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 30.21% is 27% below its 4-year average of 41.48%, near the low end of its 4-year range (28.87%–61.11%).
As of the fiscal period ended Tuesday, June 30, 2026. 6.99% below its 12-month average of 32.49%.
Trailing-twelve-month return on invested capital at each fiscal quarter end; no daily interpolation. Q2 FY2026 (2026-06-30): 30.21%.
RETURN ON INVESTED CAPITAL (ROIC)
30.21%
RETURN ON INVESTED CAPITAL (ROIC) AVG TTM
32.49%
RETURN ON INVESTED CAPITAL (ROIC) AVG 3Y
40.39%
RETURN ON INVESTED CAPITAL (ROIC) AVG 5Y
41.48%
RETURN ON INVESTED CAPITAL (ROIC) AVG 10Y
58.53%
RETURN ON INVESTED CAPITAL (ROIC) AVG 15Y
59.96%
RETURN ON INVESTED CAPITAL (ROIC) AVG 20Y
49.24%
CURRENT VS TTM AVG
-6.99%
CURRENT VS 3Y AVG
-25.19%
CURRENT VS 5Y AVG
-27.15%
CURRENT VS 10Y AVG
-48.38%
CURRENT VS 15Y AVG
-49.61%
CURRENT VS 20Y AVG
-38.64%
SECTOR MEDIAN · HEALTHCARE
8.75%
median of 90 covered companies
CURRENT VS SECTOR MEDIAN
+245.50%
vs the sector median at left
Novo Nordisk A/S
Market Cap
$189.26B
Return on Invested Capital (ROIC)
30.21%
TTM Avg
32.49%
3Y Avg
40.39%
5Y Avg
41.48%
Market Cap
$179.79B
Return on Invested Capital (ROIC)
-3.66%
TTM Avg
11.34%
3Y Avg
11.28%
5Y Avg
10.29%
Market Cap
$176.24B
Return on Invested Capital (ROIC)
6.07%
TTM Avg
9.16%
3Y Avg
9.70%
5Y Avg
9.86%
Market Cap
$203.64B
Return on Invested Capital (ROIC)
14.22%
TTM Avg
11.04%
3Y Avg
11.80%
5Y Avg
12.80%
Market Cap
$157.11B
Return on Invested Capital (ROIC)
9.33%
TTM Avg
9.06%
3Y Avg
10.61%
5Y Avg
10.43%
Market Cap
$232.82B
Return on Invested Capital (ROIC)
7.44%
TTM Avg
7.81%
3Y Avg
8.16%
5Y Avg
9.11%
Market Cap
$144.34B
Return on Invested Capital (ROIC)
5.03%
TTM Avg
5.92%
3Y Avg
6.55%
5Y Avg
6.70%
Market Cap
$130.37B
Return on Invested Capital (ROIC)
15.11%
TTM Avg
12.85%
3Y Avg
12.25%
5Y Avg
11.92%
Market Cap
$130.23B
Return on Invested Capital (ROIC)
17.33%
TTM Avg
8.72%
3Y Avg
13.98%
5Y Avg
17.04%
| NAME | MARKET CAP | RETURN ON INVESTED CAPITAL (ROIC) | TTM | 3Y | 5Y |
|---|---|---|---|---|---|
| Novo Nordisk A/S (NVO) | $189.26B | 30.21% | 32.49% | 40.39% | 41.48% |
| Gilead Sciences, Inc. (GILD)vs › | $179.79B | -3.66% | 11.34% | 11.28% | 10.29% |
| Abbott Laboratories (ABT)vs › | $176.24B | 6.07% | 9.16% | 9.70% | 9.86% |
| Amgen Inc. (AMGN)vs › | $203.64B | 14.22% | 11.04% | 11.80% | 12.80% |
| Pfizer Inc. (PFE)vs › | $157.11B | 9.33% | 9.06% | 10.61% | 10.43% |
| Thermo Fisher Scientific Inc. (TMO)vs › | $232.82B | 7.44% | 7.81% | 8.16% | 9.11% |
| Danaher Corporation (DHR)vs › | $144.34B | 5.03% | 5.92% | 6.55% | 6.70% |
| Intuitive Surgical, Inc. (ISRG)vs › | $130.37B | 15.11% | 12.85% | 12.25% | 11.92% |
| Vertex Pharmaceuticals Incorporated (VRTX)vs › | $130.23B | 17.33% | 8.72% | 13.98% | 17.04% |
| Bristol-Myers Squibb Company (BMY)vs › | $129.81B | 15.47% | 14.35% | 12.24% | 10.38% |
ROIC
30.2%
ROE
53.5%
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 | 30.21% |
| 2026-03-31 | 32.56% |
| 2025-12-31 | 28.87% |
| 2025-09-30 | 34.06% |
| 2025-06-30 | 36.73% |
| 2025-03-31 | 38.60% |
| 2024-12-31 | 40.73% |
| 2024-09-30 | 47.42% |
| 2024-03-31 | 61.11% |
| 2023-12-31 | 53.56% |
| 2022-12-31 | 48.87% |
| 2021-12-31 | 44.99% |
| 2019-09-30 | 67.81% |
| 2019-06-30 | 64.66% |
| 2019-03-31 | 72.17% |
| 2018-12-31 | 68.82% |
| 2018-09-30 | 72.61% |
| 2018-06-30 | 70.14% |
| 2018-03-31 | 73.27% |
| 2017-12-31 | 64.08% |
| 2017-09-30 | 69.98% |
| 2017-06-30 | 68.79% |
| 2017-03-31 | 87.32% |
| 2016-12-31 | 80.24% |
| 2016-09-30 | 82.70% |
| 2016-06-30 | 81.48% |
| 2016-03-31 | 90.11% |
| 2015-12-31 | 77.03% |
| 2015-09-30 | 80.40% |
| 2015-06-30 | 82.06% |
| 2015-03-31 | 98.45% |
| 2014-12-31 | 65.38% |
| 2014-09-30 | 64.87% |
| 2014-06-30 | 61.68% |
| 2014-03-31 | 64.51% |
| 2013-12-31 | 50.69% |
| 2013-09-30 | 55.17% |
| 2013-06-30 | 61.43% |
| 2013-03-31 | 63.99% |
| 2012-12-31 | 50.34% |
| 2012-09-30 | 53.56% |
| 2012-06-30 | 55.07% |
| 2012-03-31 | 46.49% |
| 2011-12-31 | 41.60% |
| 2011-09-30 | 38.70% |
| 2011-06-30 | 34.78% |
| 2011-03-31 | 35.44% |
| 2010-12-31 | 32.84% |
| 2010-09-30 | 32.52% |
| 2010-06-30 | 33.39% |
| 2010-03-31 | 31.39% |
| 2009-12-31 | 26.99% |
| 2009-09-30 | 27.72% |
| 2009-06-30 | 28.12% |
| 2009-03-31 | 29.12% |
| 2008-12-31 | 25.59% |
| 2008-09-30 | 21.88% |
| 2008-06-30 | 18.27% |
| 2008-03-31 | 18.70% |
| 2007-12-31 | 17.59% |
| 2007-09-30 | 19.32% |
| 2007-06-30 | 18.99% |
| 2007-03-31 | 19.23% |
| 2006-12-31 | 17.75% |
| 2006-09-30 | 18.87% |
| 2006-06-30 | 17.86% |
| 2006-03-31 | 18.80% |
| 2005-12-31 | 18.04% |
| 2005-09-30 | 18.57% |
| 2005-06-30 | 18.37% |
| 2005-03-31 | 15.76% |
| 2004-12-31 | 14.14% |
| 2004-09-30 | 16.12% |
