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 251–275 of 906.
| # | Company | Sector | ROIC | Numerator | Operating margin | Market cap |
|---|---|---|---|---|---|---|
| 251 | ANI Pharmaceuticals Inc (ANIP) | Health Care | 15.9% | Operating income | 12.6% | $1.7B |
| 252 | Ingredion (INGR) | Consumer Staples | 15.9% | Operating income | 14.1% | $6.1B |
| 253 | Curtiss-Wright (CW) | Industrials | 15.9% | Operating income | 18.1% | $17.6B |
| 254 | Innoviva Inc (INVA) | Health Care | 15.8% | Operating income | 39.8% | $1.5B |
| 255 | Consolidated Water Ltd (CWCO) | Utilities | 15.8% | Operating income | 13.9% | $432M |
| 256 | Vontier (VNT) | Information Technology | 15.8% | Operating income | 18.3% | $4.8B |
| 257 | Flotek Industries Inc (FTK) | Materials | 15.8% | Operating income | 9.8% | $918M |
| 258 | ITT Inc. (ITT) | Industrials | 15.8% | Operating income | 17.4% | $17.7B |
| 259 | Itron Inc (ITRI) | Information Technology | 15.7% | Operating income | 13.2% | $4.2B |
| 260 | FTI Consulting (FCN) | Industrials | 15.5% | Operating income | 10.3% | $5.0B |
| 261 | Tutor Perini Corp (TPC) | Industrials | 15.4% | Operating income | 4.2% | $4.2B |
| 262 | Eaton Corporation (ETN) | Industrials | 15.4% | EBIT = pre-tax income + interest (no operating income tagged) | n/a | $143.7B |
| 263 | A10 Networks Inc (ATEN) | Information Technology | 15.3% | Operating income | 16.2% | $1.8B |
| 264 | Red Rock Resorts Ors Class A Inc (RRR) | Consumer Discretionary | 15.3% | Operating income | 29.7% | $5.2B |
| 265 | Hamilton Beach Brands Holding Comp (HBB) | Consumer Discretionary | 15.3% | Operating income | 6.0% | $436M |
| 266 | Crane Co. (CR) | Industrials | 15.2% | Operating income | 18.4% | $11.5B |
| 267 | Remitly Global Inc (RELY) | Financials | 15.2% | Operating income | 4.7% | $5.1B |
| 268 | BEL Fuse Inc Class A (BELFA) | Information Technology | 15.1% | Operating income | 16.4% | $3.3B |
| 269 | BEL Fuse Inc Class B (BELFB) | Information Technology | 15.1% | Operating income | 16.4% | $3.3B |
| 270 | Aon plc (AON) | Financials | 15.1% | Operating income | 25.3% | $68.2B |
| 271 | NCR Atleos Corp (NATL) | Financials | 15.1% | Operating income | 11.0% | $3.4B |
| 272 | Bristol Myers Squibb (BMY) | Health Care | 15.0% | EBIT = pre-tax income + interest (no operating income tagged) | n/a | $127.7B |
| 273 | Marsh McLennan (MRSH) | Financials | 15.0% | Operating income | 23.1% | $95.4B |
| 274 | Nabors Industries Ltd (NBR) | Energy | 14.9% | Operating income | 14.8% | $1.4B |
| 275 | Fox Corporation (Class B) (FOX) | Communication Services | 14.9% | EBIT = pre-tax income + interest (no operating income tagged) | n/a | $25.0B |
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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.