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 26.30% is in line with its 5-year average of 27.01%, around the middle of its 5-year range (18.58%–39.96%).
As of the fiscal period ended Tuesday, June 30, 2026. 4.87% above its 12-month average of 25.08%.
Trailing-twelve-month return on invested capital at each fiscal quarter end; no daily interpolation. Q2 FY2026 (2026-06-30): 26.30%.
RETURN ON INVESTED CAPITAL (ROIC)
26.30%
RETURN ON INVESTED CAPITAL (ROIC) AVG TTM
25.08%
RETURN ON INVESTED CAPITAL (ROIC) AVG 3Y
22.66%
RETURN ON INVESTED CAPITAL (ROIC) AVG 5Y
27.01%
RETURN ON INVESTED CAPITAL (ROIC) AVG 10Y
28.56%
RETURN ON INVESTED CAPITAL (ROIC) AVG 15Y
30.52%
RETURN ON INVESTED CAPITAL (ROIC) AVG 20Y
30.24%
CURRENT VS TTM AVG
+4.87%
CURRENT VS 3Y AVG
+16.06%
CURRENT VS 5Y AVG
-2.62%
CURRENT VS 10Y AVG
-7.91%
CURRENT VS 15Y AVG
-13.82%
CURRENT VS 20Y AVG
-13.03%
SECTOR MEDIAN · CONSUMER DEFENSIVE
8.18%
median of 52 covered companies
CURRENT VS SECTOR MEDIAN
+221.36%
vs the sector median at left
Philip Morris International Inc.
Market Cap
$302.00B
Return on Invested Capital (ROIC)
26.30%
TTM Avg
25.08%
3Y Avg
22.66%
5Y Avg
27.01%
Market Cap
$354.31B
Return on Invested Capital (ROIC)
15.78%
TTM Avg
16.14%
3Y Avg
15.75%
5Y Avg
15.70%
Market Cap
$238.52B
Return on Invested Capital (ROIC)
10.80%
TTM Avg
10.70%
3Y Avg
10.55%
5Y Avg
10.64%
Market Cap
$375.10B
Return on Invested Capital (ROIC)
13.91%
TTM Avg
11.75%
3Y Avg
11.72%
5Y Avg
11.10%
Market Cap
$409.30B
Return on Invested Capital (ROIC)
19.01%
TTM Avg
19.82%
3Y Avg
18.70%
5Y Avg
18.20%
Market Cap
$175.53B
Return on Invested Capital (ROIC)
13.22%
TTM Avg
13.62%
3Y Avg
13.51%
5Y Avg
12.88%
Market Cap
$151.84B
Return on Invested Capital (ROIC)
6.32%
TTM Avg
6.28%
3Y Avg
6.18%
5Y Avg
5.47%
Market Cap
$120.90B
Return on Invested Capital (ROIC)
8.04%
TTM Avg
5.20%
3Y Avg
0.31%
5Y Avg
2.23%
Market Cap
$115.45B
Return on Invested Capital (ROIC)
34.45%
TTM Avg
32.83%
3Y Avg
31.76%
5Y Avg
28.00%
| NAME | MARKET CAP | RETURN ON INVESTED CAPITAL (ROIC) | TTM | 3Y | 5Y |
|---|---|---|---|---|---|
| Philip Morris International Inc. (PM) | $302.00B | 26.30% | 25.08% | 22.66% | 27.01% |
| The Procter & Gamble Company (PG)vs › | $354.31B | 15.78% | 16.14% | 15.75% | 15.70% |
| Nestlé S.A. (NSRGY)vs › | $238.52B | 10.80% | 10.70% | 10.55% | 10.64% |
| The Coca-Cola Company (KO)vs › | $375.10B | 13.91% | 11.75% | 11.72% | 11.10% |
| Costco Wholesale Corporation (COST)vs › | $409.30B | 19.01% | 19.82% | 18.70% | 18.20% |
| PepsiCo, Inc. (PEP)vs › | $175.53B | 13.22% | 13.62% | 13.51% | 12.88% |
| Anheuser-Busch InBev SA/NV (BUD)vs › | $151.84B | 6.32% | 6.28% | 6.18% | 5.47% |
| British American Tobacco p.l.c. (BTI)vs › | $120.90B | 8.04% | 5.20% | 0.31% | 2.23% |
| Altria Group, Inc. (MO)vs › | $115.45B | 34.45% | 32.83% | 31.76% | 28.00% |
| Monster Beverage Corporation (MNST)vs › | $81.88B | 21.32% | 21.92% | 19.60% | 20.74% |
ROIC
26.3%
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 | 26.30% |
| 2026-03-31 | 24.29% |
| 2025-12-31 | 25.56% |
| 2025-09-30 | 25.41% |
| 2025-06-30 | 23.84% |
| 2025-03-31 | 23.71% |
| 2024-12-31 | 25.44% |
| 2024-09-30 | 21.68% |
| 2024-06-30 | 20.52% |
| 2024-03-31 | 18.58% |
| 2023-12-31 | 19.76% |
| 2023-09-30 | 19.50% |
| 2023-06-30 | 20.04% |
| 2023-03-31 | 20.84% |
| 2022-12-31 | 23.27% |
| 2022-09-30 | 38.31% |
| 2022-06-30 | 38.68% |
| 2022-03-31 | 37.92% |
| 2021-12-31 | 39.96% |
| 2021-09-30 | 36.71% |
| 2021-06-30 | 36.94% |
| 2021-03-31 | 35.69% |
| 2020-12-31 | 31.99% |
| 2020-09-30 | 33.95% |
| 2020-06-30 | 31.98% |
| 2020-03-31 | 35.75% |
| 2019-12-31 | 28.58% |
| 2019-09-30 | 29.16% |
| 2019-06-30 | 32.29% |
| 2019-03-31 | 32.03% |
| 2018-12-31 | 32.01% |
| 2018-09-30 | 27.56% |
| 2018-06-30 | 27.16% |
| 2018-03-31 | 22.41% |
| 2017-12-31 | 22.90% |
| 2017-09-30 | 26.97% |
| 2017-06-30 | 29.57% |
| 2017-03-31 | 30.12% |
| 2016-12-31 | 33.06% |
| 2016-09-30 | 30.04% |
| 2016-06-30 | 30.59% |
| 2016-03-31 | 31.52% |
| 2015-12-31 | 35.25% |
| 2015-09-30 | 38.35% |
| 2015-06-30 | 37.62% |
| 2015-03-31 | 35.37% |
| 2014-12-31 | 36.91% |
| 2014-09-30 | 37.37% |
| 2014-06-30 | 36.25% |
| 2014-03-31 | 36.41% |
| 2013-12-31 | 39.12% |
| 2013-09-30 | 38.02% |
| 2013-06-30 | 36.62% |
| 2013-03-31 | 35.50% |
| 2012-12-31 | 38.02% |
| 2012-09-30 | 0.49% |
| 2012-06-30 | -13.60% |
| 2012-03-31 | -12.34% |
| 2011-12-31 | -15.08% |
| 2011-09-30 | 22.50% |
| 2011-06-30 | 33.89% |
| 2011-03-31 | 31.94% |
| 2010-12-31 | 32.05% |
| 2010-09-30 | 29.29% |
| 2010-06-30 | 32.46% |
| 2010-03-31 | 28.69% |
| 2009-12-31 | 28.33% |
| 2009-09-30 | 27.73% |
| 2009-06-30 | 28.94% |
| 2009-03-31 | 29.85% |
| 2008-12-31 | 30.62% |
| 2008-09-30 | 28.00% |
| 2008-06-30 | 27.37% |
| 2008-03-31 | 26.26% |
| 2007-12-31 | 26.04% |
