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 75; 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 76–100 of 906.
| # | Company | Sector | ROIC | Numerator | Operating margin | Market cap |
|---|---|---|---|---|---|---|
| 76 | Cintas (CTAS) | Industrials | 29.5% | Operating income | 23.1% | $87.3B |
| 77 | Zoetis (ZTS) | Health Care | 29.4% | EBIT = pre-tax income + interest (no operating income tagged) | n/a | $32.9B |
| 78 | Trane Technologies (TT) | Industrials | 29.1% | Operating income | 18.6% | $89.7B |
| 79 | SharkNinja (SN) | Consumer Discretionary | 28.8% | Operating income | 14.4% | $29.3B |
| 80 | WD-40 (WDFC) | Consumer Staples | 28.8% | Operating income | 16.7% | $3.0B |
| 81 | Tractor Supply (TSCO) | Consumer Discretionary | 28.8% | Operating income | 9.5% | $17.7B |
| 82 | Meta Platforms (META) | Communication Services | 28.7% | Operating income | 41.4% | $1.57T |
| 83 | Stride Inc (LRN) | Consumer Discretionary | 28.7% | Operating income | 17.9% | $3.3B |
| 84 | Alphabet Inc. (Class A) (GOOGL) | Communication Services | 28.7% | Operating income | 32.0% | $3.44T |
| 85 | Alphabet Inc. (Class C) (GOOG) | Communication Services | 28.7% | Operating income | 32.0% | $3.42T |
| 86 | Motorola Solutions (MSI) | Information Technology | 28.7% | Operating income | 25.6% | $81.3B |
| 87 | Burlington Stores (BURL) | Consumer Discretionary | 28.4% | EBIT = pre-tax income + interest (no operating income tagged) | n/a | $14.9B |
| 88 | Grindr Inc (GRND) | Communication Services | 28.4% | Operating income | 28.7% | $2.2B |
| 89 | Daktronics Inc (DAKT) | Information Technology | 28.1% | Operating income | 7.3% | $907M |
| 90 | Veralto (VLTO) | Industrials | 28.1% | Operating income | 23.2% | $27.0B |
| 91 | Johnson & Johnson (JNJ) | Health Care | 27.9% | EBIT = pre-tax income + interest (no operating income tagged) | n/a | $657.7B |
| 92 | Everus Construction Group (ECG) | Industrials | 27.8% | Operating income | 7.1% | $5.2B |
| 93 | Armstrong World Industries (AWI) | Industrials | 27.7% | Operating income | 26.6% | $7.0B |
| 94 | Laureate Education Inc (LAUR) | Consumer Discretionary | 27.4% | Operating income | 25.3% | $4.5B |
| 95 | UL Solutions (ULS) | Industrials | 27.3% | Operating income | 17.1% | $15.1B |
| 96 | Madison Square Garden Entertainmen (MSGE) | Communication Services | 27.1% | Operating income | 13.3% | $3.8B |
| 97 | Lockheed Martin (LMT) | Industrials | 27.1% | Operating income | 10.3% | $147.1B |
| 98 | Envela Corp (ELA) | Consumer Discretionary | 27.1% | Operating income | 7.5% | $291M |
| 99 | Cheniere Energy (LNG) | Energy | 26.9% | Operating income | 45.6% | $67.5B |
| 100 | ResMed | (RMD) | Health Care | 26.7% | Operating income | 33.4% | $32.3B |
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.