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 4.72% is in line with its 5-year average of 4.83%, around the middle of its 5-year range (4.46%–5.27%).
As of the fiscal period ended Tuesday, June 30, 2026. 5.29% below its 12-month average of 4.98%.
Trailing-twelve-month return on invested capital at each fiscal quarter end; no daily interpolation. Q2 FY2026 (2026-06-30): 4.72%.
RETURN ON INVESTED CAPITAL (ROIC)
4.72%
RETURN ON INVESTED CAPITAL (ROIC) AVG TTM
4.98%
RETURN ON INVESTED CAPITAL (ROIC) AVG 3Y
4.90%
RETURN ON INVESTED CAPITAL (ROIC) AVG 5Y
4.83%
RETURN ON INVESTED CAPITAL (ROIC) AVG 10Y
4.77%
RETURN ON INVESTED CAPITAL (ROIC) AVG 15Y
4.86%
RETURN ON INVESTED CAPITAL (ROIC) AVG 20Y
4.95%
CURRENT VS TTM AVG
-5.29%
CURRENT VS 3Y AVG
-3.68%
CURRENT VS 5Y AVG
-2.31%
CURRENT VS 10Y AVG
-1.12%
CURRENT VS 15Y AVG
-2.95%
CURRENT VS 20Y AVG
-4.72%
SECTOR MEDIAN · UTILITIES
3.98%
median of 63 covered companies
CURRENT VS SECTOR MEDIAN
+18.57%
vs the sector median at left
MGE Energy, Inc.
Market Cap
$2.65B
Return on Invested Capital (ROIC)
4.72%
TTM Avg
4.98%
3Y Avg
4.90%
5Y Avg
4.83%
Market Cap
$2.50B
Return on Invested Capital (ROIC)
4.63%
TTM Avg
3.98%
3Y Avg
4.29%
5Y Avg
4.85%
Market Cap
$2.45B
Return on Invested Capital (ROIC)
3.05%
TTM Avg
3.34%
3Y Avg
3.30%
5Y Avg
3.22%
Market Cap
$2.37B
Return on Invested Capital (ROIC)
N/A
TTM Avg
N/A
3Y Avg
N/A
5Y Avg
N/A
Market Cap
$2.94B
Return on Invested Capital (ROIC)
4.27%
TTM Avg
3.92%
3Y Avg
3.53%
5Y Avg
3.50%
Market Cap
$3.26B
Return on Invested Capital (ROIC)
13.49%
TTM Avg
20.18%
3Y Avg
20.18%
5Y Avg
20.18%
Market Cap
$1.99B
Return on Invested Capital (ROIC)
5.11%
TTM Avg
4.01%
3Y Avg
3.53%
5Y Avg
3.43%
Market Cap
$1.47B
Return on Invested Capital (ROIC)
-12.09%
TTM Avg
-0.84%
3Y Avg
-15.76%
5Y Avg
-81.23%
Market Cap
$4.06B
Return on Invested Capital (ROIC)
-4.02%
TTM Avg
-4.02%
3Y Avg
-4.02%
5Y Avg
-4.02%
| NAME | MARKET CAP | RETURN ON INVESTED CAPITAL (ROIC) | TTM | 3Y | 5Y |
|---|---|---|---|---|---|
| MGE Energy, Inc. (MGEE) | $2.65B | 4.72% | 4.98% | 4.90% | 4.83% |
| ReNew Energy Global Plc (RNW)vs › | $2.50B | 4.63% | 3.98% | 4.29% | 4.85% |
| H2O America (HTO)vs › | $2.45B | 3.05% | 3.34% | 3.30% | 3.22% |
| newcleo plc Ordinary Shares (NWCL)vs › | $2.37B | N/A | N/A | N/A | N/A |
| Avista Corporation (AVA)vs › | $2.94B | 4.27% | 3.92% | 3.53% | 3.50% |
| SOLV Energy, Inc. Class A Common Stock (MWH)vs › | $3.26B | 13.49% | 20.18% | 20.18% | 20.18% |
| Northwest Natural Holding Company (NWN)vs › | $1.99B | 5.11% | 4.01% | 3.53% | 3.43% |
| Fluence Energy, Inc. (FLNC)vs › | $1.47B | -12.09% | -0.84% | -15.76% | -81.23% |
| Fervo Energy Company (FRVO)vs › | $4.06B | -4.02% | -4.02% | -4.02% | -4.02% |
| Northwestern Energy Group Inc (NWE)vs › | $4.25B | 3.86% | 4.09% | 4.02% | 4.04% |
ROIC
4.7%
ROE
10.4%
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 | 4.72% |
| 2026-03-31 | 4.88% |
| 2025-12-31 | 4.97% |
| 2025-09-30 | 5.07% |
| 2025-06-30 | 5.27% |
| 2025-03-31 | 5.21% |
| 2024-12-31 | 4.97% |
| 2024-09-30 | 4.93% |
| 2024-06-30 | 4.56% |
| 2024-03-31 | 4.76% |
| 2023-12-31 | 4.62% |
| 2023-09-30 | 4.88% |
| 2023-06-30 | 4.86% |
| 2023-03-31 | 4.51% |
| 2022-12-31 | 4.61% |
| 2022-09-30 | 4.46% |
| 2022-06-30 | 4.62% |
| 2022-03-31 | 4.74% |
| 2021-12-31 | 4.99% |
| 2021-09-30 | 4.93% |
| 2021-06-30 | 4.89% |
| 2021-03-31 | 4.78% |
| 2020-12-31 | 4.29% |
| 2020-09-30 | 4.47% |
| 2020-06-30 | 4.53% |
| 2020-03-31 | 4.64% |
| 2019-12-31 | 4.61% |
| 2019-09-30 | 4.58% |
| 2019-06-30 | 4.63% |
| 2019-03-31 | 5.22% |
| 2018-12-31 | 4.57% |
| 2018-09-30 | 5.73% |
| 2018-06-30 | 5.80% |
| 2018-03-31 | 5.88% |
| 2017-12-31 | 5.97% |
| 2017-09-30 | 4.65% |
| 2017-06-30 | 4.86% |
| 2017-03-31 | 4.94% |
| 2016-12-31 | 4.82% |
| 2016-09-30 | 4.75% |
| 2016-06-30 | 4.83% |
| 2016-03-31 | 4.68% |
| 2015-12-31 | 4.76% |
| 2015-09-30 | 5.12% |
| 2015-06-30 | 4.87% |
| 2015-03-31 | 4.87% |
| 2014-12-31 | 5.33% |
| 2014-09-30 | 5.46% |
| 2014-06-30 | 5.56% |
| 2014-03-31 | 5.60% |
| 2013-12-31 | 5.39% |
| 2013-09-30 | 4.82% |
| 2013-06-30 | 4.98% |
| 2013-03-31 | 5.04% |
| 2012-12-31 | 4.64% |
| 2012-09-30 | 4.60% |
| 2012-06-30 | 4.64% |
| 2012-03-31 | 4.65% |
| 2011-12-31 | 4.85% |
| 2011-09-30 | 5.39% |
| 2011-06-30 | 5.32% |
| 2011-03-31 | 5.24% |
| 2010-12-31 | 4.83% |
| 2010-09-30 | 5.00% |
| 2010-06-30 | 4.46% |
| 2010-03-31 | 4.28% |
| 2009-12-31 | 4.47% |
| 2009-09-30 | 4.47% |
| 2009-06-30 | 4.72% |
| 2009-03-31 | 4.82% |
| 2008-12-31 | 4.77% |
| 2008-09-30 | 5.10% |
| 2008-06-30 | 5.30% |
| 2008-03-31 | 5.43% |
| 2007-12-31 | 5.20% |
| 2007-09-30 | 5.52% |
| 2007-06-30 | 5.61% |
| 2007-03-31 | 5.49% |
| 2006-12-31 | 5.56% |
| 2006-09-30 | 5.30% |
| 2006-06-30 | 5.11% |
| 2006-03-31 | 4.93% |
| 2005-12-31 | 4.41% |
| 2005-09-30 | 4.41% |
| 2005-06-30 | 4.44% |
| 2005-03-31 | 4.45% |
| 2004-12-31 | 4.99% |
| 2004-09-30 | 5.30% |
| 2004-06-30 | 5.73% |
| 2004-03-31 | 6.16% |
| 2003-12-31 | 5.43% |
| 2003-09-30 | 5.77% |
| 2003-06-30 | 5.69% |
