SpaceX returns on capital

Annual and trailing 12-month returns on invested capital, equity and assets.

WACC assumption

Default 9.3% · Software · System & Application proxy

Historical registration statements: Space Exploration Technologies Corp., historical consolidated statements, as presented in the prospectus. Pre-separation financing and parent allocations differ from the standalone issuer. Missing debt, interest, PPE capex and five-year comparisons are not inferred.

ROIC

% · Annual / TTM

—

NOPAT is undefined under this method: pretax profit must be positive and the effective tax rate must be between 0 and 100%.

ROCE

% · Annual / TTM

-4.47%

ROIIC

% · Annual / TTM

—

Invested capital did not increase versus the prior year. ROIIC requires a positive increase.

ROE

% · Annual / TTM

-132.79%

ROA

% · Annual / TTM

-6.62%

ROIC − WACC

Percentage points · Scenario

—

NOPAT is undefined under this method: pretax profit must be positive and the effective tax rate must be between 0 and 100%.

Annual data

SpaceX returns history. Each metric has its own unit. A dash means inputs are missing or the calculation is undefined.
Fiscal period	Ended	ROIC%	ROCE%	ROIIC%	ROE%	ROA%	ROIC − WACCPercentage points
FY 2025	Dec 31, 2025	—	-4.47%	—	-132.79%	-6.62%	—
FY 2024	Dec 31, 2024	—	—	—	—	—	—
FY 2023	Dec 31, 2023	—	—	—	—	—	—

Sources and calculations

Financial inputs from company filings. Last checked Oct 19, 2026. A dash means missing inputs or an undefined calculation.

Period changes use the preceding fiscal quarter or year. Percentage changes divide by the absolute prior value; a zero or missing baseline has no percentage change. Percentage metrics show changes in percentage points.

Quarterly returns use trailing 12-month earnings and period-end balances averaged with the same fiscal quarter one year earlier. NOPAT uses the reported effective tax rate only when pretax profit is positive and the rate is between 0 and 100%. WACC starts at 9.3%, rounded from the Software · System & Application benchmark in NYU Stern · January 2026. It is an editable US sector proxy applied across history, not a company estimate; foreign reporting currencies also need a currency-specific assessment.

Market prices: Yahoo Finance · SPCX, USD. Latest completed close Oct 21, 2026. Price data retrieved Oct 22, 2026.

ROIC: NOPAT / average invested capital × 100. NOPAT = operating income × (1 − effective tax rate). Invested capital = equity including noncontrolling interests + debt − cash and equivalents. Average uses period end and one year earlier.
ROCE: Operating income / average (assets − current liabilities) × 100, using period end and one year earlier.
ROIIC: Year-over-year change in annual/TTM NOPAT / positive year-over-year change in invested capital × 100. Capital reductions and missing inputs yield unavailable values.
ROE: Earnings attributable to owners / average equity attributable to owners × 100, using period end and one year earlier.
ROA: Net income / average total assets × 100, using period end and one year earlier.
ROIC − WACC: ROIC less your WACC assumption, in percentage points. The same scenario rate is applied across history; it is not a reported or historical company WACC.