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 451–475 of 906.
| # | Company | Sector | ROIC | Numerator | Operating margin | Market cap |
|---|---|---|---|---|---|---|
| 451 | Bristow Group Inc (VTOL) | Energy | 9.8% | Operating income | 10.7% | $1.2B |
| 452 | Royal Gold (RGLD) | Materials | 9.8% | Operating income | 61.9% | $19.4B |
| 453 | Central Garden & Pet Company (CENT) | Consumer Staples | 9.7% | Operating income | 8.0% | $2.5B |
| 454 | Central Garden & Pet Company Class A (CENTA) | Consumer Staples | 9.7% | Operating income | 8.0% | $2.5B |
| 455 | Wendys (WEN) | Consumer Discretionary | 9.7% | Operating income | 15.8% | $1.4B |
| 456 | NPK International Inc (NPKI) | Industrials | 9.7% | Operating income | 16.9% | $785M |
| 457 | Zebra Technologies (ZBRA) | Information Technology | 9.7% | Operating income | 13.0% | $17.1B |
| 458 | FedEx (FDX) | Industrials | 9.6% | Operating income | 5.8% | $73.4B |
| 459 | Flowserve (FLS) | Industrials | 9.6% | Operating income | n/a | $10.0B |
| 460 | Steris (STE) | Health Care | 9.6% | Operating income | 18.6% | $22.1B |
| 461 | Infusystem Holdings Inc (INFU) | Health Care | 9.6% | Operating income | 8.3% | $280M |
| 462 | Medline Inc. (MDLN) | Health Care | 9.6% | Operating income | 7.8% | $42.2B |
| 463 | NWPX Infrastructure Inc (NWPX) | Industrials | 9.6% | Operating income | n/a | $942M |
| 464 | Quest Diagnostics (DGX) | Health Care | 9.5% | Operating income | 14.1% | $27.7B |
| 465 | IQVIA Holdings Inc (IQV) | Health Care | 9.5% | Operating income | 13.4% | $44.1B |
| 466 | California Resources Corporation (CRC) | Energy | 9.5% | Operating income | 16.3% | $4.9B |
| 467 | SkyWest Inc (SKYW) | Industrials | 9.5% | Operating income | n/a | $3.1B |
| 468 | Wesco International (WCC) | Industrials | 9.5% | Operating income | 5.2% | $16.7B |
| 469 | Myers Industries Inc (MYE) | Materials | 9.5% | Operating income | 9.0% | $1.1B |
| 470 | Reliance, Inc. (RS) | Materials | 9.4% | Operating income | 7.1% | $22.3B |
| 471 | Nasdaq, Inc. (NDAQ) | Financials | 9.4% | Operating income | 28.2% | $59.0B |
| 472 | Antero Midstream (AM) | Energy | 9.4% | Operating income | 54.2% | $10.1B |
| 473 | National HealthCare Corporation (NHC) | Health Care | 9.4% | Operating income | 8.5% | $3.2B |
| 474 | Acme United Corporation. (ACU) | Health Care | 9.4% | Operating income | 7.5% | $258M |
| 475 | American States Water Company (AWR) | Utilities | 9.3% | Operating income | 30.9% | $3.4B |
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.