Basis: Trailing twelve months (TTM), to the latest fiscal quarter end. 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 10.91% is 30% below its 5-year average of 15.61%, near the low end of its 5-year range (-4.53%–50.37%).
As of the fiscal period ended Tuesday, June 30, 2026. 54.20% above its 12-month average of 7.07%.
Trailing-twelve-month return on invested capital at each fiscal quarter end; no daily interpolation. Q2 FY2026 (2026-06-30): 10.91%.
RETURN ON INVESTED CAPITAL (ROIC)
10.91%
RETURN ON INVESTED CAPITAL (ROIC) AVG TTM
7.07%
RETURN ON INVESTED CAPITAL (ROIC) AVG 3Y
5.44%
RETURN ON INVESTED CAPITAL (ROIC) AVG 5Y
15.61%
RETURN ON INVESTED CAPITAL (ROIC) AVG 10Y
6.43%
RETURN ON INVESTED CAPITAL (ROIC) AVG 15Y
3.02%
RETURN ON INVESTED CAPITAL (ROIC) AVG 20Y
3.26%
CURRENT VS TTM AVG
+54.20%
CURRENT VS 3Y AVG
+100.42%
CURRENT VS 5Y AVG
-30.13%
CURRENT VS 10Y AVG
+69.54%
CURRENT VS 15Y AVG
+261.39%
CURRENT VS 20Y AVG
+234.93%
SECTOR MEDIAN · ENERGY
8.92%
median of 50 covered companies
CURRENT VS SECTOR MEDIAN
+22.27%
vs the sector median at left
Expand Energy Corporation
Market Cap
$20.15B
Return on Invested Capital (ROIC)
10.91%
TTM Avg
7.07%
3Y Avg
5.44%
5Y Avg
15.61%
Market Cap
$20.63B
Return on Invested Capital (ROIC)
15.30%
TTM Avg
13.07%
3Y Avg
8.66%
5Y Avg
7.81%
Market Cap
$23.16B
Return on Invested Capital (ROIC)
30.14%
TTM Avg
32.86%
3Y Avg
38.58%
5Y Avg
37.62%
Market Cap
$15.45B
Return on Invested Capital (ROIC)
4.28%
TTM Avg
12.05%
3Y Avg
21.40%
5Y Avg
17.25%
Market Cap
$26.65B
Return on Invested Capital (ROIC)
6.05%
TTM Avg
6.46%
3Y Avg
7.87%
5Y Avg
6.12%
Market Cap
$27.58B
Return on Invested Capital (ROIC)
9.86%
TTM Avg
11.71%
3Y Avg
12.95%
5Y Avg
7.90%
Market Cap
$12.41B
Return on Invested Capital (ROIC)
18.50%
TTM Avg
21.56%
3Y Avg
21.42%
5Y Avg
20.08%
Market Cap
$29.92B
Return on Invested Capital (ROIC)
9.69%
TTM Avg
10.46%
3Y Avg
14.02%
5Y Avg
9.25%
Market Cap
$10.15B
Return on Invested Capital (ROIC)
8.64%
TTM Avg
8.25%
3Y Avg
7.88%
5Y Avg
6.16%
| NAME | MARKET CAP | RETURN ON INVESTED CAPITAL (ROIC) | TTM | 3Y | 5Y |
|---|---|---|---|---|---|
| Expand Energy Corporation (EXE) | $20.15B | 10.91% | 7.07% | 5.44% | 15.61% |
| First Solar, Inc. (FSLR)vs › | $20.63B | 15.30% | 13.07% | 8.66% | 7.81% |
| Texas Pacific Land Corporation (TPL)vs › | $23.16B | 30.14% | 32.86% | 38.58% | 37.62% |
| APA Corporation (APA)vs › | $15.45B | 4.28% | 12.05% | 21.40% | 17.25% |
| Pembina Pipeline Corporation (PBA)vs › | $26.65B | 6.05% | 6.46% | 7.87% | 6.12% |
| Halliburton Company (HAL)vs › | $27.58B | 9.86% | 11.71% | 12.95% | 7.90% |
| Nextpower Inc. (NXT)vs › | $12.41B | 18.50% | 21.56% | 21.42% | 20.08% |
| Tenaris S.A. (TS)vs › | $29.92B | 9.69% | 10.46% | 14.02% | 9.25% |
| Antero Midstream Corporation (AM)vs › | $10.15B | 8.64% | 8.25% | 7.88% | 6.16% |
| EQT Corporation (EQT)vs › | $31.95B | 7.85% | 3.92% | 6.67% | 2.34% |
ROIC
10.9%
ROE
14.3%
ROIC = NOPAT / Invested Capital, where NOPAT = Operating Income × (1 − effective tax rate) and Invested Capital = Total Assets − (Current Liabilities − Short-Term Debt)
Return on invested capital measures the after-tax operating return a company earns on the capital invested in the business. TGMCharts computes it from reported statements: trailing-twelve-month operating income after tax, over invested capital at the latest balance sheet — total assets less the non-interest-bearing current liabilities (payables, accruals, deferred revenue) that fund them; short-term debt stays in the capital base. The tax rate is the period's own effective rate (income tax ÷ pretax income), capped at 45%; when pretax income is zero or negative, or the tax line is a net benefit, no tax is deducted — the operating figure is shown untaxed rather than adjusted by an assumed rate. Not shown for banks, insurers or funds.
Expanded definitions: Investopedia, Wikipedia, Corporate Finance Institute
| DATE | RETURN ON INVESTED CAPITAL (ROIC) |
|---|---|
| 2026-06-30 | 10.91% |
| 2026-03-31 | 12.18% |
| 2025-12-31 | 7.15% |
| 2025-09-30 | 3.97% |
| 2025-06-30 | 1.15% |
| 2025-03-31 | -4.53% |
| 2024-12-31 | -3.19% |
| 2024-09-30 | 1.99% |
| 2024-06-30 | 3.45% |
| 2024-03-31 | 8.11% |
| 2023-12-31 | 18.67% |
| 2023-09-30 | 36.76% |
| 2023-06-30 | 43.59% |
| 2023-03-31 | 50.37% |
| 2022-12-31 | 28.84% |
| 2022-09-30 | 41.94% |
| 2022-06-30 | 29.91% |
| 2022-03-31 | 12.67% |
| 2021-12-31 | 27.15% |
| 2021-09-30 | -3.98% |
| 2021-06-30 | 0.68% |
| 2021-03-31 | -1.38% |
| 2020-12-31 | -159.63% |
| 2020-09-30 | -169.39% |
| 2020-06-30 | -145.99% |
| 2020-03-31 | -135.32% |
| 2019-12-31 | -0.22% |
| 2019-09-30 | 3.02% |
| 2019-06-30 | 3.30% |
| 2019-03-31 | 0.24% |
| 2018-12-31 | 2.77% |
| 2018-09-30 | 3.65% |
| 2018-06-30 | 3.85% |
| 2018-03-31 | 9.60% |
| 2017-12-31 | 11.23% |
| 2017-09-30 | 4.50% |
| 2017-06-30 | -9.10% |
| 2017-03-31 | -34.41% |
| 2016-12-31 | -44.63% |
| 2016-09-30 | -73.49% |
| 2016-06-30 | -104.81% |
| 2016-03-31 | -116.41% |
| 2015-12-31 | -135.04% |
| 2015-09-30 | -85.34% |
| 2015-06-30 | -34.53% |
| 2015-03-31 | -7.68% |
| 2014-12-31 | 6.30% |
| 2014-09-30 | 4.90% |
| 2014-06-30 | 3.58% |
| 2014-03-31 | 4.35% |
| 2013-12-31 | 3.54% |
| 2013-09-30 | 4.34% |
| 2013-06-30 | -2.89% |
| 2013-03-31 | -4.04% |
| 2012-12-31 | -4.73% |
| 2012-09-30 | -4.32% |
| 2012-06-30 | 4.38% |
| 2012-03-31 | 5.03% |
| 2011-12-31 | 5.13% |
| 2011-09-30 | 4.53% |
| 2011-06-30 | 3.67% |
| 2011-03-31 | 2.68% |
| 2010-12-31 | 5.28% |
| 2010-09-30 | 3.56% |
| 2010-06-30 | 2.88% |
| 2010-03-31 | 2.99% |
| 2009-12-31 | -32.85% |
| 2009-09-30 | -35.36% |
| 2009-06-30 | -16.50% |
| 2009-03-31 | -28.50% |
| 2008-12-31 | 2.54% |
| 2008-09-30 | 5.84% |
| 2008-06-30 | -4.17% |
| 2008-03-31 | 4.37% |
| 2007-12-31 | 5.87% |
| 2007-09-30 | 6.47% |
| 2007-06-30 | 7.57% |
| 2007-03-31 | 7.69% |
| 2006-12-31 | 9.33% |
| 2006-09-30 | 9.70% |
| 2006-06-30 | 9.27% |
| 2006-03-31 | 9.39% |
| 2005-12-31 | 7.95% |
| 2005-09-30 | 8.54% |
| 2005-06-30 | 8.27% |
| 2005-03-31 | 7.54% |
| 2004-12-31 | 8.72% |
| 2004-09-30 | 7.67% |
| 2004-06-30 | 8.39% |
| 2004-03-31 | 9.39% |
| 2003-12-31 | 10.28% |
| 2003-09-30 | 9.52% |
| 2003-06-30 | 7.99% |
