SpA ranks #50 out of 656 companies in the Capital Markets industry, placing it in the top 7.6%.
Is First Capital SpA's 3-Year ROIIC % too high?
First Capital SpA's current 3-Year ROIIC % of 90.65 is 1858% above median its 10-year median of 4.63. The Capital Markets industry median 3-Year ROIIC % is 2.90. First Capital SpA's value of 90.65 is 3031.3% above this industry median. Based on the distribution chart, First Capital SpA ranks #50 out of 656 companies in the Capital Markets industry, which is in the top quartile — a strong position relative to peers. Overall, First Capital SpA has a GF Score™ of 43/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does First Capital SpA's 3-Year ROIIC % compare to MS and GS?
According to the Capital Markets industry distribution chart, First Capital SpA ranks #50 out of 656 companies for 3-Year ROIIC %. This places First Capital SpA in the top 8% of its industry — outperforming the majority of peers. The industry median 3-Year ROIIC % is 2.90. First Capital SpA's value of 90.65 is 3031.3% above this benchmark. While the company's 10-year median is 4.63 vs. the industry median of 2.90, First Capital SpA 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 Capital Markets company?
The median 3-Year ROIIC % among Capital Markets companies is 2.90, based on 656 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. First Capital SpA's current 3-Year ROIIC % of 90.65 is 3031.3% 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 First Capital SpA and its competitors. For the Capital Markets industry, the median 3-Year ROIIC % is 2.90 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. First Capital SpA's current 3-Year ROIIC % is 90.65, which is 1858% above median its own 10-year median of 4.63. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is First Capital SpA stock overvalued right now?
Based on GuruFocus' analysis, First Capital SpA (MIL:FIC) is currently considered Possible Value Trap. The stock's GF Value™ is €66.94, compared to a current price of €17.70 — trading 73.6% below its estimated fair value. The current 3-Year ROIIC % is 90.65, which is 1858% above median its 10-year median of 4.63 and 3031.3% above the Capital Markets industry median of 2.90. First Capital SpA's overall GF Score™ is 43/100 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 First Capital SpA (MIL:FIC), the current 3-Year ROIIC % is 90.65 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 First Capital SpA (MIL:FIC) Overvalued in 2026?
Based on GuruFocus' analysis, First Capital SpA stock appears to be undervalued.
The current stock price of €17.70 is trading 73.6% below its estimated GF Value™ of €66.94.
GuruFocus considers First Capital SpA to be Possible Value Trap.
Key valuation signals for MIL:FIC:
3-Year ROIIC %: 90.65 (1858% above median its 10-year median of 4.63)
GF Value™: €66.94 vs. price of €17.70 (73.6% below fair value)
Industry Position: 3031.3% above the Capital Markets median (#50 of 656)
No single metric tells the full story. See the MIL:FIC stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
First Capital SpA is an investment holding company specialising in Public Equity and Private Equity Investments, focused on Small-Medium Enterprises, with an active approach to managing investee companies. It seeks investment opportunities among companies in niche markets with skilled management teams and with sustainable development plans. The company is a long-term investor which contributes to an increase of its target companies' value over time, supporting entrepreneurs for the creation of successful strategies, also through the appointment of its candidates in the administrative and supervisory bodies.
43GF Score
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