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 501–525 of 906.
| # | Company | Sector | ROIC | Numerator | Operating margin | Market cap |
|---|---|---|---|---|---|---|
| 501 | Royalty Pharma (RPRX) | Health Care | 8.9% | Operating income | 65.6% | $38.6B |
| 502 | ESCO Technologies Inc (ESE) | Industrials | 8.9% | Operating income | 15.6% | $6.2B |
| 503 | Information Services Group Inc (III) | Information Technology | 8.9% | Operating income | 7.3% | $295M |
| 504 | Crawford & Company (CRD.A) | Financials | 8.9% | EBIT = pre-tax income + interest (no operating income tagged) | n/a | $593M |
| 505 | Tyler Technologies (TYL) | Information Technology | 8.9% | Operating income | 15.3% | $15.7B |
| 506 | Cushman & Wakefield Ltd (CWK) | Real Estate | 8.8% | Operating income | 4.4% | $3.1B |
| 507 | CACI International Inc (CACI) | Industrials | 8.8% | Operating income | 9.6% | $15.0B |
| 508 | Permian Resources (PR) | Energy | 8.8% | Operating income | 28.9% | $21.8B |
| 509 | SS&C Technologies (SSNC) | Information Technology | 8.8% | Operating income | 22.9% | $18.9B |
| 510 | Versant (VSNT) | Communication Services | 8.8% | Operating income | 19.0% | $4.4B |
| 511 | AT&T Inc (T) | Communication Services | 8.7% | Operating income | 19.2% | $144.2B |
| 512 | Public Storage (PSA) | Real Estate | 8.7% | EBIT = pre-tax income + interest (no operating income tagged) | n/a | $60.7B |
| 513 | Thermo Fisher Scientific (TMO) | Health Care | 8.7% | Operating income | 17.4% | $258.2B |
| 514 | Iridium Communications (IRDM) | Communication Services | 8.7% | Operating income | 27.1% | $4.8B |
| 515 | Hayward Holdings (HAYW) | Industrials | 8.7% | Operating income | 20.8% | $3.4B |
| 516 | Patrick Industries Inc (PATK) | Consumer Discretionary | 8.7% | Operating income | 7.0% | $2.5B |
| 517 | Middleby (MIDD) | Industrials | 8.7% | Operating income | 18.0% | $5.4B |
| 518 | Humana (HUM) | Health Care | 8.6% | Operating income | 2.1% | $49.8B |
| 519 | The Chefs' Warehouse Inc (CHEF) | Consumer Staples | 8.6% | Operating income | 3.5% | $4.5B |
| 520 | Expand Energy (EXE) | Energy | 8.6% | Operating income | 20.4% | $20.9B |
| 521 | Oneok (OKE) | Energy | 8.6% | Operating income | 17.1% | $61.2B |
| 522 | SelectQuote, Inc. (SLQT) | Financials | 8.6% | Operating income | 4.6% | $63M |
| 523 | Life Time Group Holdings Inc (LTH) | Consumer Discretionary | 8.5% | Operating income | 16.1% | $10.1B |
| 524 | Equifax (EFX) | Industrials | 8.5% | Operating income | 18.0% | $21.6B |
| 525 | McCormick & Company (MKC) | Consumer Staples | 8.5% | Operating income | 15.7% | $12.7B |
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.