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 226; 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 75; 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 26–50 of 906.
| # | Company | Sector | ROIC | Numerator | Operating margin | Market cap |
|---|---|---|---|---|---|---|
| 26 | Automatic Data Processing (ADP) | Industrials | 52.0% | EBIT = pre-tax income + interest (no operating income tagged) | n/a | $116.7B |
| 27 | United States Lime and Minerals in (USLM) | Materials | 51.7% | Operating income | 42.4% | $3.2B |
| 28 | Interdigital Inc (IDCC) | Information Technology | 48.7% | Operating income | 55.3% | $8.0B |
| 29 | Ralph Lauren Corporation (RL) | Consumer Discretionary | 48.3% | Operating income | 14.5% | $23.4B |
| 30 | Ulta Beauty (ULTA) | Consumer Discretionary | 47.5% | Operating income | 12.4% | $27.4B |
| 31 | Harmony Biosciences HLDG Inc (HRMY) | Health Care | 46.1% | Operating income | 24.0% | $2.3B |
| 32 | IES Holdings (IESC) | Industrials | 45.7% | Operating income | 11.4% | $8.2B |
| 33 | Gartner (IT) | Information Technology | 44.6% | Operating income | 15.8% | $14.4B |
| 34 | Jabil (JBL) | Information Technology | 44.0% | Operating income | 4.7% | $28.1B |
| 35 | Mimedx Group Inc (MDXG) | Health Care | 43.4% | Operating income | 15.3% | $566M |
| 36 | Visa Inc. (V) | Financials | 42.4% | Operating income | 60.0% | $785.0B |
| 37 | Costco (COST) | Consumer Staples | 41.4% | Operating income | 3.9% | $448.6B |
| 38 | Lilly (Eli) (LLY) | Health Care | 41.1% | EBIT = pre-tax income + interest (no operating income tagged) | n/a | $1.33T |
| 39 | SBC Medical Group Holdings Inc (SBC) | Health Care | 41.0% | Operating income | 38.9% | $543M |
| 40 | Yext Inc (YEXT) | Information Technology | 40.7% | Operating income | 10.0% | $712M |
| 41 | Mueller Industries (MLI) | Industrials | 40.5% | Operating income | 22.9% | $11.9B |
| 42 | ADMA Biologics Inc (ADMA) | Health Care | 39.5% | Operating income | 37.5% | $2.6B |
| 43 | TechnipFMC (FTI) | Energy | 39.2% | Operating income | 14.5% | $26.7B |
| 44 | Robinhood Markets (HOOD) | Financials | 39.1% | EBIT = pre-tax income + interest (no operating income tagged) | n/a | $76.4B |
| 45 | Oceaneering International Inc (OII) | Energy | 38.9% | Operating income | 10.9% | $4.1B |
| 46 | Flowco Holdings Inc Class A (FLOC) | Energy | 38.0% | Operating income | 19.6% | $1.8B |
| 47 | Wabash National Corp (WNC) | Industrials | 36.8% | Operating income | 19.9% | $478M |
| 48 | Genie Energy Ltd Class B (GNE) | Utilities | 36.1% | Operating income | 5.5% | $433M |
| 49 | Netflix (NFLX) | Communication Services | 35.6% | Operating income | 29.5% | $254.9B |
| 50 | Colgate-Palmolive (CL) | Consumer Staples | 35.4% | Operating income | 16.2% | $75.7B |
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.