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 15.30% is 82% above its 5-year average of 8.38%, near the high end of its 5-year range (-0.21%–15.30%).
As of the fiscal period ended Tuesday, June 30, 2026. 11.09% above its 12-month average of 13.77%.
Trailing-twelve-month return on invested capital at each fiscal quarter end; no daily interpolation. Q2 FY2026 (2026-06-30): 15.30%.
RETURN ON INVESTED CAPITAL (ROIC)
15.30%
RETURN ON INVESTED CAPITAL (ROIC) AVG TTM
13.77%
RETURN ON INVESTED CAPITAL (ROIC) AVG 3Y
12.64%
RETURN ON INVESTED CAPITAL (ROIC) AVG 5Y
8.38%
RETURN ON INVESTED CAPITAL (ROIC) AVG 10Y
4.10%
RETURN ON INVESTED CAPITAL (ROIC) AVG 15Y
4.29%
RETURN ON INVESTED CAPITAL (ROIC) AVG 20Y
6.56%
CURRENT VS TTM AVG
+11.09%
CURRENT VS 3Y AVG
+21.07%
CURRENT VS 5Y AVG
+82.49%
CURRENT VS 10Y AVG
+273.52%
CURRENT VS 15Y AVG
+256.26%
CURRENT VS 20Y AVG
+133.21%
SECTOR MEDIAN · ENERGY
8.92%
median of 50 covered companies
CURRENT VS SECTOR MEDIAN
+71.51%
vs the sector median at left
First Solar, Inc.
Market Cap
$19.17B
Return on Invested Capital (ROIC)
15.30%
TTM Avg
13.77%
3Y Avg
12.64%
5Y Avg
8.38%
Market Cap
$20.25B
Return on Invested Capital (ROIC)
10.91%
TTM Avg
1.59%
3Y Avg
12.87%
5Y Avg
-13.50%
Market Cap
$15.20B
Return on Invested Capital (ROIC)
4.28%
TTM Avg
12.05%
3Y Avg
21.40%
5Y Avg
17.25%
Market Cap
$23.14B
Return on Invested Capital (ROIC)
30.14%
TTM Avg
32.86%
3Y Avg
38.58%
5Y Avg
37.62%
Market Cap
$12.36B
Return on Invested Capital (ROIC)
18.50%
TTM Avg
21.56%
3Y Avg
21.42%
5Y Avg
20.08%
Market Cap
$26.30B
Return on Invested Capital (ROIC)
6.05%
TTM Avg
6.46%
3Y Avg
7.87%
5Y Avg
6.12%
Market Cap
$27.30B
Return on Invested Capital (ROIC)
9.86%
TTM Avg
11.71%
3Y Avg
12.95%
5Y Avg
7.90%
Market Cap
$10.04B
Return on Invested Capital (ROIC)
8.64%
TTM Avg
8.25%
3Y Avg
7.88%
5Y Avg
6.16%
Market Cap
$30.01B
Return on Invested Capital (ROIC)
9.69%
TTM Avg
10.46%
3Y Avg
14.02%
5Y Avg
9.25%
| NAME | MARKET CAP | RETURN ON INVESTED CAPITAL (ROIC) | TTM | 3Y | 5Y |
|---|---|---|---|---|---|
| First Solar, Inc. (FSLR) | $19.17B | 15.30% | 13.77% | 12.64% | 8.38% |
| Expand Energy Corporation (EXE)vs › | $20.25B | 10.91% | 1.59% | 12.87% | -13.50% |
| APA Corporation (APA)vs › | $15.20B | 4.28% | 12.05% | 21.40% | 17.25% |
| Texas Pacific Land Corporation (TPL)vs › | $23.14B | 30.14% | 32.86% | 38.58% | 37.62% |
| Nextpower Inc. (NXT)vs › | $12.36B | 18.50% | 21.56% | 21.42% | 20.08% |
| Pembina Pipeline Corporation (PBA)vs › | $26.30B | 6.05% | 6.46% | 7.87% | 6.12% |
| Halliburton Company (HAL)vs › | $27.30B | 9.86% | 11.71% | 12.95% | 7.90% |
| Antero Midstream Corporation (AM)vs › | $10.04B | 8.64% | 8.25% | 7.88% | 6.16% |
| Tenaris S.A. (TS)vs › | $30.01B | 9.69% | 10.46% | 14.02% | 9.25% |
| Vista Energy, S.A.B. de C.V. (VIST)vs › | $6.99B | 12.93% | 12.42% | 16.04% | 11.07% |
ROIC
15.3%
ROE
16.9%
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 | 15.30% |
| 2026-03-31 | 14.72% |
| 2025-12-31 | 13.68% |
| 2025-09-30 | 13.19% |
| 2025-06-30 | 11.97% |
| 2025-03-31 | 12.77% |
| 2024-12-31 | 12.46% |
| 2024-09-30 | 12.64% |
| 2024-06-30 | 12.70% |
| 2024-03-31 | 10.85% |
| 2023-12-31 | 8.73% |
| 2023-09-30 | 4.58% |
| 2023-06-30 | 0.91% |
| 2023-03-31 | 0.36% |
| 2022-12-31 | -0.21% |
| 2022-09-30 | 1.58% |
| 2022-06-30 | 3.06% |
| 2022-03-31 | 3.53% |
| 2021-12-31 | 7.18% |
| 2021-09-30 | 7.13% |
| 2021-06-30 | 8.91% |
| 2021-03-31 | 8.36% |
| 2020-12-31 | 5.04% |
| 2020-09-30 | 2.25% |
| 2020-06-30 | -0.38% |
| 2020-03-31 | -1.33% |
| 2019-12-31 | -2.60% |
| 2019-09-30 | -0.29% |
| 2019-06-30 | -0.18% |
| 2019-03-31 | -1.72% |
| 2018-12-31 | 0.62% |
| 2018-09-30 | -0.05% |
| 2018-06-30 | 1.26% |
| 2018-03-31 | 2.27% |
| 2017-12-31 | 1.57% |
| 2017-09-30 | -9.37% |
| 2017-06-30 | -11.99% |
| 2017-03-31 | -12.42% |
| 2016-12-31 | -9.48% |
| 2016-09-30 | 8.19% |
| 2016-06-30 | 12.11% |
| 2016-03-31 | 13.76% |
| 2015-12-31 | 10.83% |
| 2015-09-30 | 9.05% |
| 2015-06-30 | 4.52% |
| 2015-03-31 | 3.71% |
| 2014-12-31 | 6.77% |
| 2014-09-30 | 4.77% |
| 2014-06-30 | 6.77% |
| 2014-03-31 | 7.31% |
| 2013-12-31 | 6.37% |
| 2013-09-30 | 8.25% |
| 2013-06-30 | 6.44% |
| 2013-03-31 | 8.50% |
| 2012-12-31 | -0.71% |
| 2012-09-30 | -14.17% |
| 2012-06-30 | -12.67% |
| 2012-03-31 | -14.04% |
| 2011-12-31 | -1.42% |
| 2011-09-30 | 10.26% |
| 2011-06-30 | 11.26% |
| 2011-03-31 | 14.95% |
| 2010-12-31 | 16.58% |
| 2010-09-25 | 16.98% |
| 2010-06-26 | 18.48% |
| 2010-03-27 | 20.13% |
| 2009-12-31 | 21.25% |
| 2009-09-30 | 22.36% |
| 2009-07-31 | 21.63% |
| 2009-03-31 | 22.43% |
| 2008-12-31 | 18.62% |
| 2008-09-27 | 16.46% |
| 2008-06-28 | 14.50% |
| 2008-03-29 | 14.12% |
| 2007-12-31 | 11.21% |
| 2007-09-29 | 5.97% |
| 2007-06-30 | 3.34% |
| 2007-03-31 | 5.01% |
| 2006-12-31 | 7.92% |
| 2006-09-30 | 9.40% |
| 2005-12-31 | -5.44% |
| 2004-12-31 | -46.08% |
