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 876–900 of 906.
| # | Company | Sector | ROIC | Numerator | Operating margin | Market cap |
|---|---|---|---|---|---|---|
| 876 | Twilio (TWLO) | Information Technology | 1.2% | Operating income | 3.1% | $31.7B |
| 877 | Scholastic Corporation (SCHL) | Communication Services | 1.1% | Operating income | 1.0% | $723M |
| 878 | Chord Energy (CHRD) | Energy | 1.1% | Operating income | 4.0% | $8.6B |
| 879 | Pacira BioSciences Inc (PCRX) | Health Care | 1.0% | Operating income | 2.6% | $1.5B |
| 880 | Certara Inc (CERT) | Health Care | 0.9% | Operating income | 5.0% | $1.7B |
| 881 | Bruker (BRKR) | Health Care | 0.9% | Operating income | 2.0% | $8.7B |
| 882 | Vertex Inc Class A (VERX) | Information Technology | 0.9% | Operating income | 0.3% | $2.5B |
| 883 | ON Semiconductor (ON) | Information Technology | 0.9% | Operating income | 1.4% | $27.9B |
| 884 | Onterris Inc (ONT) | Industrials | 0.8% | Operating income | 1.4% | $524M |
| 885 | Littelfuse (LFUS) | Information Technology | 0.7% | Operating income | n/a | $10.0B |
| 886 | ICU Medical Inc (ICUI) | Health Care | 0.7% | Operating income | 1.9% | $4.1B |
| 887 | Atlassian (TEAM) | Information Technology | 0.6% | Operating income | 0.2% | $48.5B |
| 888 | InnovAge Holding Corp (INNV) | Health Care | 0.6% | Operating income | 0.3% | $1.3B |
| 889 | i3 Verticals Inc Class A (IIIV) | Information Technology | 0.6% | Operating income | 1.8% | $463M |
| 890 | Bio-Rad Laboratories (BIO) | Health Care | 0.5% | Operating income | 1.8% | $10.0B |
| 891 | McEwen Inc (MUX) | Materials | 0.5% | Operating income | 1.3% | $861M |
| 892 | Malibu Boats Inc (MBUU) | Consumer Discretionary | 0.4% | Operating income | 0.3% | $469M |
| 893 | ProPetro Holding Corp (PUMP) | Energy | 0.4% | Operating income | 0.5% | $950M |
| 894 | Covenant Logistics Group Inc (CVLG) | Industrials | 0.3% | Operating income | n/a | $785M |
| 895 | nCino Inc (NCNO) | Information Technology | 0.3% | Operating income | 0.6% | $2.4B |
| 896 | Worthington Steel Inc (WS) | Materials | -0.1% | Operating income | -0.0% | $2.1B |
| 897 | Ibotta Inc Class A (IBTA) | Communication Services | -0.4% | Operating income | -0.2% | $1.1B |
| 898 | CoStar Group (CSGP) | Real Estate | -0.6% | Operating income | -2.2% | $12.1B |
| 899 | Intel (INTC) | Information Technology | -0.8% | Operating income | -4.2% | $349.5B |
| 900 | Cracker Barrel Old Country Store I (CBRL) | Consumer Discretionary | -1.5% | Operating income | -0.4% | $1.6B |
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.