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 225; 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 76; 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: companies 226–250 of 906.
| # | Company | Sector | ROIC | Numerator | Operating margin | Market cap |
|---|---|---|---|---|---|---|
| 226 | Eagle Materials (EXP) | Materials | 16.8% | EBIT = pre-tax income + interest (no operating income tagged) | 31.7% | $5.6B |
| 227 | Halozyme (HALO) | Health Care | 16.7% | Operating income | 33.6% | $14.9B |
| 228 | Willis Towers Watson (WTW) | Financials | 16.6% | Operating income | 23.0% | $29.9B |
| 229 | RMR Group Inc Class A (RMR) | Real Estate | 16.6% | Operating income | 6.0% | $534M |
| 230 | Agilent Technologies (A) | Health Care | 16.5% | Operating income | 21.3% | $49.3B |
| 231 | IBM (IBM) | Information Technology | 16.5% | EBIT = pre-tax income + interest (no operating income tagged) | n/a | $243.7B |
| 232 | NewMarket (NEU) | Materials | 16.4% | Operating income | 20.0% | $7.2B |
| 233 | Willdan Group Inc (WLDN) | Industrials | 16.4% | Operating income | 6.5% | $1.1B |
| 234 | Delta Air Lines (DAL) | Industrials | 16.4% | Operating income | 9.2% | $52.7B |
| 235 | Flex Ltd. (FLEX) | Information Technology | 16.3% | Operating income | 4.9% | $32.0B |
| 236 | PepsiCo (PEP) | Consumer Staples | 16.3% | Operating income | 12.2% | $187.2B |
| 237 | EOG Resources (EOG) | Energy | 16.3% | Operating income | 28.2% | $86.8B |
| 238 | Target Corporation (TGT) | Consumer Staples | 16.3% | Operating income | 4.9% | $70.1B |
| 239 | EPAM Systems (EPAM) | Information Technology | 16.3% | Operating income | 9.5% | $7.2B |
| 240 | Cognizant (CTSH) | Information Technology | 16.2% | Operating income | 16.1% | $29.1B |
| 241 | CDW Corporation (CDW) | Information Technology | 16.2% | Operating income | 7.4% | $19.2B |
| 242 | Agilysys Inc (AGYS) | Information Technology | 16.1% | Operating income | 13.5% | $3.3B |
| 243 | Avery Dennison (AVY) | Materials | 16.1% | EBIT = pre-tax income + interest (no operating income tagged) | n/a | $13.8B |
| 244 | Astronics Corp (ATRO) | Industrials | 16.1% | Operating income | 8.9% | $2.6B |
| 245 | Astronics Corp Class B (ATROB) | Industrials | 16.1% | Operating income | 8.9% | $2.5B |
| 246 | Sally Beauty Holdings Inc (SBH) | Consumer Discretionary | 16.1% | Operating income | 8.9% | $1.7B |
| 247 | Turtle Beach Corp (TBCH) | Information Technology | 16.1% | Operating income | 8.6% | $287M |
| 248 | Union Pacific Corporation (UNP) | Industrials | 16.0% | Operating income | 40.2% | $180.7B |
| 249 | KBR, Inc. (KBR) | Industrials | 15.9% | Operating income | 10.0% | $4.9B |
| 250 | Toro Company (The) (TTC) | Industrials | 15.9% | Operating income | 9.1% | $10.2B |
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.