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 701–725 of 906.
| # | Company | Sector | ROIC | Numerator | Operating margin | Market cap |
|---|---|---|---|---|---|---|
| 701 | PG&E Corporation (PCG) | Utilities | 5.3% | Operating income | 19.0% | $35.3B |
| 702 | Noble Corporation plc A (NE) | Energy | 5.3% | Operating income | 12.6% | $7.8B |
| 703 | BrightSpring Health Services Inc (BTSG) | Health Care | 5.3% | Operating income | 2.3% | $13.3B |
| 704 | CBIZ Inc (CBZ) | Industrials | 5.3% | Operating income | 8.5% | $3.0B |
| 705 | Becton Dickinson (BDX) | Health Care | 5.2% | Operating income | 11.8% | $53.9B |
| 706 | Spire Inc (SR) | Utilities | 5.2% | Operating income | 21.2% | $5.2B |
| 707 | Farmland Partners Inc (FPI) | Real Estate | 5.2% | EBIT = pre-tax income + interest (no operating income tagged) | 40.8% | $354M |
| 708 | Portillo's Inc Class A (PTLO) | Consumer Discretionary | 5.2% | Operating income | 6.0% | $353M |
| 709 | Hawaiian Electric Industries Inc (HE) | Utilities | 5.2% | Operating income | 7.6% | $1.5B |
| 710 | Dominion Energy (D) | Utilities | 5.2% | Operating income | 26.7% | $58.6B |
| 711 | Archer Daniels Midland (ADM) | Consumer Staples | 5.2% | EBIT = pre-tax income + interest (no operating income tagged) | n/a | $37.1B |
| 712 | Viavi Solutions (VIAV) | Information Technology | 5.1% | Operating income | 6.9% | $7.4B |
| 713 | Fidelity National Information Services (FIS) | Financials | 5.1% | Operating income | 16.3% | $19.9B |
| 714 | NorthWestern Energy Group Inc (NWE) | Utilities | 5.1% | Operating income | 20.2% | $4.9B |
| 715 | Hormel Foods (HRL) | Consumer Staples | 5.1% | Operating income | n/a | $11.7B |
| 716 | Ingles Markets Incorporated Class A (IMKTA) | Consumer Staples | 5.1% | Operating income | 2.2% | $1.6B |
| 717 | Worthington Enterprises Inc (WOR) | Industrials | 5.1% | Operating income | 5.5% | $3.1B |
| 718 | MDU Resources (MDU) | Utilities | 5.1% | Operating income | 15.5% | $4.1B |
| 719 | TXNM Energy Inc (TXNM) | Utilities | 5.1% | Operating income | 20.4% | $6.4B |
| 720 | Sabra Health Care REIT Inc (SBRA) | Real Estate | 5.1% | EBIT = pre-tax income + interest (no operating income tagged) | n/a | $5.0B |
| 721 | Workday, Inc. (WDAY) | Information Technology | 5.0% | Operating income | 7.5% | $47.7B |
| 722 | Xcel Energy (XEL) | Utilities | 4.9% | Operating income | n/a | $51.2B |
| 723 | Zimmer Biomet (ZBH) | Health Care | 4.9% | Operating income | 13.3% | $18.0B |
| 724 | H2O America (HTO) | Utilities | 4.9% | Operating income | 22.2% | $2.9B |
| 725 | Liberty Formula 1 (Series A) (FWONA) | Communication Services | 4.9% | Operating income | 12.9% | n/a |
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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.