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 32.78% is 13% above its 5-year average of 28.97%, near the high end of its 5-year range (14.48%–33.92%).
As of the fiscal period ended Tuesday, June 30, 2026. 5.87% above its 12-month average of 30.97%.
Trailing-twelve-month return on invested capital at each fiscal quarter end; no daily interpolation.
RETURN ON INVESTED CAPITAL (ROIC)
32.78%
RETURN ON INVESTED CAPITAL (ROIC) AVG TTM
30.97%
RETURN ON INVESTED CAPITAL (ROIC) AVG 3Y
29.44%
RETURN ON INVESTED CAPITAL (ROIC) AVG 5Y
28.97%
RETURN ON INVESTED CAPITAL (ROIC) AVG 10Y
18.90%
RETURN ON INVESTED CAPITAL (ROIC) AVG 15Y
14.94%
RETURN ON INVESTED CAPITAL (ROIC) AVG 20Y
N/A
CURRENT VS TTM AVG
+5.87%
CURRENT VS 3Y AVG
+11.37%
CURRENT VS 5Y AVG
+13.16%
CURRENT VS 10Y AVG
+73.50%
CURRENT VS 15Y AVG
+119.37%
CURRENT VS 20Y AVG
N/A
SECTOR MEDIAN · TECHNOLOGY
8.17%
median of 193 covered companies
CURRENT VS SECTOR MEDIAN
+301.27%
vs the sector median at left
Fortinet, Inc.
Market Cap
$115.54B
Return on Invested Capital (ROIC)
32.78%
TTM Avg
30.97%
3Y Avg
29.44%
5Y Avg
28.97%
Market Cap
$116.28B
Return on Invested Capital (ROIC)
-24.89%
TTM Avg
-27.77%
3Y Avg
-22.54%
5Y Avg
-19.06%
Market Cap
$109.56B
Return on Invested Capital (ROIC)
17.13%
TTM Avg
18.32%
3Y Avg
20.20%
5Y Avg
20.44%
Market Cap
$107.11B
Return on Invested Capital (ROIC)
23.85%
TTM Avg
24.26%
3Y Avg
32.39%
5Y Avg
31.71%
Market Cap
$104.82B
Return on Invested Capital (ROIC)
63.79%
TTM Avg
50.00%
3Y Avg
28.59%
5Y Avg
18.74%
Market Cap
$102.26B
Return on Invested Capital (ROIC)
36.61%
TTM Avg
31.16%
3Y Avg
27.93%
5Y Avg
27.17%
Market Cap
$100.95B
Return on Invested Capital (ROIC)
-6.90%
TTM Avg
-5.13%
3Y Avg
-6.98%
5Y Avg
-7.11%
Market Cap
$138.75B
Return on Invested Capital (ROIC)
5.54%
TTM Avg
9.17%
3Y Avg
7.47%
5Y Avg
6.18%
Market Cap
$142.98B
Return on Invested Capital (ROIC)
8.19%
TTM Avg
5.55%
3Y Avg
4.63%
5Y Avg
4.45%
| NAME | MARKET CAP | RETURN ON INVESTED CAPITAL (ROIC) | TTM | 3Y | 5Y |
|---|---|---|---|---|---|
| Fortinet, Inc. (FTNT) | $115.54B | 32.78% | 30.97% | 29.44% | 28.97% |
| Snowflake Inc. (SNOW)vs › | $116.28B | -24.89% | -27.77% | -22.54% | -19.06% |
| Accenture plc (ACN)vs › | $109.56B | 17.13% | 18.32% | 20.20% | 20.44% |
| Automatic Data Processing, Inc. (ADP)vs › | $107.11B | 23.85% | 24.26% | 32.39% | 31.71% |
| AppLovin Corporation (APP)vs › | $104.82B | 63.79% | 50.00% | 28.59% | 18.74% |
| Adobe Inc. (ADBE)vs › | $102.26B | 36.61% | 31.16% | 27.93% | 27.17% |
| Cloudflare, Inc. (NET)vs › | $100.95B | -6.90% | -5.13% | -6.98% | -7.11% |
| ServiceNow, Inc. (NOW)vs › | $138.75B | 5.54% | 9.17% | 7.47% | 6.18% |
| Corning Inc (GLW)vs › | $142.98B | 8.19% | 5.55% | 4.63% | 4.45% |
| ASE Technology Holding Co., Ltd. (ASX)vs › | $87.49B | 7.20% | 5.97% | 7.71% | 7.86% |
ROIC
32.8%
ROE
136.7%
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 | 32.78% |
| 2026-03-31 | 33.92% |
| 2025-12-31 | 28.75% |
| 2025-09-30 | 33.25% |
| 2025-06-30 | 26.13% |
| 2025-03-31 | 26.53% |
| 2024-12-31 | 27.20% |
| 2024-09-30 | 27.29% |
| 2024-06-30 | 28.81% |
| 2024-03-31 | 29.40% |
| 2023-12-31 | 31.16% |
| 2023-09-30 | 30.17% |
| 2023-06-30 | 27.30% |
| 2023-03-31 | 28.79% |
| 2022-12-31 | 29.72% |
| 2022-09-30 | 31.27% |
| 2022-06-30 | 27.36% |
| 2022-03-31 | 21.65% |
| 2021-12-31 | 17.65% |
| 2021-09-30 | 15.00% |
| 2021-06-30 | 14.48% |
| 2021-03-31 | 14.26% |
| 2020-12-31 | 21.65% |
| 2020-09-30 | 22.75% |
| 2020-06-30 | 23.02% |
| 2020-03-31 | 21.05% |
| 2019-12-31 | 12.25% |
| 2019-09-30 | 14.14% |
| 2019-06-30 | 13.19% |
| 2019-03-31 | 12.77% |
| 2018-12-31 | 12.68% |
| 2018-09-30 | 6.74% |
| 2018-06-30 | 5.87% |
| 2018-03-31 | 5.49% |
| 2017-12-31 | 4.91% |
| 2017-09-30 | 5.31% |
| 2017-06-30 | 4.10% |
| 2017-03-31 | 2.76% |
| 2016-12-31 | 2.44% |
| 2016-09-30 | 0.46% |
| 2016-06-30 | 0.27% |
| 2016-03-31 | 0.65% |
| 2015-12-31 | 0.74% |
| 2015-09-30 | 1.43% |
| 2015-06-30 | 2.07% |
| 2015-03-31 | 2.66% |
| 2014-12-31 | 3.51% |
| 2014-09-30 | 4.01% |
| 2014-06-30 | 4.38% |
| 2014-03-31 | 4.80% |
| 2013-12-31 | 5.56% |
| 2013-09-30 | 6.73% |
| 2013-06-30 | 7.83% |
| 2013-03-31 | 8.80% |
| 2012-12-31 | 9.75% |
| 2012-09-30 | 9.63% |
| 2012-06-30 | 10.76% |
| 2012-03-31 | 11.74% |
| 2011-12-31 | 12.90% |
| 2011-09-30 | 14.35% |
| 2011-06-30 | 14.61% |
| 2011-03-31 | 14.03% |
| 2010-12-31 | 12.39% |
| 2010-09-30 | 14.71% |
| 2010-06-30 | 13.42% |
| 2010-03-31 | 13.07% |
| 2009-12-31 | 12.26% |
| 2009-09-30 | 33.26% |
| 2009-06-30 | 33.92% |
