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 651–675 of 906.
| # | Company | Sector | ROIC | Numerator | Operating margin | Market cap |
|---|---|---|---|---|---|---|
| 651 | UDR, Inc. (UDR) | Real Estate | 6.0% | Operating income | 32.3% | $11.4B |
| 652 | NextEra Energy (NEE) | Utilities | 6.0% | Operating income | n/a | $175.6B |
| 653 | Holley Inc (HLLY) | Consumer Discretionary | 6.0% | Operating income | 13.4% | $319M |
| 654 | Kinder Morgan (KMI) | Energy | 6.0% | Operating income | 27.9% | $75.5B |
| 655 | Ziff Davis Inc (ZD) | Communication Services | 6.0% | Operating income | 12.6% | $1.9B |
| 656 | Everforth Inc (EFOR) | Information Technology | 5.9% | Operating income | 5.8% | $1.6B |
| 657 | Astec Industries Inc (ASTE) | Industrials | 5.9% | Operating income | 4.7% | $904M |
| 658 | L3Harris (LHX) | Industrials | 5.9% | Operating income | 9.0% | $51.7B |
| 659 | GoodRx Holdings, Inc. (GDRX) | Health Care | 5.8% | Operating income | 11.0% | $1.2B |
| 660 | Essential Properties Realty Trust Inc (EPRT) | Real Estate | 5.8% | Operating income | 64.1% | $5.9B |
| 661 | Middlesex Water Company (MSEX) | Utilities | 5.8% | Operating income | 27.9% | $1.1B |
| 662 | DT Midstream (DTM) | Energy | 5.8% | Operating income | 49.4% | $12.7B |
| 663 | Gentherm Inc (THRM) | Consumer Discretionary | 5.8% | Operating income | 5.5% | $1.6B |
| 664 | Enpro Inc (NPO) | Industrials | 5.8% | Operating income | 13.6% | $5.7B |
| 665 | Urban Edge Properties (UE) | Real Estate | 5.8% | EBIT = pre-tax income + interest (no operating income tagged) | n/a | $2.5B |
| 666 | Ameren (AEE) | Utilities | 5.8% | Operating income | 23.0% | $30.6B |
| 667 | Entegris (ENTG) | Information Technology | 5.8% | Operating income | 14.3% | $23.6B |
| 668 | Black Hills Corporation (BKH) | Utilities | 5.8% | Operating income | 23.3% | $6.3B |
| 669 | Camping World Holdings Inc Class A (CWH) | Consumer Discretionary | 5.8% | Operating income | 2.8% | $516M |
| 670 | Postal Realty Trust Inc Class A (PSTL) | Real Estate | 5.8% | Operating income | 35.8% | $653M |
| 671 | Exelon (EXC) | Utilities | 5.8% | Operating income | 21.2% | $47.8B |
| 672 | ONE Gas Inc (OGS) | Utilities | 5.7% | Operating income | 13.6% | $4.9B |
| 673 | Post Holdings (POST) | Consumer Staples | 5.7% | Operating income | 9.8% | $3.7B |
| 674 | Fortive (FTV) | Industrials | 5.7% | Operating income | 17.3% | $19.4B |
| 675 | Eastern Co (EML) | Industrials | 5.7% | Operating income | 4.3% | $168M |
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.