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 11.92% is in line with its 5-year average of 12.46%, around the middle of its 5-year range (8.20%–17.32%).
As of the fiscal period ended Tuesday, June 30, 2026. 3.21% above its 12-month average of 11.54%.
Trailing-twelve-month return on invested capital at each fiscal quarter end; no daily interpolation. Q2 FY2026 (2026-06-30): 11.92%.
RETURN ON INVESTED CAPITAL (ROIC)
11.92%
RETURN ON INVESTED CAPITAL (ROIC) AVG TTM
11.54%
RETURN ON INVESTED CAPITAL (ROIC) AVG 3Y
11.39%
RETURN ON INVESTED CAPITAL (ROIC) AVG 5Y
12.46%
RETURN ON INVESTED CAPITAL (ROIC) AVG 10Y
13.80%
RETURN ON INVESTED CAPITAL (ROIC) AVG 15Y
15.73%
RETURN ON INVESTED CAPITAL (ROIC) AVG 20Y
N/A
CURRENT VS TTM AVG
+3.21%
CURRENT VS 3Y AVG
+4.63%
CURRENT VS 5Y AVG
-4.36%
CURRENT VS 10Y AVG
-13.66%
CURRENT VS 15Y AVG
-24.22%
CURRENT VS 20Y AVG
N/A
SECTOR MEDIAN · COMMUNICATION SERVICES
6.70%
median of 31 covered companies
CURRENT VS SECTOR MEDIAN
+77.85%
vs the sector median at left
Tencent Holdings Limited
Market Cap
$486.16B
Return on Invested Capital (ROIC)
11.92%
TTM Avg
11.54%
3Y Avg
11.39%
5Y Avg
12.46%
Market Cap
$316.96B
Return on Invested Capital (ROIC)
24.34%
TTM Avg
22.80%
3Y Avg
18.12%
5Y Avg
16.60%
Market Cap
$210.03B
Return on Invested Capital (ROIC)
5.84%
TTM Avg
6.60%
3Y Avg
6.54%
5Y Avg
6.96%
Market Cap
$191.21B
Return on Invested Capital (ROIC)
7.29%
TTM Avg
7.22%
3Y Avg
5.72%
5Y Avg
4.83%
Market Cap
$181.17B
Return on Invested Capital (ROIC)
6.43%
TTM Avg
6.74%
3Y Avg
4.90%
5Y Avg
3.95%
Market Cap
$175.46B
Return on Invested Capital (ROIC)
5.96%
TTM Avg
5.40%
3Y Avg
3.71%
5Y Avg
4.14%
Market Cap
$107.88B
Return on Invested Capital (ROIC)
29.12%
TTM Avg
18.19%
3Y Avg
2.45%
5Y Avg
0.43%
Market Cap
$89.55B
Return on Invested Capital (ROIC)
6.12%
TTM Avg
7.49%
3Y Avg
6.98%
5Y Avg
6.56%
Market Cap
$86.36B
Return on Invested Capital (ROIC)
7.28%
TTM Avg
2.50%
3Y Avg
-4.58%
5Y Avg
-5.91%
| NAME | MARKET CAP | RETURN ON INVESTED CAPITAL (ROIC) | TTM | 3Y | 5Y |
|---|---|---|---|---|---|
| Tencent Holdings Limited (TCEHY) | $486.16B | 11.92% | 11.54% | 11.39% | 12.46% |
| Netflix, Inc. (NFLX)vs › | $316.96B | 24.34% | 22.80% | 18.12% | 16.60% |
| Verizon Communications Inc. (VZ)vs › | $210.03B | 5.84% | 6.60% | 6.54% | 6.96% |
| T-Mobile US, Inc. (TMUS)vs › | $191.21B | 7.29% | 7.22% | 5.72% | 4.83% |
| The Walt Disney Company (DIS)vs › | $181.17B | 6.43% | 6.74% | 4.90% | 3.95% |
| AT&T Inc. (T)vs › | $175.46B | 5.96% | 5.40% | 3.71% | 4.14% |
| Spotify Technology S.A. (SPOT)vs › | $107.88B | 29.12% | 18.19% | 2.45% | 0.43% |
| Comcast Corporation (CMCSA)vs › | $89.55B | 6.12% | 7.49% | 6.98% | 6.56% |
| DoorDash, Inc. (DASH)vs › | $86.36B | 7.28% | 2.50% | -4.58% | -5.91% |
| Warner Bros. Discovery, Inc. (WBD)vs › | $70.50B | 2.34% | -5.07% | -4.44% | -1.01% |
ROIC
11.9%
ROE
20.1%
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 | 11.92% |
| 2026-03-31 | 12.18% |
| 2025-12-31 | 11.51% |
| 2025-09-30 | 11.06% |
| 2025-06-30 | 11.06% |
| 2025-03-31 | 11.27% |
| 2024-12-31 | 11.88% |
| 2024-09-30 | 11.39% |
| 2024-06-30 | 11.36% |
| 2024-03-31 | 10.26% |
| 2023-12-31 | 9.69% |
| 2023-09-30 | 17.32% |
| 2023-06-30 | 16.05% |
| 2023-03-31 | 15.22% |
| 2022-12-31 | 15.75% |
| 2022-09-30 | 8.20% |
| 2022-06-30 | 10.10% |
| 2022-03-31 | 11.29% |
| 2021-12-31 | 13.21% |
| 2021-09-30 | 15.60% |
| 2021-06-30 | 15.32% |
| 2021-03-31 | 15.48% |
| 2020-12-31 | 14.58% |
| 2020-09-30 | 13.39% |
| 2020-06-30 | 12.37% |
| 2020-03-31 | 13.44% |
| 2019-12-31 | 14.05% |
| 2019-09-30 | 14.30% |
| 2019-06-30 | 14.77% |
| 2019-03-31 | 14.42% |
| 2018-12-31 | 15.28% |
| 2018-09-30 | 17.51% |
| 2018-06-30 | 16.64% |
| 2018-03-31 | 16.82% |
| 2017-12-31 | 17.06% |
| 2017-09-30 | 15.77% |
| 2017-06-30 | 15.89% |
| 2017-03-31 | 15.15% |
| 2016-12-31 | 15.08% |
| 2016-09-30 | 15.49% |
| 2016-06-30 | 16.68% |
| 2016-03-31 | 17.08% |
| 2015-12-31 | 16.93% |
| 2015-09-30 | 17.66% |
| 2015-06-30 | 18.05% |
| 2015-03-31 | 17.67% |
| 2014-12-31 | 19.96% |
| 2014-09-30 | 19.31% |
| 2014-06-30 | 18.32% |
| 2014-03-31 | 20.16% |
| 2013-12-31 | 19.98% |
| 2013-09-30 | 20.78% |
| 2013-06-30 | 23.77% |
| 2013-03-31 | 23.81% |
| 2012-12-31 | 23.40% |
| 2012-09-30 | 22.69% |
| 2012-06-30 | 25.12% |
| 2012-03-31 | 23.37% |
| 2011-12-31 | 23.27% |
