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 726–750 of 906.
| # | Company | Sector | ROIC | Numerator | Operating margin | Market cap |
|---|---|---|---|---|---|---|
| 726 | Liberty Formula 1 (Series C) (FWONK) | Communication Services | 4.9% | Operating income | 12.9% | n/a |
| 727 | Prologis (PLD) | Real Estate | 4.8% | Operating income | 49.6% | $121.6B |
| 728 | Regal Rexnord (RRX) | Industrials | 4.8% | Operating income | 6.0% | $10.5B |
| 729 | NACCO Industries Inc Class A (NC) | Energy | 4.8% | Operating income | 7.9% | $264M |
| 730 | Harley-Davidson Inc (HOG) | Consumer Discretionary | 4.8% | Operating income | 8.6% | $3.2B |
| 731 | Mesa Laboratories Inc (MLAB) | Health Care | 4.8% | Operating income | 7.4% | $715M |
| 732 | Consolidated Edison (ED) | Utilities | 4.8% | Operating income | 17.3% | $43.1B |
| 733 | Pure Cycle Corporation (PCYO) | Utilities | 4.8% | Operating income | 29.4% | $258M |
| 734 | Hilton Grand Vacations Inc (HGV) | Consumer Discretionary | 4.7% | EBIT = pre-tax income + interest (no operating income tagged) | n/a | $2.9B |
| 735 | Ciena (CIEN) | Information Technology | 4.7% | Operating income | 4.1% | $45.5B |
| 736 | Southwest Gas Holdings Inc (SWX) | Utilities | 4.7% | Operating income | 5.4% | $6.7B |
| 737 | BorgWarner (BWA) | Consumer Discretionary | 4.7% | Operating income | 3.7% | $10.4B |
| 738 | BrightView Holdings Inc (BV) | Industrials | 4.7% | Operating income | n/a | $1.1B |
| 739 | ArcBest Corporation (ARCB) | Industrials | 4.7% | Operating income | 2.3% | $2.8B |
| 740 | Immersion Corporation (IMMR) | Information Technology | 4.6% | Operating income | 1.5% | $239M |
| 741 | Flowers Foods Inc (FLO) | Consumer Staples | 4.6% | Operating income | 3.3% | $1.3B |
| 742 | Tesla, Inc. (TSLA) | Consumer Discretionary | 4.6% | Operating income | 4.6% | $1.58T |
| 743 | G-III Apparel Group LTD (GIII) | Consumer Discretionary | 4.6% | Operating income | n/a | $1.3B |
| 744 | Helios Technologies Inc (HLIO) | Industrials | 4.6% | Operating income | 7.9% | $2.2B |
| 745 | RCI Hospitality Holdings Inc (RICK) | Consumer Discretionary | 4.6% | Operating income | 10.8% | $216M |
| 746 | VSE Corporation (VSEC) | Industrials | 4.5% | Operating income | 8.1% | $4.1B |
| 747 | EverCommerce Inc (EVCM) | Information Technology | 4.5% | Operating income | 10.1% | $1.6B |
| 748 | LSB Industries Inc (LXU) | Materials | 4.5% | Operating income | 9.3% | $829M |
| 749 | Stagwell Inc Class A (STGW) | Communication Services | 4.5% | Operating income | 5.5% | $2.6B |
| 750 | Thor Industries (THO) | Consumer Discretionary | 4.5% | EBIT = pre-tax income + interest (no operating income tagged) | n/a | $3.8B |
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.