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 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 12; 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 826–850 of 906.
| # | Company | Sector | ROIC | Numerator | Operating margin | Market cap |
|---|---|---|---|---|---|---|
| 826 | CTO Realty Growth Inc (CTO) | Real Estate | 2.8% | Operating income | 22.7% | $764M |
| 827 | Global Water Resources Inc (GWRS) | Utilities | 2.8% | Operating income | 12.8% | $223M |
| 828 | Crocs (CROX) | Consumer Discretionary | 2.8% | Operating income | 3.7% | $6.9B |
| 829 | Sunstone Hotel Investors REIT Inc (SHO) | Real Estate | 2.8% | EBIT = pre-tax income + interest (no operating income tagged) | n/a | $2.4B |
| 830 | Manpower Inc (MAN) | Industrials | 2.8% | Operating income | 0.8% | $2.2B |
| 831 | Uniti Group Inc (UNIT) | Communication Services | 2.7% | Operating income | 11.7% | $1.2B |
| 832 | RadNet Inc (RDNT) | Health Care | 2.6% | Operating income | 3.0% | $5.8B |
| 833 | Lesaka Technologies Inc (LSAK) | Information Technology | 2.5% | Operating income | 1.8% | $342M |
| 834 | Alto Ingredients Inc (ALTO) | Materials | 2.5% | Operating income | 0.8% | $283M |
| 835 | AerSale Corporation (ASLE) | Industrials | 2.5% | Operating income | 4.7% | $231M |
| 836 | Genuine Parts Company (GPC) | Consumer Discretionary | 2.5% | EBIT = pre-tax income + interest (no operating income tagged) | n/a | $16.7B |
| 837 | Transcat Inc (TRNS) | Industrials | 2.5% | Operating income | 4.0% | $808M |
| 838 | 8x8 Inc (EGHT) | Information Technology | 2.5% | Operating income | 2.6% | $302M |
| 839 | Liberty Energy Inc Class A (LBRT) | Energy | 2.5% | Operating income | 1.8% | $2.8B |
| 840 | Alaska Air Group (ALK) | Industrials | 2.5% | Operating income | 2.1% | $4.0B |
| 841 | NetSTREIT Corp (NTST) | Real Estate | 2.5% | EBIT = pre-tax income + interest (no operating income tagged) | n/a | $2.2B |
| 842 | Warrior Met Coal Inc (HCC) | Materials | 2.4% | Operating income | n/a | $4.5B |
| 843 | Mirion Technologies Inc Class A (MIR) | Information Technology | 2.4% | Operating income | 5.6% | $4.6B |
| 844 | Willis Lease Finance Corporation (WLFC) | Industrials | 2.4% | Operating income | 14.3% | $880M |
| 845 | Crescent Energy Company Class A (CRGY) | Energy | 2.3% | Operating income | 6.4% | $4.7B |
| 846 | Synopsys (SNPS) | Information Technology | 2.3% | Operating income | 13.0% | $89.6B |
| 847 | Repligen (RGEN) | Health Care | 2.3% | Operating income | n/a | $10.0B |
| 848 | Sensata Technologies (ST) | Industrials | 2.3% | Operating income | 6.4% | $5.9B |
| 849 | U-Haul (UHAL) | Industrials | 2.3% | Operating income | 7.2% | $10.0B |
| 850 | U-Haul (Series N) (UHAL.B) | Industrials | 2.3% | Operating income | 7.2% | $10.0B |
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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.