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 551–575 of 906.
| # | Company | Sector | ROIC | Numerator | Operating margin | Market cap |
|---|---|---|---|---|---|---|
| 551 | Carrier Global (CARR) | Industrials | 8.0% | Operating income | 10.0% | $43.9B |
| 552 | EPR Properties (EPR) | Real Estate | 8.0% | Operating income | 57.7% | $4.4B |
| 553 | MKS Instruments (MKSI) | Information Technology | 7.9% | Operating income | 13.4% | $13.7B |
| 554 | Martin Marietta Materials (MLM) | Materials | 7.9% | Operating income | 23.4% | $32.5B |
| 555 | Skyworks Solutions (SWKS) | Information Technology | 7.8% | Operating income | 12.2% | $13.2B |
| 556 | PHINIA Inc (PHIN) | Consumer Discretionary | 7.8% | Operating income | 7.3% | $2.3B |
| 557 | Teledyne Technologies (TDY) | Information Technology | 7.8% | Operating income | 18.8% | $30.3B |
| 558 | Kaiser Aluminium Corp (KALU) | Materials | 7.8% | Operating income | 5.6% | $1.9B |
| 559 | Antero Resources (AR) | Energy | 7.8% | Operating income | 16.7% | $12.9B |
| 560 | Driven Brands Holdings Inc (DRVN) | Consumer Discretionary | 7.8% | Operating income | 12.4% | $2.0B |
| 561 | APi Group (APG) | Industrials | 7.7% | Operating income | 7.0% | $18.9B |
| 562 | Corpay (CPAY) | Financials | 7.7% | Operating income | 44.0% | $26.3B |
| 563 | Merit Medical Systems Inc (MMSI) | Health Care | 7.7% | Operating income | 12.2% | $5.2B |
| 564 | Deluxe Corporation (DLX) | Industrials | 7.7% | Operating income | 10.9% | $1.0B |
| 565 | Silgan Holdings (SLGN) | Materials | 7.7% | EBIT = pre-tax income + interest (no operating income tagged) | n/a | $4.3B |
| 566 | Escalade Incorporated (ESCA) | Consumer Discretionary | 7.7% | Operating income | 7.8% | $271M |
| 567 | RB Global (RBA) | Industrials | 7.7% | Operating income | 15.5% | $16.6B |
| 568 | Progress Software Corporation (PRGS) | Information Technology | 7.6% | Operating income | 15.7% | $1.8B |
| 569 | Allient Inc (ALNT) | Industrials | 7.5% | Operating income | 7.9% | $1.5B |
| 570 | Materion Corporation (MTRN) | Materials | 7.5% | Operating income | 6.1% | $4.6B |
| 571 | Kyndryl (KD) | Information Technology | 7.5% | EBIT = pre-tax income + interest (no operating income tagged) | n/a | $3.0B |
| 572 | Vivmark Residential (VMRK) | Real Estate | 7.5% | EBIT = pre-tax income + interest (no operating income tagged) | 50.2% | $23.2B |
| 573 | Enphase Energy (ENPH) | Information Technology | 7.4% | Operating income | 10.7% | $3.4B |
| 574 | Trimble Inc. (TRMB) | Information Technology | 7.4% | Operating income | 16.5% | $15.1B |
| 575 | Graphic Packaging (GPK) | Materials | 7.3% | Operating income | 9.3% | $2.6B |
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.