# Magic Formula Stocks: Greenblatt-Style Screen

Source: https://www.equity-rank.com/screens/magic-formula

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](https://www.equity-rank.com/stocks/NUTX) Nutex Health Inc | $1.4B | 42 | 24.5% | 57.0% | $210.10 | $254.68 | +21.2% |
| [HMY](https://www.equity-rank.com/stocks/HMY) Harmony Gold Mining Company Limited | $10.2B | 46 | 28.3% | 44.0% | $15.73 | Not published | — |
| [SBSW](https://www.equity-rank.com/stocks/SBSW) Sibanye Gold Ltd ADR | $6.8B | 73 | 25.5% | 37.3% | $9.24 | Not published | — |
| [EQNR](https://www.equity-rank.com/stocks/EQNR) Equinor ASA ADR | $111.5B | 84 | 37.7% | 31.0% | $47.21 | $71.49 | +51.4% |
| [FLOC](https://www.equity-rank.com/stocks/FLOC) Flowco Holdings Inc. | $2.2B | 114 | 28.1% | 28.3% | $20.05 | $15.58 | -22.3% |
| [LULU](https://www.equity-rank.com/stocks/LULU) Lululemon Athletica Inc. | $12.1B | 115 | 20.7% | 33.2% | $109.82 | $123.47 | +12.4% |
| [VEON](https://www.equity-rank.com/stocks/VEON) VEON Ltd | $6.0B | 115 | 20.2% | 33.8% | $88.45 | $112.80 | +27.5% |
| [DRD](https://www.equity-rank.com/stocks/DRD) DRDGOLD Limited ADR | $2.2B | 117 | 19.8% | 34.1% | $24.28 | Not published | — |
| [BTG](https://www.equity-rank.com/stocks/BTG) B2Gold Corp | $6.6B | 120 | 34.9% | 26.7% | $4.98 | $6.69 | +34.3% |
| [GFI](https://www.equity-rank.com/stocks/GFI) Gold Fields Ltd ADR | $31.8B | 127 | 21.8% | 29.8% | $35.12 | $49.87 | +42.0% |
| [BBWI](https://www.equity-rank.com/stocks/BBWI) Bath & Body Works Inc. | $4.4B | 145 | 18.0% | 31.7% | $22.78 | $23.73 | +4.2% |
| [KGC](https://www.equity-rank.com/stocks/KGC) Kinross Gold Corporation | $27.3B | 152 | 22.7% | 26.3% | $21.60 | $28.44 | +31.7% |
| [BRBR](https://www.equity-rank.com/stocks/BRBR) Bellring Brands LLC | $1.1B | 155 | 15.1% | 44.6% | $9.06 | $20.02 | +121.0% |
| [AU](https://www.equity-rank.com/stocks/AU) AngloGold Ashanti plc | $43.9B | 178 | 15.2% | 34.5% | $85.04 | $91.12 | +7.2% |
| [CF](https://www.equity-rank.com/stocks/CF) CF Industries Holdings Inc | $18.2B | 205 | 21.4% | 22.9% | $118.09 | $168.25 | +42.5% |
| [STNE](https://www.equity-rank.com/stocks/STNE) StoneCo Ltd | $1.9B | 222 | 36.1% | 19.7% | $8.00 | Not published | — |
| [APA](https://www.equity-rank.com/stocks/APA) APA Corporation | $17.8B | 223 | 25.7% | 20.3% | $51.51 | $61.39 | +19.2% |
| [DECK](https://www.equity-rank.com/stocks/DECK) Deckers Outdoor Corporation | $11.0B | 224 | 13.1% | 38.6% | $82.76 | $82.73 | +0.0% |
| [B](https://www.equity-rank.com/stocks/B) Barrick Mining Corporation | $64.6B | 234 | 23.7% | 20.2% | $38.66 | $47.45 | +22.7% |
| [BHP](https://www.equity-rank.com/stocks/BHP) BHP Group Limited | $209.9B | 236 | 14.8% | 27.6% | $81.82 | $82.75 | +1.1% |
| [JBS](https://www.equity-rank.com/stocks/JBS) JBS N.V. | $39.5B | 236 | 16.4% | 23.9% | $12.16 | $15.78 | +29.8% |
| [YELP](https://www.equity-rank.com/stocks/YELP) Yelp Inc | $1.0B | 240 | 21.5% | 20.4% | $18.96 | $32.73 | +72.6% |
| [PBR](https://www.equity-rank.com/stocks/PBR) Petroleo Brasileiro Petrobras SA ADR | $143.7B | 241 | 26.2% | 19.4% | $21.88 | Not published | — |
| [NVO](https://www.equity-rank.com/stocks/NVO) Novo Nordisk A/S | $170.6B | 244 | 13.5% | 31.0% | $39.14 | Not published | — |
| [HLF](https://www.equity-rank.com/stocks/HLF) Herbalife Nutrition Ltd | $1.4B | 253 | 16.4% | 23.1% | $12.93 | $25.50 | +97.2% |
| [SGHC](https://www.equity-rank.com/stocks/SGHC) SGHC Limited | $5.4B | 254 | 12.2% | 40.7% | $10.72 | $9.54 | -11.0% |
| [PDD](https://www.equity-rank.com/stocks/PDD) PDD Holdings Inc. | $111.6B | 260 | 42.9% | 17.6% | $79.28 | Not published | — |
| [SFM](https://www.equity-rank.com/stocks/SFM) Sprouts Farmers Market LLC | $6.0B | 267 | 12.5% | 34.5% | $48.08 | $63.28 | +31.6% |
| [IAG](https://www.equity-rank.com/stocks/IAG) IAMGold Corporation | $9.8B | 269 | 23.2% | 18.3% | $16.74 | $23.36 | +39.5% |
| [BKE](https://www.equity-rank.com/stocks/BKE) Buckle Inc | $2.4B | 270 | 12.0% | 40.5% | $46.97 | $41.98 | -10.6% |
| [PARR](https://www.equity-rank.com/stocks/PARR) Par Pacific Holdings Inc | $3.7B | 272 | 28.1% | 17.6% | $73.31 | $133.98 | +82.8% |
| [RSI](https://www.equity-rank.com/stocks/RSI) Rush Street Interactive Inc | $3.8B | 280 | 11.6% | 45.6% | $13.62 | $6.16 | -54.8% |
| [ANF](https://www.equity-rank.com/stocks/ANF) Abercrombie & Fitch Company | $7.0B | 288 | 12.1% | 33.6% | $165.79 | $149.51 | -9.8% |
| [NFLX](https://www.equity-rank.com/stocks/NFLX) Netflix Inc | $260.3B | 291 | 13.4% | 25.6% | $62.05 | $66.74 | +7.6% |
| [KYIV](https://www.equity-rank.com/stocks/KYIV) Kyivstar Group Ltd. Common Shares | $3.0B | 292 | 17.9% | 19.4% | $13.19 | $12.71 | -3.6% |
| [ATAT](https://www.equity-rank.com/stocks/ATAT) Atour Lifestyle Holdings Limited American Depositary Shares | $4.5B | 305 | 11.3% | 44.7% | $32.66 | Not published | — |
| [MU](https://www.equity-rank.com/stocks/MU) Micron Technology Inc | $1.05T | 307 | 11.1% | 55.4% | $933.69 | $745.72 | -20.1% |
| [NEM](https://www.equity-rank.com/stocks/NEM) Newmont Goldcorp Corp | $118.4B | 308 | 14.7% | 22.3% | $111.76 | $113.22 | +1.3% |
| [LTM](https://www.equity-rank.com/stocks/LTM) LATAM Airlines Group S.A. | $13.1B | 320 | 11.6% | 33.4% | $43.96 | $38.00 | -13.6% |
| [SU](https://www.equity-rank.com/stocks/SU) Suncor Energy Inc | $90.0B | 326 | 14.2% | 22.0% | $77.63 | Not published | — |
| [FSM](https://www.equity-rank.com/stocks/FSM) Fortuna Silver Mines Inc | $2.8B | 328 | 34.2% | 16.0% | $9.37 | $15.78 | +68.4% |
| [HESM](https://www.equity-rank.com/stocks/HESM) Hess Midstream Partners LP | $6.5B | 338 | 16.2% | 18.3% | $32.25 | $30.34 | -5.9% |
| [KMT](https://www.equity-rank.com/stocks/KMT) Kennametal Inc | $2.3B | 340 | 21.5% | 16.5% | $30.18 | $47.15 | +56.2% |
| [MLI](https://www.equity-rank.com/stocks/MLI) Mueller Industries Inc | $12.0B | 343 | 11.7% | 28.3% | $55.78 | $64.30 | +15.3% |
| [CRCT](https://www.equity-rank.com/stocks/CRCT) Cricut Inc | $1.3B | 345 | 13.5% | 21.9% | $6.18 | $7.10 | +14.9% |
| [PPC](https://www.equity-rank.com/stocks/PPC) Pilgrims Pride Corp | $6.5B | 346 | 15.5% | 18.7% | $27.61 | $27.63 | +0.1% |
| [INDV](https://www.equity-rank.com/stocks/INDV) Indivior PLC Ordinary Shares | $4.1B | 353 | 10.0% | 90.6% | $35.25 | $48.18 | +36.7% |
| [LRN](https://www.equity-rank.com/stocks/LRN) Stride Inc | $3.3B | 353 | 18.9% | 16.8% | $80.70 | $90.42 | +12.0% |
| [BBY](https://www.equity-rank.com/stocks/BBY) Best Buy Co. Inc | $20.7B | 355 | 11.5% | 29.0% | $100.41 | $64.43 | -35.8% |
| [TGLS](https://www.equity-rank.com/stocks/TGLS) Tecnoglass Inc | $1.7B | 358 | 13.5% | 20.6% | $38.44 | $46.70 | +21.5% |

Ranked by the screen's combined score, best first. One row per company. Gap = model fair value differential versus the current price, shown for context only; the screen does not use it.

[Piotroski F-Score 8 or 9](https://www.equity-rank.com/screens/piotroski-f-score) · [Price Below the Graham Number](https://www.equity-rank.com/screens/graham-number) · [PEG Ratio Under 1](https://www.equity-rank.com/screens/low-peg) · [What growth today's prices assume](https://www.equity-rank.com/priced-in) · [All screens](https://www.equity-rank.com/screens)

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Fair value is a model estimate under stated assumptions — not a price target, not a prediction, and not a recommendation. This page is research information, not investment advice. Equity Rank is not a registered investment adviser.