S&P Global
S&P Global 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 | 12.94% | 13.24% | — | 15.17% | 7.98% | 5.2 pp |
| FY 2026 Q1 | Mar 31, 2026 | 12.43% | 13.09% | — | 14.8% | 7.92% | 4.7 pp |
| FY 2025 Q4 | Dec 31, 2025 | — | — | — | — | — | — |
| FY 2025 Q3 | Sep 30, 2025 | — | — | — | — | — | — |
| FY 2025 Q2 | Jun 30, 2025 | — | — | — | — | — | — |
| FY 2025 Q1 | Mar 31, 2025 | — | — | — | — | — | — |
| FY 2024 Q3 | Sep 30, 2024 | 9.18% | 9.37% | — | 10.23% | 5.87% | 1.5 pp |
| FY 2024 Q2 | Jun 30, 2024 | 8.61% | 8.72% | — | 9.45% | 5.46% | 0.9 pp |
| FY 2024 Q1 | Mar 31, 2024 | 7.35% | 7.73% | — | 8% | 4.61% | -0.3 pp |
| FY 2023 Q4 | Dec 31, 2023 | 6.99% | 7.29% | — | 7.44% | 4.29% | -0.7 pp |
| FY 2023 Q3 | Sep 30, 2023 | 6.56% | 6.86% | — | 6.84% | 4.05% | -1.1 pp |
| FY 2023 Q2 | Jun 30, 2023 | 6.16% | 6.36% | — | 6.27% | 3.75% | -1.5 pp |
| FY 2023 Q1 | Mar 31, 2023 | 7.13% | 7.23% | — | 7.39% | 4.38% | -0.6 pp |
| FY 2022 Q4 | Dec 31, 2022 | 16.15% | 14.76% | 0.85% | 16.91% | 8.46% | 8.4 pp |
| FY 2022 Q3 | Sep 30, 2022 | 16.61% | 15.21% | 1.74% | 17.89% | 9.19% | 8.9 pp |
| FY 2022 Q2 | Jun 30, 2022 | 17.26% | 15.44% | 2.38% | 18.08% | 9.63% | 9.6 pp |
| FY 2022 Q1 | Mar 31, 2022 | 15.99% | 14.41% | 1.84% | 17.21% | 9.19% | 8.3 pp |
| FY 2021 Q4 | Dec 31, 2021 | 2,227.38% | 41.87% | — | 238.02% | 21.94% | 2,219.7 pp |
| FY 2021 Q3 | Sep 30, 2021 | 387.35% | 41.05% | — | 245.21% | 22.9% | 379.6 pp |
| FY 2021 Q2 | Jun 30, 2021 | 330.55% | 42.26% | — | 333.83% | 20.58% | 322.9 pp |
| FY 2021 Q1 | Mar 31, 2021 | 232.87% | 44.79% | — | 628.13% | 21.09% | 225.2 pp |
| FY 2020 Q4 | Dec 31, 2020 | 259.18% | 42.05% | — | 473.48% | 19.59% | 251.5 pp |
| FY 2020 Q3 | Sep 30, 2020 | 168.65% | 48.91% | — | 615.99% | 22.43% | 160.9 pp |
| FY 2020 Q2 | Jun 30, 2020 | 150.1% | 47.92% | — | 717.17% | 24.32% | 142.4 pp |
| FY 2020 Q1 | Mar 31, 2020 | 120.34% | 47.22% | — | 6,109.09% | 23.31% | 112.6 pp |
| FY 2019 Q4 | Dec 31, 2019 | 125.31% | 42.77% | — | 383.56% | 20.41% | 117.6 pp |
| FY 2019 Q3 | Sep 30, 2019 | 108.56% | 45.51% | — | 334.77% | 21.4% | 100.9 pp |
| FY 2019 Q2 | Jun 30, 2019 | 97.73% | 41.86% | — | 360.18% | 20.33% | 90 pp |
| FY 2019 Q1 | Mar 31, 2019 | 97.75% | 44.82% | 48.78% | 1,124.55% | 20.62% | 90.1 pp |
| FY 2018 Q4 | Dec 31, 2018 | 110.72% | 42.79% | 53.97% | 292.46% | 20.74% | 103 pp |
| FY 2018 Q3 | Sep 30, 2018 | 84.7% | 41.22% | -24.7% | 196.1% | 18.9% | 77 pp |
| FY 2018 Q2 | Jun 30, 2018 | 80.19% | 41.31% | -403.87% | 203.37% | 18.09% | 72.5 pp |
| FY 2018 Q1 | Mar 31, 2018 | 94.87% | 46.32% | — | 399.25% | 18.53% | 87.2 pp |
| FY 2017 Q4 | Dec 31, 2017 | 101.26% | 42.55% | — | 219.84% | 16.54% | 93.6 pp |
| FY 2017 Q3 | Sep 30, 2017 | 96.09% | 47.61% | -22.65% | 272.25% | 20.37% | 88.4 pp |
| FY 2017 Q2 | Jun 30, 2017 | 102.24% | 59.45% | — | 322.44% | 26.33% | 94.5 pp |
| FY 2017 Q1 | Mar 31, 2017 | 106.67% | 61.13% | — | 437.39% | 26.14% | 99 pp |
| FY 2016 Q4 | Dec 31, 2016 | 110.9% | 59.45% | — | 499.05% | 24.99% | 103.2 pp |
| FY 2016 Q3 | Sep 30, 2016 | — | 52.03% | — | 324.46% | 21.58% | — |
| FY 2016 Q2 | Jun 30, 2016 | — | 43.32% | — | 206.67% | 16.46% | — |
| FY 2016 Q1 | Mar 31, 2016 | 84.64% | 47.32% | — | 301.45% | 16.73% | 76.9 pp |
| FY 2015 Q4 | Dec 31, 2015 | 220.64% | 47.46% | — | 339% | 15.46% | 212.9 pp |
| FY 2015 Q3 | Sep 30, 2015 | — | 7.23% | — | 5.64% | 0.86% | — |
| FY 2015 Q2 | Jun 30, 2015 | — | 7.94% | — | 0% | 0% | — |
| FY 2015 Q1 | Mar 31, 2015 | — | 6.19% | — | -6.41% | -1.06% | — |
| FY 2014 Q4 | Dec 31, 2014 | — | 3.48% | — | -12.86% | -1.79% | — |
| FY 2014 Q3 | Sep 30, 2014 | 291.7% | 42.47% | 31.03% | 71.56% | 14.87% | 284 pp |
| FY 2014 Q2 | Jun 30, 2014 | 257.98% | 42.46% | 9.92% | 69.49% | 15.16% | 250.3 pp |
| FY 2014 Q1 | Mar 31, 2014 | 320.38% | 42.43% | 8.48% | 74.22% | 14.46% | 312.7 pp |
| FY 2013 Q4 | Dec 31, 2013 | 97.32% | 39.72% | — | 133.08% | 20.99% | 89.6 pp |
| FY 2013 Q3 | Sep 30, 2013 | 93.43% | 36.36% | — | 71.52% | 14.33% | 85.7 pp |
| FY 2013 Q2 | Jun 30, 2013 | 91.48% | 38.78% | — | 75.33% | 16.14% | 83.8 pp |
| FY 2013 Q1 | Mar 31, 2013 | 157.12% | 42.91% | — | 76.68% | 16.62% | 149.4 pp |
| FY 2012 Q4 | Dec 31, 2012 | 65.55% | 36.25% | -42.86% | 38.42% | 6.48% | 57.8 pp |
| FY 2012 Q3 | Sep 30, 2012 | 45.41% | 30.2% | — | 43.41% | 11.49% | 37.7 pp |
| FY 2012 Q2 | Jun 30, 2012 | 42.24% | 32.42% | — | 46.89% | 12.89% | 34.5 pp |
| FY 2012 Q1 | Mar 31, 2012 | 51.67% | 36.15% | — | 46.44% | 13.91% | 44 pp |
| FY 2011 Q4 | Dec 31, 2011 | 60.34% | 37.11% | — | 49% | 13.52% | 52.6 pp |
| FY 2011 Q3 | Sep 30, 2011 | 45.02% | 33.68% | — | 39.21% | 12.12% | 37.3 pp |
| FY 2011 Q2 | Jun 30, 2011 | 44.4% | 35.08% | 34.34% | 42.2% | 13% | 36.7 pp |
| FY 2011 Q1 | Mar 31, 2011 | 43.59% | 34.03% | 29.05% | 40.91% | 12.92% | 35.9 pp |
| FY 2010 Q4 | Dec 31, 2010 | 46.57% | 33.88% | 223.62% | 40.82% | 12.25% | 38.9 pp |
| FY 2010 Q3 | Sep 30, 2010 | 44.13% | 34.57% | — | 44.21% | 12.65% | 36.4 pp |
| FY 2010 Q2 | Jun 30, 2010 | 40.96% | 35.36% | — | 49.3% | 12.84% | 33.3 pp |
| FY 2010 Q1 | Mar 31, 2010 | — | — | — | — | — | — |
| FY 2009 Q4 | Dec 31, 2009 | — | — | — | — | — | — |
| FY 2009 Q3 | Sep 30, 2009 | — | — | — | — | — | — |
| FY 2009 Q2 | Jun 30, 2009 | — | — | — | — | — | — |
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 · SPGI, 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.