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 326–350 of 906.
| # | Company | Sector | ROIC | Numerator | Operating margin | Market cap |
|---|---|---|---|---|---|---|
| 326 | MSC Industrial Direct (MSM) | Industrials | 13.2% | Operating income | 8.0% | $6.8B |
| 327 | Ametek (AME) | Industrials | 13.2% | Operating income | 25.8% | $55.3B |
| 328 | Rush Enterprises Inc Class A (RUSHA) | Industrials | 13.2% | Operating income | 5.3% | $5.4B |
| 329 | Rush Enterprises Inc Class B (RUSHB) | Industrials | 13.2% | Operating income | 5.3% | $5.4B |
| 330 | ServiceNow (NOW) | Information Technology | 13.1% | Operating income | 13.7% | $109.1B |
| 331 | Warner Music Group Corp. (WMG) | Communication Services | 13.1% | Operating income | 10.3% | $16.0B |
| 332 | Hawkins Inc (HWKN) | Materials | 13.0% | Operating income | 11.2% | $3.2B |
| 333 | Brown–Forman (Class A) (BF.A) | Consumer Staples | 12.9% | Operating income | 25.5% | $13.9B |
| 334 | Brown–Forman (BF.B) | Consumer Staples | 12.9% | Operating income | 25.5% | $13.6B |
| 335 | Macy's, Inc. (M) | Consumer Discretionary | 12.9% | Operating income | 4.7% | $6.3B |
| 336 | CleanSpark Inc (CLSK) | Information Technology | 12.9% | Operating income | 41.6% | $2.0B |
| 337 | Dover Corporation (DOV) | Industrials | 12.8% | Operating income | 17.0% | $27.6B |
| 338 | Penske Automotive Group (PAG) | Consumer Discretionary | 12.8% | Operating income | 4.0% | $13.9B |
| 339 | Brinks Company (The) (BCO) | Industrials | 12.8% | Operating income | 11.1% | $4.2B |
| 340 | SAIC (SAIC) | Industrials | 12.8% | Operating income | 7.2% | $6.4B |
| 341 | OneSpaWorld Holdings Limited (OSW) | Consumer Discretionary | 12.7% | Operating income | 8.5% | $3.0B |
| 342 | OSI Systems Inc (OSIS) | Information Technology | 12.6% | Operating income | n/a | $3.1B |
| 343 | United Rentals (URI) | Industrials | 12.6% | Operating income | 24.7% | $72.4B |
| 344 | Riley Exploration Permian Inc (REPX) | Energy | 12.6% | Operating income | 34.0% | $1.2B |
| 345 | Viemed Healthcare Inc (VMD) | Health Care | 12.6% | Operating income | 8.5% | $368M |
| 346 | Venture Global, Inc. (VG) | Energy | 12.5% | Operating income | 37.4% | $37.0B |
| 347 | J.B. Hunt (JBHT) | Industrials | 12.5% | Operating income | n/a | $20.6B |
| 348 | Dorman Products Inc (DORM) | Consumer Discretionary | 12.4% | Operating income | 14.1% | $4.0B |
| 349 | Bioventus Inc (BVS) | Health Care | 12.4% | Operating income | 9.5% | $1.2B |
| 350 | United Airlines Holdings (UAL) | Industrials | 12.4% | Operating income | 8.0% | $33.9B |
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.