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 34.45% is in line with its 5-year average of 31.34%, near the high end of its 5-year range (19.33%–37.13%).
As of the fiscal period ended Tuesday, June 30, 2026. 1.31% below its 12-month average of 34.91%.
Trailing-twelve-month return on invested capital at each fiscal quarter end; no daily interpolation. Q2 FY2026 (2026-06-30): 34.45%.
RETURN ON INVESTED CAPITAL (ROIC)
34.45%
RETURN ON INVESTED CAPITAL (ROIC) AVG TTM
34.91%
RETURN ON INVESTED CAPITAL (ROIC) AVG 3Y
33.22%
RETURN ON INVESTED CAPITAL (ROIC) AVG 5Y
31.34%
RETURN ON INVESTED CAPITAL (ROIC) AVG 10Y
24.05%
RETURN ON INVESTED CAPITAL (ROIC) AVG 15Y
21.77%
RETURN ON INVESTED CAPITAL (ROIC) AVG 20Y
20.62%
CURRENT VS TTM AVG
-1.31%
CURRENT VS 3Y AVG
+3.70%
CURRENT VS 5Y AVG
+9.95%
CURRENT VS 10Y AVG
+43.25%
CURRENT VS 15Y AVG
+58.27%
CURRENT VS 20Y AVG
+67.07%
SECTOR MEDIAN · CONSUMER DEFENSIVE
8.18%
median of 52 covered companies
CURRENT VS SECTOR MEDIAN
+320.93%
vs the sector median at left
Altria Group, Inc.
Market Cap
$116.56B
Return on Invested Capital (ROIC)
34.45%
TTM Avg
34.91%
3Y Avg
33.22%
5Y Avg
31.34%
Market Cap
$121.91B
Return on Invested Capital (ROIC)
8.04%
TTM Avg
5.20%
3Y Avg
0.31%
5Y Avg
2.23%
Market Cap
$87.30B
Return on Invested Capital (ROIC)
21.32%
TTM Avg
21.92%
3Y Avg
19.60%
5Y Avg
20.74%
Market Cap
$79.26B
Return on Invested Capital (ROIC)
6.47%
TTM Avg
7.29%
3Y Avg
6.73%
5Y Avg
6.46%
Market Cap
$156.49B
Return on Invested Capital (ROIC)
6.32%
TTM Avg
6.28%
3Y Avg
6.18%
5Y Avg
5.47%
Market Cap
$70.13B
Return on Invested Capital (ROIC)
11.35%
TTM Avg
10.53%
3Y Avg
11.02%
5Y Avg
12.78%
Market Cap
$69.62B
Return on Invested Capital (ROIC)
29.91%
TTM Avg
30.60%
3Y Avg
27.18%
5Y Avg
26.90%
Market Cap
$185.09B
Return on Invested Capital (ROIC)
13.22%
TTM Avg
13.62%
3Y Avg
13.51%
5Y Avg
12.88%
Market Cap
$45.66B
Return on Invested Capital (ROIC)
9.52%
TTM Avg
8.05%
3Y Avg
7.69%
5Y Avg
6.49%
| NAME | MARKET CAP | RETURN ON INVESTED CAPITAL (ROIC) | TTM | 3Y | 5Y |
|---|---|---|---|---|---|
| Altria Group, Inc. (MO) | $116.56B | 34.45% | 34.91% | 33.22% | 31.34% |
| British American Tobacco p.l.c. (BTI)vs › | $121.91B | 8.04% | 5.20% | 0.31% | 2.23% |
| Monster Beverage Corporation (MNST)vs › | $87.30B | 21.32% | 21.92% | 19.60% | 20.74% |
| Mondelez International, Inc. (MDLZ)vs › | $79.26B | 6.47% | 7.29% | 6.73% | 6.46% |
| Anheuser-Busch InBev SA/NV (BUD)vs › | $156.49B | 6.32% | 6.28% | 6.18% | 5.47% |
| Target Corporation (TGT)vs › | $70.13B | 11.35% | 10.53% | 11.02% | 12.78% |
| Colgate-Palmolive Company (CL)vs › | $69.62B | 29.91% | 30.60% | 27.18% | 26.90% |
| PepsiCo, Inc. (PEP)vs › | $185.09B | 13.22% | 13.62% | 13.51% | 12.88% |
| Coca-Cola Europacific Partners PLC (CCEP)vs › | $45.66B | 9.52% | 8.05% | 7.69% | 6.49% |
| Keurig Dr Pepper Inc. (KDP)vs › | $42.84B | 3.36% | 5.41% | 5.36% | 5.11% |
ROIC
34.5%
ROE
N/A
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 | 34.45% |
| 2026-03-31 | 35.17% |
| 2025-12-31 | 32.46% |
| 2025-09-30 | 35.33% |
| 2025-06-30 | 37.13% |
| 2025-03-31 | 32.80% |
| 2024-12-31 | 33.20% |
| 2024-09-30 | 30.36% |
| 2024-06-30 | 29.64% |
| 2024-03-31 | 33.99% |
| 2023-12-31 | 30.28% |
| 2023-09-30 | 34.18% |
| 2023-06-30 | 32.90% |
| 2023-03-31 | 31.58% |
| 2022-12-31 | 31.10% |
| 2022-09-30 | 29.24% |
| 2022-06-30 | 20.66% |
| 2022-03-31 | 24.40% |
| 2021-12-31 | 23.35% |
| 2021-09-30 | 23.79% |
| 2021-06-30 | 19.33% |
| 2021-03-31 | 17.94% |
| 2020-12-31 | 17.64% |
| 2020-09-30 | 14.79% |
| 2020-06-30 | 13.66% |
| 2020-03-31 | 12.89% |
| 2019-12-31 | 13.49% |
| 2019-09-30 | 11.47% |
| 2019-06-30 | 13.40% |
| 2019-03-31 | 13.01% |
| 2018-12-31 | 14.08% |
| 2018-09-30 | 25.55% |
| 2018-06-30 | 25.41% |
| 2018-03-31 | 25.73% |
| 2017-12-31 | 25.54% |
| 2017-09-30 | 16.59% |
| 2017-06-30 | 15.77% |
| 2017-03-31 | 15.58% |
| 2016-12-31 | 14.81% |
| 2016-09-30 | 21.55% |
| 2016-06-30 | 21.83% |
| 2016-03-31 | 21.57% |
| 2015-12-31 | 21.31% |
| 2015-09-30 | 21.32% |
| 2015-06-30 | 19.56% |
| 2015-03-31 | 19.22% |
| 2014-12-31 | 17.87% |
| 2014-09-30 | 17.61% |
| 2014-06-30 | 17.76% |
| 2014-03-31 | 18.05% |
| 2013-12-31 | 18.64% |
| 2013-09-30 | 17.54% |
| 2013-06-30 | 17.15% |
| 2013-03-31 | 17.64% |
| 2012-12-31 | 16.41% |
| 2012-09-30 | 15.82% |
| 2012-06-30 | 15.48% |
| 2012-03-31 | 12.67% |
| 2011-12-31 | 12.33% |
| 2011-09-30 | 12.05% |
| 2011-06-30 | 11.72% |
| 2011-03-31 | 14.13% |
| 2010-12-31 | 13.91% |
| 2010-09-30 | 13.29% |
| 2010-06-30 | 13.02% |
| 2010-03-31 | 12.58% |
| 2009-12-31 | 12.20% |
| 2009-09-30 | 11.79% |
| 2009-06-30 | 11.09% |
| 2009-03-31 | 10.32% |
| 2008-12-31 | 15.59% |
| 2008-09-30 | 31.95% |
| 2008-06-30 | 39.64% |
| 2008-03-31 | 47.95% |
| 2007-12-31 | 18.33% |
| 2007-09-30 | 23.04% |
| 2007-06-30 | 22.40% |
| 2007-03-31 | 23.57% |
| 2006-12-31 | 12.17% |
| 2006-09-30 | 10.97% |
| 2006-06-30 | 11.93% |
| 2006-03-31 | 12.97% |
| 2005-12-31 | 13.20% |
| 2005-09-30 | 13.03% |
| 2005-06-30 | 12.28% |
| 2005-03-31 | 12.26% |
| 2004-12-31 | 12.40% |
| 2004-09-30 | 12.76% |
| 2004-06-30 | 12.83% |
| 2004-03-31 | 12.73% |
| 2003-12-31 | 13.25% |
| 2003-09-30 | 13.05% |
| 2003-06-30 | 13.11% |
