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 276–300 of 906.
| # | Company | Sector | ROIC | Numerator | Operating margin | Market cap |
|---|---|---|---|---|---|---|
| 276 | Fox Corporation (Class A) (FOXA) | Communication Services | 14.9% | EBIT = pre-tax income + interest (no operating income tagged) | n/a | $25.0B |
| 277 | Acushnet Holdings Corp (GOLF) | Consumer Discretionary | 14.8% | Operating income | 11.7% | $5.0B |
| 278 | MGM Resorts (MGM) | Consumer Discretionary | 14.8% | Operating income | 5.7% | $7.6B |
| 279 | LandBridge Co LLC (LB) | Energy | 14.8% | Operating income | 59.5% | $6.4B |
| 280 | Upwork Inc (UPWK) | Industrials | 14.7% | Operating income | 16.4% | $1.1B |
| 281 | Ceco Environmental Corp (CECO) | Industrials | 14.7% | Operating income | 13.7% | $3.0B |
| 282 | Pricesmart Inc (PSMT) | Consumer Staples | 14.6% | Operating income | 4.4% | $5.1B |
| 283 | General Dynamics (GD) | Industrials | 14.6% | Operating income | 10.2% | $100.7B |
| 284 | Church & Dwight (CHD) | Consumer Staples | 14.6% | Operating income | 17.4% | $25.3B |
| 285 | Huron Consulting Group Inc (HURN) | Industrials | 14.5% | Operating income | 10.5% | $3.1B |
| 286 | PPG Industries (PPG) | Materials | 14.5% | EBIT = pre-tax income + interest (no operating income tagged) | 16.5% | $26.4B |
| 287 | Blackbaud Inc (BLKB) | Information Technology | 14.5% | Operating income | 16.9% | $2.4B |
| 288 | Matson Inc (MATX) | Industrials | 14.5% | Operating income | 14.9% | $6.7B |
| 289 | Crown Holdings (CCK) | Materials | 14.5% | Operating income | 12.6% | $12.9B |
| 290 | Forgent Power Solutions (FPS) | Industrials | 14.5% | Operating income | 12.9% | $7.9B |
| 291 | UFP Technologies Inc (UFPT) | Health Care | 14.5% | Operating income | 15.3% | $2.2B |
| 292 | Amgen (AMGN) | Health Care | 14.4% | Operating income | 24.7% | $251.9B |
| 293 | Oshkosh Corporation (OSK) | Industrials | 14.4% | Operating income | 9.0% | $8.5B |
| 294 | Valaris Ltd (VAL) | Energy | 14.4% | Operating income | 20.1% | $7.3B |
| 295 | American Public Education Inc (APEI) | Consumer Discretionary | 14.4% | Operating income | 7.4% | $742M |
| 296 | Mamas Creations Inc (MAMA) | Consumer Staples | 14.3% | Operating income | 4.1% | $598M |
| 297 | Smithfield Foods (SFD) | Consumer Staples | 14.2% | Operating income | 8.3% | $7.2B |
| 298 | International Seaways Inc (INSW) | Energy | 14.2% | Operating income | 41.0% | $5.5B |
| 299 | Coinbase (COIN) | Financials | 14.2% | Operating income | 20.0% | $38.0B |
| 300 | Targa Resources (TRGP) | Energy | 14.2% | Operating income | 19.6% | $67.5B |
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.