In Capital Vol. 3 (Penguin ed., p. 136) Marx defines the rate of valorisation as S/C where "S" is the surplus value produced and "C" is the total capital invested to produce it. This is strictly a value ratio, a relationship between value proportions, not to be confused with the rate of profit on capital invested, since the amount of surplus value yielded by a capital investment, corresponding to a certain quantity of labour-time expended in production, typically diverges from that part of the surplus value which is realized as profit, since at any time products are likely to be traded above or below their value, rather than at prices which exactly reflect their value (Marx often assumes for the purpose of his analysis that the total mass of profit and the total surplus-value are the same magnitude, although in reality they can vary from each other, due to continual changes in labour productivity across time, imperfect pricing, and imperfect competition).
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