Highest return-on-invested-capital companies
Companies ranked by return on invested capital (ROIC), computed from each company’s own latest 10-K: NOPAT (operating income × (1 − the year’s effective tax rate, bounded 0–50%)) divided by invested capital (total debt, leases excluded, + stockholders’ equity − cash), averaged over the fiscal year’s opening and closing balance sheets. Where the 10-K tags no operating income, the numerator is EBIT = pre-tax income + interest expense, and the Numerator column says so for that row. A company whose filing does not support the calculation — neither operating income nor interest tagged, a pre-tax loss, debt reported only together with finance leases, a bank or insurer — gets no ROIC rather than an estimate. A company whose cash offsets more than 80% of its debt and equity (invested capital under 20% of debt plus equity) gets no ROIC either, because the ratio would divide by a small residual.
2216 companies have no ROIC from their filings and are left out: pre-tax loss 828; bank or insurer 468; no debt line tagged 226; no pre-tax income tagged 195; debt filed only with finance leases 120; no operating income tagged 84; debt under a line we do not read 75; negative or zero equity 60; no operating income or interest tagged 49; not a US-GAAP filer 47; interest implies unread debt 25; fiscal year over 18 months old 13; invested capital not positive 7; cash offsets most of its capital 7; no cash tagged 7; no tax expense tagged 3; no fiscal-year-end balance sheet 2.
Ranked by ROIC, H&R Block (HRB) leads the covered catalog at 129.0%.
| # | Company | Sector | ROIC | Numerator | Operating margin | Market cap |
|---|---|---|---|---|---|---|
| 1 | H&R Block (HRB) | Consumer Discretionary | 129.0% | EBIT = pre-tax income + interest (no operating income tagged) | n/a | $6.1B |
| 2 | Ubiquiti (UI) | Information Technology | 114.2% | Operating income | 36.2% | $36.7B |
| 3 | Micron Technology (MU) | Information Technology | 105.8% | Operating income | 74.6% | $1.06T |
| 4 | AppLovin (APP) | Communication Services | 102.1% | Operating income | 75.8% | $85.3B |
| 5 | Blue Bird Corp (BLBD) | Industrials | 101.8% | Operating income | 11.3% | $1.8B |
| 6 | Nvidia (NVDA) | Information Technology | 94.5% | Operating income | 60.4% | $5.15T |
| 7 | Mastercard (MA) | Financials | 93.9% | Operating income | 57.6% | $556.9B |
| 8 | Cargurus Inc Class A (CARG) | Communication Services | 90.3% | Operating income | 27.0% | $2.9B |
| 9 | Seagate Technology (STX) | Information Technology | 87.7% | Operating income | 33.6% | $160.8B |
| 10 | TJX Companies (TJX) | Consumer Discretionary | 87.1% | EBIT = pre-tax income + interest (no operating income tagged) | 12.3% | $155.5B |
| 11 | Apple Inc. (AAPL) | Information Technology | 83.1% | Operating income | 32.0% | $5.09T |
| 12 | NetApp (NTAP) | Information Technology | 78.5% | Operating income | 24.2% | $42.9B |
| 13 | Lam Research (LRCX) | Information Technology | 77.7% | Operating income | 35.3% | $317.8B |
| 14 | Teradata Corp (TDC) | Information Technology | 77.6% | Operating income | 12.3% | $3.2B |
| 15 | Tapestry, Inc. (TPR) | Consumer Discretionary | 73.4% | Operating income | 23.9% | $23.5B |
| 16 | Comfort Systems USA (FIX) | Industrials | 73.3% | Operating income | 14.4% | $46.4B |
| 17 | Ross Stores (ROST) | Consumer Discretionary | 67.0% | Operating income | 11.9% | $74.2B |
| 18 | Adobe Inc. (ADBE) | Information Technology | 61.7% | Operating income | 36.6% | $96.6B |
| 19 | Idexx Laboratories (IDXX) | Health Care | 57.3% | Operating income | 31.6% | $45.4B |
| 20 | Airbnb (ABNB) | Consumer Discretionary | 56.7% | Operating income | 20.8% | $99.7B |
| 21 | Chipotle Mexican Grill (CMG) | Consumer Discretionary | 54.9% | Operating income | 16.2% | $39.6B |
| 22 | Cencora (COR) | Health Care | 54.4% | Operating income | 0.8% | $63.1B |
| 23 | Expedia Group (EXPE) | Consumer Discretionary | 54.0% | Operating income | 12.7% | $33.9B |
| 24 | KLA Corporation (KLAC) | Information Technology | 53.2% | EBIT = pre-tax income + interest (no operating income tagged) | n/a | $218.2B |
| 25 | Western Digital (WDC) | Information Technology | 52.2% | Operating income | 34.5% | $148.0B |
Find more highest return-on-invested-capital companies like these →
Data: SEC EDGAR (filings) + market data (fundamentals, delayed daily-close). Every figure is shown with its as-of date on the company page; a company with no data for this metric is excluded from the ranking, never estimated.
Last updated 2026-10-30 — rankings shift as the underlying data refreshes.
Informational only — NOT financial advice. All figures are delayed daily-close data from SEC EDGAR & market data, shown with their as-of date.