Zest SpAMIL:ZEST +4.98%23 3-Year ROIIC % is 12.82 as of Dec. 2025, which is 351% above its 10-year median of 2.84. GuruFocus rates MIL:ZEST with a GF Score™ of 23/100 and a GF Value™ of €0.15 (Modestly Undervalued). The stock has 5 warning signs investors should review. Among 650 Asset Management companies, Zest SpA ranks better than 63.85% 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.
Zest SpA's 3-Year ROIIC % for the quarter that ended in Dec. 2025 was 12.82%. High ROIIC is generally an indication that your business is capital efficient or has a higher operating leverage.
The industry rank for Zest SpA's 3-Year ROIIC % or its related term are showing as below:
MIL:ZEST's 3-Year ROIIC % is ranked better than 63.85% of 650
companies
in the Asset Management industry
Industry Median: 2.27
vs MIL:ZEST: 12.82
Zest SpA (MIL:ZEST) 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.
Zest SpA 3-Year ROIIC % Related Terms
Zest SpA 3-Year ROIIC % Historical Data
* Premium members only.
The historical data trend for Zest 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:ZEST vs BLK, BX, KKR: 3-Year ROIIC % Comparison
For the Asset Management subindustry, Zest 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.
Zest SpA 3-Year ROIIC % vs Asset Management Industry
For the Asset Management industry and Financial Services sector, Zest SpA's 3-Year ROIIC % distribution charts can be found below:
* The bar in red indicates where Zest SpA's 3-Year ROIIC % falls into.
Zest 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**
=
( 0.066 (Dec. 2025) - -2.44 (Dec. 2022) )
/
( 59.953 (Dec. 2025) - 40.407 (Dec. 2022) )
=
2.506
/
19.546
=
12.82%***
* 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.
Zest SpA (MIL:ZEST) has a 3-Year ROIIC % of 12.82 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 Zest SpA and its competitors. This is 351% above median its historical median of 2.84. According to the industry distribution chart, Zest SpA ranks #235 out of 650 companies in the Asset Management industry, placing it in the top 36.2%.
Is Zest SpA's 3-Year ROIIC % too high?
Zest SpA's current 3-Year ROIIC % of 12.82 is 351% above median its 10-year median of 2.84. The Asset Management industry median 3-Year ROIIC % is 2.27. Zest SpA's value of 12.82 is 464.8% above this industry median. Based on the distribution chart, Zest SpA ranks #235 out of 650 companies in the Asset Management industry, which is above the industry midpoint. Overall, Zest SpA has a GF Score™ of 23/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Zest SpA's 3-Year ROIIC % compare to BLK and BX?
According to the Asset Management industry distribution chart, Zest SpA ranks #235 out of 650 companies for 3-Year ROIIC %. This puts Zest SpA in the upper half of its industry. The industry median 3-Year ROIIC % is 2.27. Zest SpA's value of 12.82 is 464.8% above this benchmark. While the company's 10-year median is 2.84 vs. the industry median of 2.27, Zest 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 an Asset Management company?
The median 3-Year ROIIC % among Asset Management companies is 2.27, based on 650 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. Zest SpA's current 3-Year ROIIC % of 12.82 is 464.8% 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 Zest SpA and its competitors. For the Asset Management industry, the median 3-Year ROIIC % is 2.27 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Zest SpA's current 3-Year ROIIC % is 12.82, which is 351% above median its own 10-year median of 2.84. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Zest SpA stock overvalued right now?
Based on GuruFocus' analysis, Zest SpA (MIL:ZEST) is currently considered Modestly Undervalued. The stock's GF Value™ is €0.15, compared to a current price of €0.13 — trading 15.7% below its estimated fair value. The current 3-Year ROIIC % is 12.82, which is 351% above median its 10-year median of 2.84 and 464.8% above the Asset Management industry median of 2.27. Zest SpA's overall GF Score™ is 23/100 with 5 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 Zest SpA (MIL:ZEST), the current 3-Year ROIIC % is 12.82 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 Zest SpA (MIL:ZEST) Overvalued in 2026?
Based on GuruFocus' analysis, Zest SpA stock appears to be undervalued.
The current stock price of €0.13 is trading 15.7% below its estimated GF Value™ of €0.15.
GuruFocus considers Zest SpA to be Modestly Undervalued.
Key valuation signals for MIL:ZEST:
3-Year ROIIC %: 12.82 (351% above median its 10-year median of 2.84)
GF Value™: €0.15 vs. price of €0.13 (15.7% below fair value)
Industry Position: 464.8% above the Asset Management median (#235 of 650)
No single metric tells the full story. See the MIL:ZEST stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Zest SpA formerly LVenture Group SpA is a holding company. It operates in the Private Equity and Venture Capital and provides financial support for the development of StartUp, bringing also a network of relationships and high sectoral expertise.
23GF Score
Get the complete analysis for MIL:ZEST
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
MIL:ZEST has been successfully added to your 
