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 401–425 of 906.
| # | Company | Sector | ROIC | Numerator | Operating margin | Market cap |
|---|---|---|---|---|---|---|
| 401 | UnitedHealth Group (UNH) | Health Care | 10.9% | Operating income | 4.2% | $365.3B |
| 402 | CBRE Group (CBRE) | Real Estate | 10.8% | Operating income | 4.3% | $37.1B |
| 403 | AZZ Inc (AZZ) | Industrials | 10.8% | Operating income | 16.0% | $4.0B |
| 404 | TTM Technologies (TTMI) | Information Technology | 10.8% | Operating income | 9.1% | $8.7B |
| 405 | US Physical Therapy Inc (USPH) | Health Care | 10.7% | Operating income | 11.1% | $1.3B |
| 406 | Halliburton (HAL) | Energy | 10.7% | Operating income | n/a | $29.9B |
| 407 | Clean Harbors (CLH) | Industrials | 10.7% | Operating income | 11.2% | $15.9B |
| 408 | Axalta (AXTA) | Materials | 10.6% | Operating income | 14.4% | $7.3B |
| 409 | Constellation Energy (CEG) | Utilities | 10.6% | Operating income | 12.1% | $93.0B |
| 410 | Sunbelt Rentals (SUNB) | Industrials | 10.6% | Operating income | 19.6% | $34.3B |
| 411 | Excelerate Energy Inc Class A (EE) | Energy | 10.6% | Operating income | 21.7% | $4.0B |
| 412 | Shake Shack Inc Class A (SHAK) | Consumer Discretionary | 10.6% | Operating income | 4.3% | $3.0B |
| 413 | Core Laboratories Inc (CLB) | Energy | 10.6% | Operating income | 10.7% | $488M |
| 414 | AAR Corp (AIR) | Industrials | 10.6% | EBIT = pre-tax income + interest (no operating income tagged) | n/a | $4.0B |
| 415 | Cadre Holdings Inc (CDRE) | Industrials | 10.5% | Operating income | 11.0% | $1.3B |
| 416 | Regeneron Pharmaceuticals (REGN) | Health Care | 10.4% | Operating income | 24.9% | $95.5B |
| 417 | Delek US Holdings Inc (DK) | Energy | 10.4% | Operating income | 2.8% | $4.5B |
| 418 | Gorman-Rupp Company (The) (GRC) | Industrials | 10.4% | Operating income | n/a | $1.9B |
| 419 | St. Joe Company (The) (JOE) | Real Estate | 10.4% | Operating income | 28.5% | $4.0B |
| 420 | Crane NXT Co (CXT) | Information Technology | 10.4% | Operating income | 14.9% | $3.4B |
| 421 | Graham Corporation (GHM) | Industrials | 10.4% | Operating income | 6.1% | $821M |
| 422 | Gaming and Leisure Properties (GLPI) | Real Estate | 10.3% | Operating income | 75.3% | $11.3B |
| 423 | National Fuel Gas (NFG) | Utilities | 10.3% | Operating income | 35.7% | $7.6B |
| 424 | CVR Energy Inc (CVI) | Energy | 10.3% | Operating income | 2.5% | $5.9B |
| 425 | Salesforce (CRM) | Information Technology | 10.3% | Operating income | 20.1% | $188.6B |
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.