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 226; 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 75; 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 51–75 of 906.
| # | Company | Sector | ROIC | Numerator | Operating margin | Market cap |
|---|---|---|---|---|---|---|
| 51 | Southern Copper (SCCO) | Materials | 34.7% | Operating income | 52.2% | $148.1B |
| 52 | W. W. Grainger (GWW) | Industrials | 34.6% | Operating income | 13.9% | $64.0B |
| 53 | Atmus Filtration Technologies Inc (ATMU) | Industrials | 34.6% | Operating income | 16.9% | $3.7B |
| 54 | Fastenal (FAST) | Industrials | 34.3% | Operating income | 20.2% | $59.6B |
| 55 | Frontdoor Inc (FTDR) | Consumer Discretionary | 33.6% | EBIT = pre-tax income + interest (no operating income tagged) | n/a | $6.0B |
| 56 | Autodesk (ADSK) | Information Technology | 33.4% | Operating income | 21.9% | $52.2B |
| 57 | Applied Materials (AMAT) | Information Technology | 33.2% | Operating income | 29.2% | $309.6B |
| 58 | Darden Restaurants (DRI) | Consumer Discretionary | 32.5% | Operating income | 12.0% | $24.9B |
| 59 | Yeti Holdings (YETI) | Consumer Discretionary | 32.3% | Operating income | 11.4% | $3.2B |
| 60 | Legacy Education Inc. (LGCY) | Consumer Discretionary | 32.0% | Operating income | 14.8% | $123M |
| 61 | Gap Inc. (GAP) | Consumer Discretionary | 31.5% | Operating income | 7.3% | $7.8B |
| 62 | Climb Global Solutions Inc (CLMB) | Information Technology | 31.5% | Operating income | 4.5% | $758M |
| 63 | Illinois Tool Works (ITW) | Industrials | 31.3% | Operating income | 26.3% | $79.2B |
| 64 | Penguin Solutions Inc (PENG) | Information Technology | 31.1% | Operating income | 9.6% | $3.1B |
| 65 | Rollins, Inc. (ROL) | Industrials | 31.0% | Operating income | 19.3% | $16.6B |
| 66 | Texas Roadhouse (TXRH) | Consumer Discretionary | 30.9% | Operating income | 8.1% | $12.0B |
| 67 | GoDaddy (GDDY) | Information Technology | 30.6% | Operating income | 22.8% | $14.2B |
| 68 | Microsoft (MSFT) | Information Technology | 30.6% | Operating income | 46.8% | $3.88T |
| 69 | Moody's Corporation (MCO) | Financials | 30.6% | Operating income | 43.4% | $85.2B |
| 70 | Weatherford International (WFRD) | Energy | 30.6% | Operating income | 9.5% | $6.6B |
| 71 | Puma Biotechnology Inc (PBYI) | Health Care | 30.4% | Operating income | 16.3% | $539M |
| 72 | A. O. Smith (AOS) | Industrials | 30.3% | Operating income | 19.0% | $8.6B |
| 73 | Vertiv (VRT) | Industrials | 30.2% | Operating income | 17.9% | $89.5B |
| 74 | 3M (MMM) | Industrials | 30.2% | Operating income | 18.6% | $90.1B |
| 75 | CF Industries (CF) | Materials | 29.8% | Operating income | 32.5% | $18.7B |
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.