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 601–625 of 906.
| # | Company | Sector | ROIC | Numerator | Operating margin | Market cap |
|---|---|---|---|---|---|---|
| 601 | Griffon Corporation (GFF) | Industrials | 6.8% | Operating income | 8.2% | $4.6B |
| 602 | Gogo Inc (GOGO) | Communication Services | 6.8% | Operating income | 12.5% | $320M |
| 603 | Pfizer (PFE) | Health Care | 6.8% | EBIT = pre-tax income + interest (no operating income tagged) | n/a | $174.0B |
| 604 | Haemonetics Corporation (HAE) | Health Care | 6.8% | Operating income | 11.7% | $5.4B |
| 605 | Bluelinx Holdings Inc (BXC) | Industrials | 6.7% | Operating income | 1.1% | $621M |
| 606 | HF Sinclair (DINO) | Energy | 6.7% | Operating income | 3.5% | $19.7B |
| 607 | Bowman Consulting Group Ltd (BWMN) | Industrials | 6.7% | Operating income | 4.0% | $744M |
| 608 | American Electric Power (AEP) | Utilities | 6.7% | Operating income | 24.3% | $70.9B |
| 609 | Dole plc (DOLE) | Consumer Staples | 6.7% | Operating income | 2.4% | $1.2B |
| 610 | Public Service Enterprise Group (PEG) | Utilities | 6.7% | Operating income | 24.5% | $37.0B |
| 611 | Avnet (AVT) | Information Technology | 6.7% | Operating income | 2.6% | $7.2B |
| 612 | Shutterstock Inc (SSTK) | Communication Services | 6.7% | Operating income | 7.6% | $153M |
| 613 | Corecivic REIT Inc (CXW) | Industrials | 6.6% | EBIT = pre-tax income + interest (no operating income tagged) | n/a | $3.1B |
| 614 | Integer Holdings Corporation (ITGR) | Health Care | 6.6% | Operating income | 11.9% | $4.3B |
| 615 | Generac (GNRC) | Industrials | 6.6% | Operating income | 6.9% | $11.7B |
| 616 | Emergent BioSolutions Inc (EBS) | Health Care | 6.6% | Operating income | 13.5% | $349M |
| 617 | Republic Airways Holdings Inc (RJET) | Industrials | 6.6% | Operating income | 12.5% | $903M |
| 618 | Element Solutions (ESI) | Materials | 6.5% | Operating income | 13.4% | $8.3B |
| 619 | Novanta Inc (NOVT) | Information Technology | 6.5% | Operating income | 9.6% | $5.5B |
| 620 | Nu Skin Enterprises Inc Class A (NUS) | Consumer Staples | 6.5% | Operating income | 4.4% | $226M |
| 621 | Hexcel (HXL) | Industrials | 6.5% | Operating income | 9.1% | $5.9B |
| 622 | Centuri Holdings Inc (CTRI) | Industrials | 6.5% | Operating income | 3.1% | $2.2B |
| 623 | OGE Energy (OGE) | Utilities | 6.5% | Operating income | 24.5% | $10.2B |
| 624 | Knowles Corporation (KN) | Information Technology | 6.4% | Operating income | 11.9% | $2.8B |
| 625 | Roper Technologies (ROP) | Information Technology | 6.4% | Operating income | 28.3% | $46.1B |
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.