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 201–225 of 906.
| # | Company | Sector | ROIC | Numerator | Operating margin | Market cap |
|---|---|---|---|---|---|---|
| 201 | Acuity Brands (AYI) | Industrials | 17.9% | Operating income | 15.4% | $9.4B |
| 202 | Green Brick Partners Inc (GRBK) | Consumer Discretionary | 17.8% | EBIT = pre-tax income + interest (no operating income tagged) | n/a | $2.6B |
| 203 | Primoris Services Corporation (PRIM) | Industrials | 17.8% | Operating income | 5.4% | $3.9B |
| 204 | Diversified Energy Company (DEC) | Energy | 17.8% | Operating income | 29.2% | $1.0B |
| 205 | Choice Hotels (CHH) | Consumer Discretionary | 17.8% | Operating income | 28.1% | $5.0B |
| 206 | Walmart (WMT) | Consumer Staples | 17.7% | Operating income | 4.2% | $979.9B |
| 207 | Euronet Worldwide (EEFT) | Financials | 17.7% | Operating income | 12.5% | $2.4B |
| 208 | TaskUs, Inc. (TASK) | Industrials | 17.7% | Operating income | 11.9% | $761M |
| 209 | Parker Hannifin (PH) | Industrials | 17.7% | Operating income | 23.6% | $113.4B |
| 210 | Academy Sports and Outdoors Inc (ASO) | Consumer Discretionary | 17.6% | Operating income | 8.5% | $3.6B |
| 211 | Simpson Manufacturing Company (SSD) | Industrials | 17.5% | Operating income | 19.6% | $7.9B |
| 212 | Honeywell Technologies (HON) | Industrials | 17.4% | Operating income | 21.7% | $69.3B |
| 213 | PTC Inc. (PTC) | Information Technology | 17.4% | Operating income | 35.9% | $21.2B |
| 214 | Lamar Advertising (LAMR) | Real Estate | 17.4% | Operating income | n/a | $16.0B |
| 215 | Quinstreet Inc (QNST) | Communication Services | 17.4% | Operating income | 2.7% | $993M |
| 216 | MSA Safety (MSA) | Industrials | 17.3% | Operating income | 19.8% | $6.9B |
| 217 | Gentex (GNTX) | Consumer Discretionary | 17.3% | Operating income | 18.7% | $4.2B |
| 218 | Adeia Inc (ADEA) | Information Technology | 17.0% | Operating income | 39.5% | $2.4B |
| 219 | Cabot Corp (CBT) | Materials | 17.0% | Operating income | 16.7% | $3.8B |
| 220 | Covista Inc (CVSA) | Consumer Discretionary | 17.0% | Operating income | 19.6% | $4.1B |
| 221 | NRC Health (NRC) | Health Care | 16.9% | Operating income | 16.4% | $527M |
| 222 | Advanced Drainage Systems (WMS) | Industrials | 16.9% | Operating income | 20.3% | $10.2B |
| 223 | Woodward, Inc. (WWD) | Industrials | 16.9% | EBIT = pre-tax income + interest (no operating income tagged) | n/a | $18.0B |
| 224 | Magnolia Oil Gas Corp Class A (MGY) | Energy | 16.8% | Operating income | 33.5% | $6.3B |
| 225 | Wolverine World Wide Inc (WWW) | Consumer Discretionary | 16.8% | Operating income | 8.0% | $1.7B |
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.