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 301–325 of 906.
| # | Company | Sector | ROIC | Numerator | Operating margin | Market cap |
|---|---|---|---|---|---|---|
| 301 | Pentair (PNR) | Industrials | 14.0% | Operating income | 20.5% | $10.6B |
| 302 | Sanmina Corporation (SANM) | Information Technology | 14.0% | Operating income | 4.4% | $8.9B |
| 303 | Core & Main (CNM) | Industrials | 13.9% | Operating income | 9.4% | $8.4B |
| 304 | BWX Technologies (BWXT) | Industrials | 13.9% | Operating income | 12.6% | $12.0B |
| 305 | GE HealthCare (GEHC) | Health Care | 13.9% | Operating income | 13.4% | $34.6B |
| 306 | Sonic Automotive Inc Class A (SAH) | Consumer Discretionary | 13.9% | Operating income | 2.4% | $2.0B |
| 307 | Gen Digital (GEN) | Information Technology | 13.7% | Operating income | 42.4% | $17.3B |
| 308 | Enersys (ENS) | Industrials | 13.7% | Operating income | n/a | $5.8B |
| 309 | Evertec Inc (EVTC) | Financials | 13.7% | Operating income | 20.0% | $1.9B |
| 310 | DXP Enterprises Inc (DXPE) | Industrials | 13.7% | Operating income | 8.8% | $2.7B |
| 311 | Granite Construction Inc (GVA) | Industrials | 13.6% | Operating income | 6.4% | $5.5B |
| 312 | Advanced Energy (AEIS) | Information Technology | 13.6% | Operating income | 9.3% | $8.9B |
| 313 | Devon Energy (DVN) | Energy | 13.6% | EBIT = pre-tax income + interest (no operating income tagged) | n/a | $57.4B |
| 314 | Maximus Inc (MMS) | Industrials | 13.6% | Operating income | 9.7% | $3.3B |
| 315 | Standex International Corp (SXI) | Industrials | 13.6% | Operating income | n/a | $2.9B |
| 316 | Douglas Dynamics Inc (PLOW) | Industrials | 13.5% | Operating income | 11.2% | $911M |
| 317 | Boyd Gaming (BYD) | Consumer Discretionary | 13.5% | Operating income | 18.3% | $5.1B |
| 318 | Northrop Grumman (NOC) | Industrials | 13.5% | Operating income | 10.8% | $79.2B |
| 319 | Edwards Lifesciences (EW) | Health Care | 13.5% | Operating income | 20.8% | $53.0B |
| 320 | Verra Mobility Corp Class A (VRRM) | Industrials | 13.5% | Operating income | 24.4% | $426M |
| 321 | Mattel (MAT) | Consumer Discretionary | 13.5% | Operating income | 10.2% | $4.4B |
| 322 | Accel Entertainment Inc Class A (ACEL) | Consumer Discretionary | 13.4% | Operating income | n/a | $922M |
| 323 | Crexendo Inc (CXDO) | Information Technology | 13.3% | Operating income | 6.9% | $193M |
| 324 | Belden Inc (BDC) | Information Technology | 13.3% | Operating income | 11.6% | $4.1B |
| 325 | Universal Health Services (UHS) | Health Care | 13.3% | Operating income | 11.5% | $10.4B |
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.