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 676–700 of 906.
| # | Company | Sector | ROIC | Numerator | Operating margin | Market cap |
|---|---|---|---|---|---|---|
| 676 | Alliant Energy (LNT) | Utilities | 5.7% | Operating income | 23.5% | $18.6B |
| 677 | Entergy (ETR) | Utilities | 5.6% | Operating income | 24.7% | $51.4B |
| 678 | Nexstar Media Group (NXST) | Communication Services | 5.6% | Operating income | 17.2% | $5.3B |
| 679 | CenterPoint Energy (CNP) | Utilities | 5.6% | Operating income | 22.5% | $28.1B |
| 680 | UNITIL Corporation (UTL) | Utilities | 5.6% | Operating income | 18.9% | $1.0B |
| 681 | Kimball Electronics Inc (KE) | Information Technology | 5.6% | Operating income | 4.6% | $620M |
| 682 | Duke Energy (DUK) | Utilities | 5.6% | Operating income | n/a | $99.3B |
| 683 | Portland General Electric Co (POR) | Utilities | 5.6% | Operating income | 15.5% | $5.3B |
| 684 | Acco Brands Corporation (ACCO) | Industrials | 5.6% | Operating income | 6.1% | $508M |
| 685 | Miller Industries Inc (MLR) | Industrials | 5.5% | EBIT = pre-tax income + interest (no operating income tagged) | 5.1% | $577M |
| 686 | BioMarin Pharmaceutical (BMRN) | Health Care | 5.5% | Operating income | 12.7% | $11.3B |
| 687 | Idacorp (IDA) | Utilities | 5.5% | Operating income | 20.3% | $8.6B |
| 688 | LXP Industrial Trust (LXP) | Real Estate | 5.5% | EBIT = pre-tax income + interest (no operating income tagged) | n/a | $3.6B |
| 689 | Luxfer Holdings PLC (LXFR) | Industrials | 5.5% | Operating income | 6.2% | $461M |
| 690 | RGC Resources Inc (RGCO) | Utilities | 5.5% | Operating income | 19.4% | $239M |
| 691 | Apple Hospitality REIT Inc (APLE) | Real Estate | 5.5% | Operating income | 18.3% | $4.4B |
| 692 | Pinnacle West Capital (PNW) | Utilities | 5.4% | Operating income | 20.0% | $12.9B |
| 693 | FormFactor, Inc. (FORM) | Information Technology | 5.4% | Operating income | 7.3% | $6.8B |
| 694 | PPL Corporation (PPL) | Utilities | 5.4% | Operating income | 23.5% | $26.8B |
| 695 | CMS Energy (CMS) | Utilities | 5.3% | Operating income | 20.2% | $22.0B |
| 696 | United Natural Foods Inc (UNFI) | Consumer Staples | 5.3% | Operating income | 0.7% | $2.8B |
| 697 | Mitek Systems Inc (MITK) | Information Technology | 5.3% | Operating income | 9.3% | $815M |
| 698 | Spectrum Brands Holdings Inc (SPB) | Consumer Staples | 5.3% | Operating income | 4.4% | $1.9B |
| 699 | Organon & Co. (OGN) | Health Care | 5.3% | EBIT = pre-tax income + interest (no operating income tagged) | n/a | $3.6B |
| 700 | ZoomInfo (GTM) | Communication Services | 5.3% | Operating income | 18.1% | $1.3B |
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.