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At current prices yes, That's the reason why people are mining, At the moment you get your return back within a year and then you've basically got a free card. (4 months or so ago the ROI on an AMD 480 was just 3 months and that's the reason why they were OOS everywhere and going for silly money)
The profit has been constantly going down tho (although it's slowing down now) but if the prices stayed the same then you would get back what you put in by a year easily.
If you manage to mine the right coin at the right time you can make the money back much quicker.
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