MSCI
MSCI 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 | 47.87% | 46.98% | 466.18% | — | 24.75% | 40.2 pp |
| FY 2026 Q1 | Mar 31, 2026 | 47.11% | 45.93% | 1,426.53% | — | 24.24% | 39.4 pp |
| FY 2025 Q4 | Dec 31, 2025 | 44.52% | 44.32% | — | — | 21.57% | 36.8 pp |
| FY 2025 Q3 | Sep 30, 2025 | 42.91% | 41.71% | — | — | 22.65% | 35.2 pp |
| FY 2025 Q2 | Jun 30, 2025 | 40.19% | 40.3% | — | — | 21.77% | 32.5 pp |
| FY 2025 Q1 | Mar 31, 2025 | 39.15% | 39.21% | — | — | 21.1% | 31.5 pp |
| FY 2024 Q4 | Dec 31, 2024 | 38.66% | 38.89% | — | — | 20.23% | 31 pp |
| FY 2024 Q3 | Sep 30, 2024 | 42.84% | 38.85% | 20.84% | — | 23.5% | 35.1 pp |
| FY 2024 Q2 | Jun 30, 2024 | 41.26% | 37.93% | 19.73% | — | 23.21% | 33.6 pp |
| FY 2024 Q1 | Mar 31, 2024 | 40.34% | 35.41% | 20.92% | — | 22.13% | 32.6 pp |
| FY 2023 Q4 | Dec 31, 2023 | 39.94% | 35.74% | 19.41% | — | 21.85% | 32.2 pp |
| FY 2023 Q3 | Sep 30, 2023 | 42.68% | 35.89% | — | — | 19.91% | 35 pp |
| FY 2023 Q2 | Jun 30, 2023 | 40.59% | 35.24% | — | — | 19.11% | 32.9 pp |
| FY 2023 Q1 | Mar 31, 2023 | 39.51% | 33.41% | — | — | 18.07% | 31.8 pp |
| FY 2022 Q4 | Dec 31, 2022 | 39.6% | 30.18% | — | — | 16.58% | 31.9 pp |
| FY 2022 Q3 | Sep 30, 2022 | 37.9% | 30.1% | — | — | 17.13% | 30.2 pp |
| FY 2022 Q2 | Jun 30, 2022 | 45.3% | 30.45% | 10.71% | — | 16.68% | 37.6 pp |
| FY 2022 Q1 | Mar 31, 2022 | 44.4% | 33.2% | 12.64% | — | 16.37% | 36.7 pp |
| FY 2021 Q4 | Dec 31, 2021 | 43.22% | 28.87% | 13.8% | — | 14.96% | 35.5 pp |
| FY 2021 Q3 | Sep 30, 2021 | — | 27.73% | — | — | 14.88% | — |
| FY 2021 Q2 | Jun 30, 2021 | — | 27.11% | — | — | 15.61% | — |
| FY 2021 Q1 | Mar 31, 2021 | — | 29.78% | — | — | 15.35% | — |
| FY 2020 Q4 | Dec 31, 2020 | — | 27.31% | — | — | 14.32% | — |
| FY 2020 Q3 | Sep 30, 2020 | — | 28.28% | — | — | 14.97% | — |
| FY 2020 Q2 | Jun 30, 2020 | — | 27.45% | — | — | 13.74% | — |
| FY 2020 Q1 | Mar 31, 2020 | — | 28.16% | — | — | 14.81% | — |
| FY 2019 Q4 | Dec 31, 2019 | — | 25.69% | — | — | 14.85% | — |
| FY 2019 Q3 | Sep 30, 2019 | — | 24.75% | — | 514.34% | 16.28% | — |
| FY 2019 Q2 | Jun 30, 2019 | — | 24.36% | — | 1,011.77% | 16.08% | — |
| FY 2019 Q1 | Mar 31, 2019 | — | 25.93% | — | 1,088.98% | 17.2% | — |
| FY 2018 Q4 | Dec 31, 2018 | — | 26.18% | — | 433.13% | 15.24% | — |
| FY 2018 Q3 | Sep 30, 2018 | — | 23.45% | — | 113.8% | 12.08% | — |
| FY 2018 Q2 | Jun 30, 2018 | — | 22.82% | — | 116.79% | 11.1% | — |
| FY 2018 Q1 | Mar 31, 2018 | — | 23.69% | — | 98.86% | 10.9% | — |
| FY 2017 Q4 | Dec 31, 2017 | — | 22.22% | — | 84.6% | 9.56% | — |
| FY 2017 Q3 | Sep 30, 2017 | — | 20.49% | — | 67.47% | 9.52% | — |
| FY 2017 Q2 | Jun 30, 2017 | — | 21.82% | — | 68.32% | 9.79% | — |
| FY 2017 Q1 | Mar 31, 2017 | — | 20.75% | — | 61.14% | 9.37% | — |
| FY 2016 Q4 | Dec 31, 2016 | — | 18.79% | — | 42.79% | 8.37% | — |
| FY 2016 Q3 | Sep 30, 2016 | — | 16.58% | — | 30.17% | 7.55% | — |
| FY 2016 Q2 | Jun 30, 2016 | — | 19.39% | — | 25.51% | 8.86% | — |
| FY 2016 Q1 | Mar 31, 2016 | — | 17.82% | — | 23.19% | 8.39% | — |
| FY 2015 Q4 | Dec 31, 2015 | — | 15.93% | — | 19.16% | 7.4% | — |
| FY 2015 Q3 | Sep 30, 2015 | — | 14.51% | — | 16.58% | 6.68% | — |
| FY 2015 Q2 | Jun 30, 2015 | — | 14.05% | — | 12.63% | 6.52% | — |
| FY 2015 Q1 | Mar 31, 2015 | — | 13.88% | — | 16.38% | 8.26% | — |
| FY 2014 Q4 | Dec 31, 2014 | 11.6% | 13.35% | — | 18.86% | 9.43% | 3.9 pp |
| FY 2014 Q3 | Sep 30, 2014 | 11.42% | 13.93% | — | 19.64% | 9.63% | 3.7 pp |
| FY 2014 Q2 | Jun 30, 2014 | 11.58% | 13.36% | — | 18.01% | 9.32% | 3.9 pp |
| FY 2014 Q1 | Mar 31, 2014 | 10.88% | 14.15% | -12.94% | 15.95% | 7.97% | 3.2 pp |
| FY 2013 Q4 | Dec 31, 2013 | 11.61% | 14.45% | — | 14.79% | 7.23% | 3.9 pp |
| FY 2013 Q3 | Sep 30, 2013 | 12.23% | 14.7% | 62.14% | 15.32% | 7.49% | 4.5 pp |
| FY 2013 Q2 | Jun 30, 2013 | 11.9% | 14.32% | 80.68% | 14.97% | 7.3% | 4.2 pp |
| FY 2013 Q1 | Mar 31, 2013 | 11.03% | 13.6% | — | 13.91% | 6.48% | 3.3 pp |
| FY 2012 Q4 | Dec 31, 2012 | 10.45% | 13.47% | — | 13.38% | 6.03% | 2.8 pp |
| FY 2012 Q3 | Sep 30, 2012 | 10.32% | 12.84% | — | 12.71% | 5.7% | 2.6 pp |
| FY 2012 Q2 | Jun 30, 2012 | 10.54% | 13.03% | — | 13.35% | 5.86% | 2.8 pp |
| FY 2012 Q1 | Mar 31, 2012 | 10.03% | 12.54% | — | 14.53% | 6.11% | 2.3 pp |
| FY 2011 Q4 | Dec 31, 2011 | 9.99% | 12.39% | 640.98% | 14.49% | 5.67% | 2.3 pp |
| FY 2011 Q3 | Sep 30, 2011 | — | — | — | — | — | — |
| FY 2011 Q2 | Jun 30, 2011 | — | — | — | — | — | — |
| FY 2011 Q1 | Mar 31, 2011 | — | — | — | — | — | — |
| FY 2010 Q4 | Nov 30, 2010 | — | — | — | — | — | — |
| FY 2010 Q3 | Aug 31, 2010 | — | — | — | — | — | — |
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 · MSCI, 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.