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 126–150 of 906.
| # | Company | Sector | ROIC | Numerator | Operating margin | Market cap |
|---|---|---|---|---|---|---|
| 126 | Cboe Global Markets (CBOE) | Financials | 22.5% | Operating income | n/a | $35.0B |
| 127 | Howmet Aerospace (HWM) | Industrials | 22.4% | Operating income | 24.8% | $79.2B |
| 128 | TG Therapeutics Inc (TGTX) | Health Care | 22.4% | Operating income | 20.0% | $9.4B |
| 129 | Consensus Cloud Solutions Inc (CCSI) | Information Technology | 22.4% | Operating income | 43.0% | $684M |
| 130 | Perma Pipe International Holdings (PPIH) | Industrials | 22.3% | Operating income | n/a | $240M |
| 131 | Valvoline (VVV) | Materials | 22.3% | Operating income | 22.8% | $4.1B |
| 132 | Levi Strauss & Co (LEVI) | Consumer Discretionary | 22.2% | Operating income | 10.8% | $8.6B |
| 133 | International Money Express Inc (IMXI) | Financials | 22.2% | Operating income | n/a | $277M |
| 134 | XPEL Inc (XPEL) | Consumer Discretionary | 22.0% | Operating income | 13.2% | $1.3B |
| 135 | Cadence Design Systems (CDNS) | Information Technology | 21.9% | Operating income | 28.2% | $90.0B |
| 136 | Idaho Strategic Resources Inc (IDR) | Materials | 21.9% | Operating income | 36.8% | $310M |
| 137 | Carlisle Companies (CSL) | Industrials | 21.9% | Operating income | 20.0% | $14.5B |
| 138 | Morningstar, Inc. (MORN) | Financials | 21.9% | Operating income | 21.5% | $8.4B |
| 139 | Coeur Mining (CDE) | Materials | 21.9% | Operating income | 34.2% | $13.5B |
| 140 | Ferguson Enterprises (FERG) | Industrials | 21.8% | Operating income | 8.5% | $46.2B |
| 141 | First Solar (FSLR) | Information Technology | 21.7% | Operating income | 30.6% | $18.7B |
| 142 | Allegion (ALLE) | Industrials | 21.5% | Operating income | 21.1% | $15.7B |
| 143 | Dollar Tree (DLTR) | Consumer Staples | 21.4% | Operating income | 8.5% | $25.1B |
| 144 | Korn Ferry (KFY) | Industrials | 21.4% | Operating income | 12.8% | $4.2B |
| 145 | PayPal (PYPL) | Financials | 21.4% | Operating income | 18.3% | $47.4B |
| 146 | Rockwell Automation (ROK) | Industrials | 21.3% | Operating income | 20.4% | $48.4B |
| 147 | Cactus Inc Class A (WHD) | Energy | 21.2% | Operating income | 23.2% | $5.3B |
| 148 | Enerpac Tool Group Corp Class A (EPAC) | Industrials | 21.1% | Operating income | 21.6% | $2.1B |
| 149 | Teradyne (TER) | Information Technology | 21.1% | Operating income | 20.4% | $42.9B |
| 150 | Kontoor Brands Inc (KTB) | Consumer Discretionary | 20.9% | Operating income | 10.7% | $4.1B |
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.