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 376–400 of 906.
| # | Company | Sector | ROIC | Numerator | Operating margin | Market cap |
|---|---|---|---|---|---|---|
| 376 | Nordson Corporation (NDSN) | Industrials | 11.6% | Operating income | 25.5% | $18.0B |
| 377 | Host Hotels & Resorts (HST) | Real Estate | 11.6% | Operating income | 14.0% | $17.3B |
| 378 | American Eagle Outfitters Inc (AEO) | Consumer Discretionary | 11.6% | Operating income | 4.1% | $3.3B |
| 379 | Hershey Company (The) (HSY) | Consumer Staples | 11.5% | Operating income | 12.3% | $33.4B |
| 380 | LTC Properties REIT Inc (LTC) | Real Estate | 11.5% | Operating income | 77.9% | $2.4B |
| 381 | TE Connectivity (TEL) | Information Technology | 11.4% | Operating income | 18.6% | $61.7B |
| 382 | ACI Worldwide Inc (ACIW) | Information Technology | 11.4% | Operating income | 18.7% | $5.7B |
| 383 | Energizer Holdings Inc (ENR) | Consumer Staples | 11.4% | EBIT = pre-tax income + interest (no operating income tagged) | n/a | $1.6B |
| 384 | Option Care Health Inc (OPCH) | Health Care | 11.4% | Operating income | 6.0% | $4.8B |
| 385 | TKO Group Holdings (TKO) | Communication Services | 11.4% | Operating income | 17.6% | $34.2B |
| 386 | Zurn Elkay Water Solutions Corporation (ZWS) | Industrials | 11.4% | Operating income | 16.4% | $7.4B |
| 387 | Service Corporation International (SCI) | Consumer Discretionary | 11.3% | Operating income | 22.7% | $10.4B |
| 388 | Stryker Corporation (SYK) | Health Care | 11.3% | Operating income | 19.5% | $111.1B |
| 389 | Linde plc (LIN) | Materials | 11.2% | Operating income | 26.3% | $236.1B |
| 390 | Abbott Laboratories (ABT) | Health Care | 11.2% | Operating income | 18.2% | $183.8B |
| 391 | Tetra Tech (TTEK) | Industrials | 11.2% | Operating income | 7.5% | $9.9B |
| 392 | ESAB Corporation (ESAB) | Industrials | 11.2% | Operating income | 14.5% | $4.3B |
| 393 | Sonoco (SON) | Materials | 11.2% | Operating income | 13.5% | $4.9B |
| 394 | Bright Horizons (BFAM) | Consumer Discretionary | 11.1% | Operating income | 10.7% | $2.6B |
| 395 | Magnite Inc (MGNI) | Communication Services | 11.1% | Operating income | 13.7% | $3.1B |
| 396 | BJS Restaurants Inc (BJRI) | Consumer Discretionary | 11.1% | Operating income | 3.3% | $1.3B |
| 397 | EZCORP Inc. Class A Non Voting (EZPW) | Financials | 10.9% | Operating income | 11.7% | $1.7B |
| 398 | Republic Services (RSG) | Industrials | 10.9% | Operating income | 17.4% | $74.3B |
| 399 | NRG Energy (NRG) | Utilities | 10.9% | Operating income | 6.0% | $20.2B |
| 400 | Constellation Brands (STZ) | Consumer Staples | 10.9% | Operating income | 29.8% | $23.1B |
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.