Basis: Latest reported fiscal year. Source: stored company filings and market data; unavailable inputs remain N/A.
Is the return on invested capital (ROIC) high or low?
The return on invested capital (ROIC) of 3.67% is in line with its 5-year average of 3.68%, around the middle of its 5-year range (3.30%–3.88%).
As of the fiscal period ended Wednesday, December 31, 2025. 0.81% below its 12-month average of 3.70%.
Annual fiscal-year return on invested capital; no daily interpolation.
RETURN ON INVESTED CAPITAL (ROIC)
3.67%
RETURN ON INVESTED CAPITAL (ROIC) AVG TTM
3.70%
RETURN ON INVESTED CAPITAL (ROIC) AVG 3Y
3.60%
RETURN ON INVESTED CAPITAL (ROIC) AVG 5Y
3.68%
RETURN ON INVESTED CAPITAL (ROIC) AVG 10Y
3.77%
RETURN ON INVESTED CAPITAL (ROIC) AVG 15Y
3.91%
RETURN ON INVESTED CAPITAL (ROIC) AVG 20Y
3.88%
CURRENT VS TTM AVG
-0.81%
CURRENT VS 3Y AVG
+1.80%
CURRENT VS 5Y AVG
-0.18%
CURRENT VS 10Y AVG
-2.68%
CURRENT VS 15Y AVG
-6.06%
CURRENT VS 20Y AVG
-5.37%
SECTOR MEDIAN · UTILITIES
4.06%
median of 41 covered companies
CURRENT VS SECTOR MEDIAN
-9.61%
vs the sector median at left
CMS Energy Corporation
Market Cap
$22.97B
Return on Invested Capital (ROIC)
3.67%
TTM Avg
3.70%
3Y Avg
3.60%
5Y Avg
3.68%
Market Cap
$21.92B
Return on Invested Capital (ROIC)
4.51%
TTM Avg
4.33%
3Y Avg
4.19%
5Y Avg
3.63%
Market Cap
$19.75B
Return on Invested Capital (ROIC)
4.25%
TTM Avg
4.38%
3Y Avg
4.33%
5Y Avg
4.25%
Market Cap
$19.06B
Return on Invested Capital (ROIC)
4.12%
TTM Avg
4.10%
3Y Avg
4.40%
5Y Avg
4.42%
Market Cap
$26.91B
Return on Invested Capital (ROIC)
7.00%
TTM Avg
9.29%
3Y Avg
7.44%
5Y Avg
8.68%
Market Cap
$26.96B
Return on Invested Capital (ROIC)
4.21%
TTM Avg
4.23%
3Y Avg
4.13%
5Y Avg
4.06%
Market Cap
$27.33B
Return on Invested Capital (ROIC)
4.06%
TTM Avg
3.82%
3Y Avg
3.55%
5Y Avg
2.90%
Market Cap
$28.35B
Return on Invested Capital (ROIC)
4.68%
TTM Avg
3.93%
3Y Avg
3.96%
5Y Avg
3.80%
Market Cap
$28.72B
Return on Invested Capital (ROIC)
4.46%
TTM Avg
4.06%
3Y Avg
3.39%
5Y Avg
3.56%
| NAME | MARKET CAP | RETURN ON INVESTED CAPITAL (ROIC) | TTM | 3Y | 5Y |
|---|---|---|---|---|---|
| CMS Energy Corporation (CMS) | $22.97B | 3.67% | 3.70% | 3.60% | 3.68% |
| NiSource Inc (NI)vs › | $21.92B | 4.51% | 4.33% | 4.19% | 3.63% |
| Evergy, Inc. (EVRG)vs › | $19.75B | 4.25% | 4.38% | 4.33% | 4.25% |
| Alliant Energy Corporation (LNT)vs › | $19.06B | 4.12% | 4.10% | 4.40% | 4.42% |
| NRG Energy, Inc. (NRG)vs › | $26.91B | 7.00% | 9.29% | 7.44% | 8.68% |
| American Water Works Company, Inc. (AWK)vs › | $26.96B | 4.21% | 4.23% | 4.13% | 4.06% |
| PPL Corporation (PPL)vs › | $27.33B | 4.06% | 3.82% | 3.55% | 2.90% |
| Eversource Energy (ES)vs › | $28.35B | 4.68% | 3.93% | 3.96% | 3.80% |
| FirstEnergy Corp. (FE)vs › | $28.72B | 4.46% | 4.06% | 3.39% | 3.56% |
| CenterPoint Energy, Inc. (CNP)vs › | $28.85B | 3.96% | 4.05% | 3.86% | 3.63% |
ROIC
3.7%
ROE
11.7%
ROIC = NOPAT / Invested Capital
Return on invested capital measures the after-tax return a company earns on all capital (debt and equity) invested in the business.
Expanded definitions: Investopedia, Wikipedia, Corporate Finance Institute
| DATE | RETURN ON INVESTED CAPITAL (ROIC) |
|---|---|
| 2025-12-31 | 3.67% |
| 2024-12-31 | 3.73% |
| 2023-12-31 | 3.30% |
| 2022-12-31 | 3.72% |
| 2021-12-31 | 3.76% |
| 2020-12-31 | 3.88% |
| 2019-12-31 | 3.64% |
| 2018-12-31 | 4.30% |
| 2017-12-31 | 3.24% |
| 2016-12-31 | 4.15% |
| 2015-12-31 | 4.09% |
| 2014-12-31 | 4.24% |
| 2013-12-31 | 4.23% |
| 2012-12-31 | 3.80% |
| 2011-12-31 | 4.53% |
| 2010-12-31 | 4.23% |
| 2009-12-31 | 3.27% |
| 2008-12-31 | 4.03% |
| 2007-12-31 | -0.28% |
| 2006-12-31 | -0.67% |
| 2005-12-31 | -1.53% |
| 2004-12-31 | 4.05% |
| 2003-12-31 | -9.72% |
| 2002-12-31 | -0.13% |
| 2001-12-31 | -0.11% |
| 2000-12-31 | 2.21% |
| 1999-12-31 | 5.33% |
| 1998-12-31 | 5.06% |
| 1997-12-31 | 5.68% |
| 1996-12-31 | 5.49% |
