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 526–550 of 906.
| # | Company | Sector | ROIC | Numerator | Operating margin | Market cap |
|---|---|---|---|---|---|---|
| 526 | ICF International Inc (ICFI) | Industrials | 8.4% | Operating income | 7.8% | $1.7B |
| 527 | Vici Properties (VICI) | Real Estate | 8.4% | EBIT = pre-tax income + interest (no operating income tagged) | n/a | $26.9B |
| 528 | Churchill Downs Incorporated (CHDN) | Consumer Discretionary | 8.4% | Operating income | 23.4% | $6.5B |
| 529 | Xylem Inc. (XYL) | Industrials | 8.4% | Operating income | 13.5% | $21.2B |
| 530 | Rocky Brands Inc (RCKY) | Consumer Discretionary | 8.4% | Operating income | n/a | $369M |
| 531 | Valero Energy (VLO) | Energy | 8.3% | Operating income | n/a | $111.5B |
| 532 | Celsius Holdings (CELH) | Consumer Staples | 8.3% | Operating income | 5.6% | $7.4B |
| 533 | Standard Motor Products Inc (SMP) | Consumer Discretionary | 8.3% | Operating income | 7.6% | $948M |
| 534 | Kroger (KR) | Consumer Staples | 8.3% | Operating income | 1.3% | $39.4B |
| 535 | Janus International Group Inc (JBI) | Industrials | 8.3% | Operating income | 12.6% | $633M |
| 536 | Mistras Group Inc (MG) | Industrials | 8.3% | Operating income | 5.6% | $643M |
| 537 | EQT Corporation (EQT) | Energy | 8.3% | Operating income | 37.6% | $34.6B |
| 538 | Labcorp (LH) | Health Care | 8.3% | Operating income | 9.9% | $29.3B |
| 539 | ADT Inc. (ADT) | Consumer Discretionary | 8.3% | Operating income | 25.5% | $7.5B |
| 540 | Barnes & Noble Education Inc (BNED) | Consumer Discretionary | 8.3% | Operating income | 2.1% | $439M |
| 541 | Prestige Consumer Healthcare Inc (PBH) | Health Care | 8.2% | Operating income | 28.4% | $2.3B |
| 542 | Apogee Enterprises Inc (APOG) | Industrials | 8.2% | Operating income | 6.0% | $945M |
| 543 | Koppers Holdings Inc (KOP) | Materials | 8.2% | Operating income | 8.9% | $785M |
| 544 | V2X Inc (VVX) | Industrials | 8.2% | Operating income | 4.3% | $2.5B |
| 545 | ScanSource Inc (SCSC) | Information Technology | 8.2% | Operating income | 3.1% | $1.2B |
| 546 | Core Molding Technologies Inc (CMT) | Materials | 8.1% | Operating income | 5.2% | $198M |
| 547 | Fortune Brands Innovations (FBIN) | Industrials | 8.1% | Operating income | 11.6% | $5.3B |
| 548 | RBC Bearings (RBC) | Industrials | 8.1% | Operating income | 22.5% | $14.6B |
| 549 | Gates Corporation (GTES) | Industrials | 8.0% | Operating income | 13.5% | $6.0B |
| 550 | Intercontinental Exchange (ICE) | Financials | 8.0% | Operating income | 39.0% | $94.4B |
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.