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 801–825 of 906.
| # | Company | Sector | ROIC | Numerator | Operating margin | Market cap |
|---|---|---|---|---|---|---|
| 801 | RLJ Lodging Trust REIT (RLJ) | Real Estate | 3.4% | EBIT = pre-tax income + interest (no operating income tagged) | n/a | $1.9B |
| 802 | Healthpeak Properties (DOC) | Real Estate | 3.4% | EBIT = pre-tax income + interest (no operating income tagged) | n/a | $13.1B |
| 803 | James Hardie Industries (JHX) | Materials | 3.4% | Operating income | 9.3% | $15.8B |
| 804 | Rayonier (RYN) | Real Estate | 3.4% | Operating income | 17.2% | $5.8B |
| 805 | Winnebago Industries Inc (WGO) | Consumer Discretionary | 3.3% | Operating income | 2.4% | $871M |
| 806 | Revvity (RVTY) | Health Care | 3.3% | Operating income | 12.5% | $17.5B |
| 807 | Northern Oil and Gas Inc (NOG) | Energy | 3.3% | Operating income | 9.9% | $3.0B |
| 808 | Aviat Networks Inc (AVNW) | Information Technology | 3.3% | Operating income | 8.1% | $258M |
| 809 | Envista (NVST) | Health Care | 3.3% | Operating income | 7.9% | $3.8B |
| 810 | Matthews International Corporation (MATW) | Consumer Discretionary | 3.2% | Operating income | -0.7% | $602M |
| 811 | Hornbeck Offshore Services Inc (HOS) | Energy | 3.2% | Operating income | 5.0% | $1.0B |
| 812 | MasterBrand Inc (MBC) | Industrials | 3.2% | Operating income | 4.4% | $1.5B |
| 813 | Hyatt Hotels (H) | Consumer Discretionary | 3.1% | EBIT = pre-tax income + interest (no operating income tagged) | n/a | $17.0B |
| 814 | Graham Holdings Company Class B (GHC) | Consumer Discretionary | 3.1% | Operating income | 4.8% | $4.9B |
| 815 | Curbline Properties Corp (CURB) | Real Estate | 3.1% | EBIT = pre-tax income + interest (no operating income tagged) | n/a | $3.5B |
| 816 | Vishay Precision Group Inc (VPG) | Information Technology | 3.1% | Operating income | 4.5% | $669M |
| 817 | Primo Brands (PRMB) | Consumer Staples | 3.0% | Operating income | 6.5% | $7.2B |
| 818 | Distribution Solutions Group Inc (DSGR) | Industrials | 3.0% | Operating income | 4.0% | $1.6B |
| 819 | Manitowoc Company Inc. (The) (MTW) | Industrials | 3.0% | Operating income | 2.4% | $831M |
| 820 | Amentum (AMTM) | Industrials | 3.0% | Operating income | 3.3% | $5.3B |
| 821 | Select Water Solutions Inc Class A (WTTR) | Energy | 2.9% | Operating income | 2.0% | $2.7B |
| 822 | Ecovyst Inc (ECVT) | Materials | 2.9% | Operating income | 9.0% | $1.1B |
| 823 | Marcus Corporation (The) (MCS) | Communication Services | 2.9% | Operating income | 2.2% | $819M |
| 824 | Petco Health and Wellness Company Inc (WOOF) | Consumer Discretionary | 2.9% | Operating income | 2.0% | $846M |
| 825 | e.l.f. Beauty (ELF) | Consumer Staples | 2.9% | Operating income | 4.5% | $6.6B |
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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.