Magic Formula Stocks: Greenblatt-Style Screen
Ranks companies on two things at once: a high earnings yield and a high return on capital. 1,124 of 2,900 covered U.S. companies meet it today (data as of 2026-10-29).
The rule
- Each company is ranked on EBITDA ÷ enterprise value and on return on invested capital; the two ranks are added and the lowest totals are shown
- Banks, insurers, asset managers and other financial companies, utilities and REITs are left out
- Positive earnings yield and positive return on capital, with no one-off gain flagged in earnings
- Market value of at least $1 billion
- Fundamentals refreshed within the last week
Where it comes from: Joel Greenblatt's 2005 book that introduced the "magic formula". This page is a close stand-in, not his exact formula: it uses EBITDA ÷ enterprise value for earnings yield and return on invested capital for return on capital.
Keep in mind: Greenblatt used EBIT, not EBITDA, so companies with heavy depreciation rank higher here than they would in his version.
Has it worked? A screen reports which companies meet a published rule today. It is not a list of stocks to own. Equity Rank has not tested whether this rule works going forward, and nothing on this page feeds our scores or lists. Studies of past data do not show how a rule will do from here, and any of these rules can trail the market for years.
The 50 highest-ranked of 1124 companies that meet it
| Company | Market value | Combined rank | EBITDA / EV | ROIC | Price | Model fair value | Gap |
|---|---|---|---|---|---|---|---|
| NUTX Nutex Health Inc | $1.4B | 42 | 24.5% | 57.0% | $210.10 | $254.68 | +21.2% |
| HMY Harmony Gold Mining Company Limited | $10.2B | 46 | 28.3% | 44.0% | $15.73 | Not published | — |
| SBSW Sibanye Gold Ltd ADR | $6.8B | 73 | 25.5% | 37.3% | $9.24 | Not published | — |
| EQNR Equinor ASA ADR | $111.5B | 84 | 37.7% | 31.0% | $47.21 | $71.49 | +51.4% |
| FLOC Flowco Holdings Inc. | $2.2B | 114 | 28.1% | 28.3% | $20.05 | $15.58 | -22.3% |
| LULU Lululemon Athletica Inc. | $12.1B | 115 | 20.7% | 33.2% | $109.82 | $123.47 | +12.4% |
| VEON VEON Ltd | $6.0B | 115 | 20.2% | 33.8% | $88.45 | $112.80 | +27.5% |
| DRD DRDGOLD Limited ADR | $2.2B | 117 | 19.8% | 34.1% | $24.28 | Not published | — |
| BTG B2Gold Corp | $6.6B | 120 | 34.9% | 26.7% | $4.98 | $6.69 | +34.3% |
| GFI Gold Fields Ltd ADR | $31.8B | 127 | 21.8% | 29.8% | $35.12 | $49.87 | +42.0% |
| BBWI Bath & Body Works Inc. | $4.4B | 145 | 18.0% | 31.7% | $22.78 | $23.73 | +4.2% |
| KGC Kinross Gold Corporation | $27.3B | 152 | 22.7% | 26.3% | $21.60 | $28.44 | +31.7% |
| BRBR Bellring Brands LLC | $1.1B | 155 | 15.1% | 44.6% | $9.06 | $20.02 | +121.0% |
| AU AngloGold Ashanti plc | $43.9B | 178 | 15.2% | 34.5% | $85.04 | $91.12 | +7.2% |
| CF CF Industries Holdings Inc | $18.2B | 205 | 21.4% | 22.9% | $118.09 | $168.25 | +42.5% |
| STNE StoneCo Ltd | $1.9B | 222 | 36.1% | 19.7% | $8.00 | Not published | — |
| APA APA Corporation | $17.8B | 223 | 25.7% | 20.3% | $51.51 | $61.39 | +19.2% |
| DECK Deckers Outdoor Corporation | $11.0B | 224 | 13.1% | 38.6% | $82.76 | $82.73 | +0.0% |
| B Barrick Mining Corporation | $64.6B | 234 | 23.7% | 20.2% | $38.66 | $47.45 | +22.7% |
| BHP BHP Group Limited | $209.9B | 236 | 14.8% | 27.6% | $81.82 | $82.75 | +1.1% |
| JBS JBS N.V. | $39.5B | 236 | 16.4% | 23.9% | $12.16 | $15.78 | +29.8% |
| YELP Yelp Inc | $1.0B | 240 | 21.5% | 20.4% | $18.96 | $32.73 | +72.6% |
| PBR Petroleo Brasileiro Petrobras SA ADR | $143.7B | 241 | 26.2% | 19.4% | $21.88 | Not published | — |
| NVO Novo Nordisk A/S | $170.6B | 244 | 13.5% | 31.0% | $39.14 | Not published | — |
| HLF Herbalife Nutrition Ltd | $1.4B | 253 | 16.4% | 23.1% | $12.93 | $25.50 | +97.2% |
| SGHC SGHC Limited | $5.4B | 254 | 12.2% | 40.7% | $10.72 | $9.54 | -11.0% |
| PDD PDD Holdings Inc. | $111.6B | 260 | 42.9% | 17.6% | $79.28 | Not published | — |
| SFM Sprouts Farmers Market LLC | $6.0B | 267 | 12.5% | 34.5% | $48.08 | $63.28 | +31.6% |
| IAG IAMGold Corporation | $9.8B | 269 | 23.2% | 18.3% | $16.74 | $23.36 | +39.5% |
| BKE Buckle Inc | $2.4B | 270 | 12.0% | 40.5% | $46.97 | $41.98 | -10.6% |
| PARR Par Pacific Holdings Inc | $3.7B | 272 | 28.1% | 17.6% | $73.31 | $133.98 | +82.8% |
| RSI Rush Street Interactive Inc | $3.8B | 280 | 11.6% | 45.6% | $13.62 | $6.16 | -54.8% |
| ANF Abercrombie & Fitch Company | $7.0B | 288 | 12.1% | 33.6% | $165.79 | $149.51 | -9.8% |
| NFLX Netflix Inc | $260.3B | 291 | 13.4% | 25.6% | $62.05 | $66.74 | +7.6% |
| KYIV Kyivstar Group Ltd. Common Shares | $3.0B | 292 | 17.9% | 19.4% | $13.19 | $12.71 | -3.6% |
| ATAT Atour Lifestyle Holdings Limited American Depositary Shares | $4.5B | 305 | 11.3% | 44.7% | $32.66 | Not published | — |
| MU Micron Technology Inc | $1.05T | 307 | 11.1% | 55.4% | $933.69 | $745.72 | -20.1% |
| NEM Newmont Goldcorp Corp | $118.4B | 308 | 14.7% | 22.3% | $111.76 | $113.22 | +1.3% |
| LTM LATAM Airlines Group S.A. | $13.1B | 320 | 11.6% | 33.4% | $43.96 | $38.00 | -13.6% |
| SU Suncor Energy Inc | $90.0B | 326 | 14.2% | 22.0% | $77.63 | Not published | — |
| FSM Fortuna Silver Mines Inc | $2.8B | 328 | 34.2% | 16.0% | $9.37 | $15.78 | +68.4% |
| HESM Hess Midstream Partners LP | $6.5B | 338 | 16.2% | 18.3% | $32.25 | $30.34 | -5.9% |
| KMT Kennametal Inc | $2.3B | 340 | 21.5% | 16.5% | $30.18 | $47.15 | +56.2% |
| MLI Mueller Industries Inc | $12.0B | 343 | 11.7% | 28.3% | $55.78 | $64.30 | +15.3% |
| CRCT Cricut Inc | $1.3B | 345 | 13.5% | 21.9% | $6.18 | $7.10 | +14.9% |
| PPC Pilgrims Pride Corp | $6.5B | 346 | 15.5% | 18.7% | $27.61 | $27.63 | +0.1% |
| INDV Indivior PLC Ordinary Shares | $4.1B | 353 | 10.0% | 90.6% | $35.25 | $48.18 | +36.7% |
| LRN Stride Inc | $3.3B | 353 | 18.9% | 16.8% | $80.70 | $90.42 | +12.0% |
| BBY Best Buy Co. Inc | $20.7B | 355 | 11.5% | 29.0% | $100.41 | $64.43 | -35.8% |
| TGLS Tecnoglass Inc | $1.7B | 358 | 13.5% | 20.6% | $38.44 | $46.70 | +21.5% |
Piotroski F-Score 8 or 9 · Price Below the Graham Number · PEG Ratio Under 1 · What growth today's prices assume · All screens