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 776–800 of 906.
| # | Company | Sector | ROIC | Numerator | Operating margin | Market cap |
|---|---|---|---|---|---|---|
| 776 | Aptiv (APTV) | Consumer Discretionary | 3.9% | Operating income | 5.8% | $9.1B |
| 777 | Schneider National (SNDR) | Industrials | 3.8% | Operating income | 3.0% | $5.1B |
| 778 | Murphy Oil Corporation (MUR) | Energy | 3.8% | Operating income | 11.1% | $6.3B |
| 779 | TriMas Corporation (TRS) | Materials | 3.8% | Operating income | 6.4% | $1.4B |
| 780 | Trupanion Inc (TRUP) | Financials | 3.8% | Operating income | 1.0% | $1.3B |
| 781 | Benchmark Electronics Inc (BHE) | Information Technology | 3.7% | Operating income | 2.9% | $2.4B |
| 782 | Weyerhaeuser (WY) | Real Estate | 3.7% | Operating income | 10.6% | $14.7B |
| 783 | Chatham Lodging Trust (REIT) (CLDT) | Real Estate | 3.7% | Operating income | 13.9% | $687M |
| 784 | NOV Inc. (NOV) | Energy | 3.7% | Operating income | 5.6% | $6.9B |
| 785 | HNI Corporation (HNI) | Industrials | 3.7% | Operating income | 4.4% | $3.5B |
| 786 | Affirm Holdings (AFRM) | Information Technology | 3.6% | Operating income | 9.8% | $24.8B |
| 787 | Greenbrier Companies Inc. (The) (GBX) | Industrials | 3.6% | Operating income | 11.1% | $1.2B |
| 788 | Edgewell Personal Care Company (EPC) | Consumer Staples | 3.6% | Operating income | 4.3% | $1.3B |
| 789 | Stepan Company (SCL) | Materials | 3.6% | Operating income | 3.4% | $1.6B |
| 790 | Genesco Inc (GCO) | Consumer Discretionary | 3.5% | Operating income | 0.7% | $407M |
| 791 | Forum Energy Technologies Inc (FET) | Energy | 3.5% | Operating income | 3.8% | $974M |
| 792 | Microchip Technology (MCHP) | Information Technology | 3.5% | Operating income | 10.4% | $42.0B |
| 793 | Southwest Airlines (LUV) | Industrials | 3.5% | Operating income | 1.5% | $20.8B |
| 794 | Reservoir Media Inc (RSVR) | Communication Services | 3.5% | Operating income | 21.8% | $628M |
| 795 | Designer Brands Inc Class A (DBI) | Consumer Discretionary | 3.5% | Operating income | 1.7% | $345M |
| 796 | Veeco Instruments Inc (VECO) | Information Technology | 3.5% | Operating income | n/a | $2.4B |
| 797 | Waystar Holding Corp (WAY) | Health Care | 3.5% | Operating income | 22.7% | $5.4B |
| 798 | Ormat Technologies Inc (ORA) | Utilities | 3.4% | Operating income | n/a | $5.5B |
| 799 | Expro Group Holdings NV (XPRO) | Energy | 3.4% | Operating income | 5.0% | $1.9B |
| 800 | Ventas (VTR) | Real Estate | 3.4% | EBIT = pre-tax income + interest (no operating income tagged) | n/a | $44.8B |
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.