DOW
DOW returns on capital
Annual and trailing 12-month returns on invested capital, equity and assets.
ROIC
% · Annual / TTM
ROCE
% · Annual / TTM
ROIIC
% · Annual / TTM
ROE
% · Annual / TTM
ROA
% · Annual / TTM
ROIC − WACC
Percentage points · Scenario
Quarterly data
| Fiscal period | Ended | ROIC% | ROCE% | ROIIC% | ROE% | ROA% | ROIC − WACCPercentage points |
|---|---|---|---|---|---|---|---|
| FY 2026 Q2 | Jun 30, 2026 | — | -2.49% | — | -7.82% | — | — |
| FY 2026 Q1 | Mar 31, 2026 | — | -5.77% | — | -17.78% | — | — |
| FY 2025 Q4 | Dec 31, 2025 | — | -5.5% | — | -15.72% | -4.22% | — |
| FY 2025 Q3 | Sep 30, 2025 | — | -2.51% | — | -6.32% | — | — |
| FY 2025 Q2 | Jun 30, 2025 | — | -1.92% | — | -5.52% | — | — |
| FY 2025 Q1 | Mar 31, 2025 | 0.62% | 0.86% | — | 1.66% | — | -7.1 pp |
| FY 2024 Q4 | Dec 31, 2024 | 2.82% | 2.49% | — | 6.21% | 2.08% | -4.9 pp |
| FY 2024 Q3 | Sep 30, 2024 | — | 2.6% | — | 5.61% | — | — |
| FY 2024 Q2 | Jun 30, 2024 | — | 2.84% | — | 6.01% | — | — |
| FY 2024 Q1 | Mar 31, 2024 | — | 3.13% | — | 6.21% | — | — |
| FY 2023 Q4 | Dec 31, 2023 | — | 1.92% | — | 3% | 1.11% | — |
| FY 2023 Q3 | Sep 30, 2023 | 3% | 2.59% | -244.7% | 7.01% | — | -4.7 pp |
| FY 2023 Q2 | Jun 30, 2023 | 4.35% | 3.78% | -336.81% | 9.01% | — | -3.4 pp |
| FY 2023 Q1 | Mar 31, 2023 | 7.95% | 6.57% | -272.11% | 14.98% | — | 0.2 pp |
| FY 2022 Q4 | Dec 31, 2022 | 12.93% | 10.83% | -99.42% | 23.57% | 7.51% | 5.2 pp |
| FY 2022 Q3 | Sep 30, 2022 | 18.44% | 14.26% | 10.19% | 33.03% | — | 10.7 pp |
| FY 2022 Q2 | Jun 30, 2022 | 22.52% | 17.35% | 132.17% | 38.48% | — | 14.8 pp |
| FY 2022 Q1 | Mar 31, 2022 | 24.06% | 17.9% | 163.61% | 41.88% | — | 16.4 pp |
| FY 2021 Q4 | Dec 31, 2021 | 23.21% | 16.34% | 109.54% | 41.25% | 10.29% | 15.5 pp |
| FY 2021 Q3 | Sep 30, 2021 | 19.3% | 14.09% | — | 40.2% | 9.58% | 11.6 pp |
| FY 2021 Q2 | Jun 30, 2021 | 11.36% | 8.52% | — | 29.09% | 6.81% | 3.7 pp |
| FY 2021 Q1 | Mar 31, 2021 | 3.76% | 3.08% | — | 14.66% | 3.29% | -3.9 pp |
| FY 2020 Q4 | Dec 31, 2020 | 1.87% | 1.6% | — | 9.43% | 2.12% | -5.8 pp |
| FY 2020 Q3 | Sep 30, 2020 | — | -4.23% | — | -15.69% | -3.72% | — |
| FY 2020 Q2 | Jun 30, 2020 | — | -3.72% | — | -12.98% | -3.16% | — |
| FY 2020 Q1 | Mar 31, 2020 | — | -2.56% | — | -8.41% | -2.37% | — |
| FY 2019 Q4 | Dec 31, 2019 | — | — | — | — | — | — |
| FY 2019 Q3 | Sep 30, 2019 | — | — | — | — | — | — |
| FY 2019 Q2 | Jun 30, 2019 | — | — | — | — | — | — |
| FY 2019 Q1 | Mar 31, 2019 | — | — | — | — | — | — |
Sources and calculations
Financial inputs from company filings. Last checked Oct 18, 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 7.7%, rounded from the US nonfinancial market · generic proxy 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 · DOW, USD. Latest completed close Sep 25, 2026. Price data retrieved Sep 28, 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.