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 426–450 of 906.
| # | Company | Sector | ROIC | Numerator | Operating margin | Market cap |
|---|---|---|---|---|---|---|
| 426 | T-Mobile US (TMUS) | Communication Services | 10.3% | Operating income | 20.7% | $165.7B |
| 427 | IDEX Corporation (IEX) | Industrials | 10.3% | Operating income | 20.2% | $17.2B |
| 428 | AGCO Corporation (AGCO) | Industrials | 10.2% | Operating income | 5.9% | $7.6B |
| 429 | Preformed Line Products Company (PLPC) | Industrials | 10.2% | Operating income | 8.2% | $1.4B |
| 430 | Saia (SAIA) | Industrials | 10.2% | Operating income | 10.9% | $9.2B |
| 431 | Parsons Corporation (PSN) | Industrials | 10.2% | Operating income | 6.6% | $5.3B |
| 432 | LCI Industries (LCII) | Consumer Discretionary | 10.2% | Operating income | 6.8% | $2.4B |
| 433 | Jacobs Solutions (J) | Industrials | 10.2% | Operating income | n/a | $18.1B |
| 434 | Edison International (EIX) | Utilities | 10.1% | Operating income | 36.7% | $22.6B |
| 435 | Kohls Corp (KSS) | Consumer Discretionary | 10.1% | Operating income | 4.0% | $2.8B |
| 436 | AMREP Corp (AXR) | Real Estate | 10.1% | Operating income | 23.4% | $111M |
| 437 | Restaurant Brands International (QSR) | Consumer Discretionary | 10.1% | Operating income | 23.3% | $32.7B |
| 438 | Newmark Group Inc Class A (NMRK) | Real Estate | 10.1% | Operating income | 7.1% | $2.2B |
| 439 | Construction Partners Inc Class A (ROAD) | Industrials | 10.1% | Operating income | 8.0% | $5.1B |
| 440 | Comstock Resources Inc (CRK) | Energy | 10.1% | Operating income | 29.1% | $4.3B |
| 441 | XPO, Inc. (XPO) | Industrials | 10.0% | Operating income | 8.0% | $22.1B |
| 442 | Ryan Specialty (RYAN) | Financials | 10.0% | Operating income | 16.2% | $11.5B |
| 443 | Kadant Inc (KAI) | Industrials | 10.0% | Operating income | 14.9% | $3.1B |
| 444 | Reynolds Consumer Products (REYN) | Consumer Staples | 9.9% | EBIT = pre-tax income + interest (no operating income tagged) | n/a | $5.0B |
| 445 | SiteOne Landscape Supply (SITE) | Industrials | 9.9% | Operating income | 5.1% | $4.8B |
| 446 | Vail Resorts (MTN) | Consumer Discretionary | 9.9% | Operating income | 14.8% | $5.4B |
| 447 | Vulcan Materials Company (VMC) | Materials | 9.9% | Operating income | 20.4% | $36.1B |
| 448 | BKV Corporation (BKV) | Energy | 9.9% | Operating income | 26.6% | $2.3B |
| 449 | UGI Corporation (UGI) | Utilities | 9.8% | Operating income | 15.2% | $8.3B |
| 450 | Steel Dynamics (STLD) | Materials | 9.8% | Operating income | 8.1% | $35.7B |
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.