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 176–200 of 906.
| # | Company | Sector | ROIC | Numerator | Operating margin | Market cap |
|---|---|---|---|---|---|---|
| 176 | Donaldson Company (DCI) | Industrials | 19.4% | Operating income | n/a | $9.6B |
| 177 | PAR Pacific Holdings Inc (PARR) | Energy | 19.4% | Operating income | 7.2% | $3.8B |
| 178 | Texas Instruments (TXN) | Information Technology | 19.4% | Operating income | 34.1% | $274.9B |
| 179 | Quad Graphics Inc Class A (QUAD) | Industrials | 19.4% | Operating income | 4.0% | $371M |
| 180 | Snap-on (SNA) | Industrials | 19.3% | Operating income | 25.8% | $18.3B |
| 181 | Interface Inc (TILE) | Industrials | 19.3% | Operating income | 11.8% | $2.1B |
| 182 | Ensign Group (ENSG) | Health Care | 19.0% | Operating income | 8.5% | $10.6B |
| 183 | John Wiley and Sons Inc Class A (WLY) | Communication Services | 18.9% | Operating income | 16.5% | $2.6B |
| 184 | Gulfport Energy Corp (GPOR) | Energy | 18.8% | Operating income | 42.2% | $2.9B |
| 185 | Turning Point Brands Inc (TPB) | Consumer Staples | 18.8% | Operating income | n/a | $1.3B |
| 186 | Yum China Holdings, Inc. (YUMC) | Consumer Discretionary | 18.7% | Operating income | 10.9% | $15.7B |
| 187 | West Pharmaceutical Services (WST) | Health Care | 18.7% | Operating income | 19.0% | $28.7B |
| 188 | Hubbell Incorporated (HUBB) | Industrials | 18.7% | Operating income | 20.7% | $22.3B |
| 189 | Caterpillar Inc. (CAT) | Industrials | 18.4% | Operating income | 16.5% | $286.3B |
| 190 | Broadridge Financial Solutions (BR) | Industrials | 18.3% | Operating income | 17.4% | $20.4B |
| 191 | Genpact (G) | Industrials | 18.3% | Operating income | 14.8% | $6.7B |
| 192 | Marzetti (MZTI) | Consumer Staples | 18.3% | Operating income | 12.4% | $3.0B |
| 193 | Clorox (CLX) | Consumer Staples | 18.3% | EBIT = pre-tax income + interest (no operating income tagged) | n/a | $10.6B |
| 194 | Victoria S Secret (VSXY) | Consumer Discretionary | 18.2% | Operating income | 4.1% | $7.7B |
| 195 | Pro Dex Inc (PDEX) | Health Care | 18.1% | Operating income | 16.8% | $186M |
| 196 | FactSet (FDS) | Financials | 18.1% | Operating income | 28.3% | $11.6B |
| 197 | Freeport-McMoRan (FCX) | Materials | 18.1% | Operating income | 25.2% | $89.7B |
| 198 | United Parcel Service (UPS) | Industrials | 18.0% | Operating income | 8.9% | $92.1B |
| 199 | Alcoa (AA) | Materials | 18.0% | EBIT = pre-tax income + interest (no operating income tagged) | n/a | $10.3B |
| 200 | Valmont Industries (VMI) | Industrials | 17.9% | Operating income | 10.1% | $8.1B |
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.