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 9.69% is 18% below its 5-year average of 11.75%, around the middle of its 5-year range (1.07%–20.15%).
As of the fiscal period ended Tuesday, June 30, 2026. 2.89% below its 12-month average of 9.97%.
Trailing-twelve-month return on invested capital at each fiscal quarter end; no daily interpolation. Q2 FY2026 (2026-06-30): 9.69%.
RETURN ON INVESTED CAPITAL (ROIC)
9.69%
RETURN ON INVESTED CAPITAL (ROIC) AVG TTM
9.97%
RETURN ON INVESTED CAPITAL (ROIC) AVG 3Y
13.40%
RETURN ON INVESTED CAPITAL (ROIC) AVG 5Y
11.75%
RETURN ON INVESTED CAPITAL (ROIC) AVG 10Y
6.73%
RETURN ON INVESTED CAPITAL (ROIC) AVG 15Y
7.43%
RETURN ON INVESTED CAPITAL (ROIC) AVG 20Y
8.75%
CURRENT VS TTM AVG
-2.89%
CURRENT VS 3Y AVG
-27.71%
CURRENT VS 5Y AVG
-17.54%
CURRENT VS 10Y AVG
+43.95%
CURRENT VS 15Y AVG
+30.33%
CURRENT VS 20Y AVG
+10.69%
SECTOR MEDIAN · ENERGY
8.92%
median of 50 covered companies
CURRENT VS SECTOR MEDIAN
+8.58%
vs the sector median at left
Tenaris S.A.
Market Cap
$30.18B
Return on Invested Capital (ROIC)
9.69%
TTM Avg
9.97%
3Y Avg
13.40%
5Y Avg
11.75%
Market Cap
$31.27B
Return on Invested Capital (ROIC)
7.85%
TTM Avg
3.92%
3Y Avg
6.67%
5Y Avg
2.34%
Market Cap
$28.10B
Return on Invested Capital (ROIC)
9.86%
TTM Avg
11.71%
3Y Avg
12.95%
5Y Avg
7.90%
Market Cap
$27.64B
Return on Invested Capital (ROIC)
6.05%
TTM Avg
6.46%
3Y Avg
7.87%
5Y Avg
6.12%
Market Cap
$34.23B
Return on Invested Capital (ROIC)
9.07%
TTM Avg
5.85%
3Y Avg
12.44%
5Y Avg
12.44%
Market Cap
$24.33B
Return on Invested Capital (ROIC)
30.14%
TTM Avg
32.86%
3Y Avg
38.58%
5Y Avg
37.62%
Market Cap
$21.06B
Return on Invested Capital (ROIC)
15.30%
TTM Avg
13.07%
3Y Avg
8.66%
5Y Avg
7.81%
Market Cap
$39.90B
Return on Invested Capital (ROIC)
4.10%
TTM Avg
4.28%
3Y Avg
2.75%
5Y Avg
1.34%
Market Cap
$20.25B
Return on Invested Capital (ROIC)
10.91%
TTM Avg
1.59%
3Y Avg
12.87%
5Y Avg
-13.50%
| NAME | MARKET CAP | RETURN ON INVESTED CAPITAL (ROIC) | TTM | 3Y | 5Y |
|---|---|---|---|---|---|
| Tenaris S.A. (TS) | $30.18B | 9.69% | 9.97% | 13.40% | 11.75% |
| EQT Corporation (EQT)vs › | $31.27B | 7.85% | 3.92% | 6.67% | 2.34% |
| Halliburton Company (HAL)vs › | $28.10B | 9.86% | 11.71% | 12.95% | 7.90% |
| Pembina Pipeline Corporation (PBA)vs › | $27.64B | 6.05% | 6.46% | 7.87% | 6.12% |
| Venture Global, Inc. (VG)vs › | $34.23B | 9.07% | 5.85% | 12.44% | 12.44% |
| Texas Pacific Land Corporation (TPL)vs › | $24.33B | 30.14% | 32.86% | 38.58% | 37.62% |
| First Solar, Inc. (FSLR)vs › | $21.06B | 15.30% | 13.07% | 8.66% | 7.81% |
| Cameco Corporation (CCJ)vs › | $39.90B | 4.10% | 4.28% | 2.75% | 1.34% |
| Expand Energy Corporation (EXE)vs › | $20.25B | 10.91% | 1.59% | 12.87% | -13.50% |
| APA Corporation (APA)vs › | $15.86B | 4.28% | 12.05% | 21.40% | 17.25% |
ROIC
9.7%
ROE
11.3%
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 | 9.69% |
| 2026-03-31 | 9.93% |
| 2025-12-31 | 10.11% |
| 2025-09-30 | 10.00% |
| 2025-06-30 | 10.14% |
| 2025-03-31 | 9.18% |
| 2024-12-31 | 10.77% |
| 2024-09-30 | 13.29% |
| 2024-06-30 | 14.58% |
| 2024-03-31 | 17.40% |
| 2023-12-31 | 19.70% |
| 2023-09-30 | 19.23% |
| 2023-06-30 | 20.15% |
| 2023-03-31 | 18.25% |
| 2022-12-31 | 16.16% |
| 2022-09-30 | 12.33% |
| 2022-06-30 | 9.86% |
| 2022-03-31 | 7.25% |
| 2021-12-31 | 4.56% |
| 2021-09-30 | 3.02% |
| 2021-06-30 | 1.07% |
| 2021-03-31 | -0.79% |
| 2020-12-31 | -5.14% |
| 2020-09-30 | -3.98% |
| 2020-06-30 | -2.01% |
| 2020-03-31 | 0.27% |
| 2019-12-31 | 4.99% |
| 2019-09-30 | 4.99% |
| 2019-06-30 | 5.73% |
| 2019-03-31 | 5.06% |
| 2018-12-31 | 5.51% |
| 2018-09-30 | 4.86% |
| 2018-06-30 | 4.02% |
| 2018-03-31 | 3.50% |
| 2017-12-31 | 2.52% |
| 2017-09-30 | 1.31% |
| 2017-06-30 | 0.61% |
| 2017-03-31 | -0.09% |
| 2016-12-31 | -0.02% |
| 2016-09-30 | 0.05% |
| 2016-06-30 | -2.18% |
| 2016-03-31 | -1.02% |
| 2015-12-31 | 0.77% |
| 2015-09-30 | 2.02% |
| 2015-06-30 | 5.27% |
| 2015-03-31 | 7.49% |
| 2014-12-31 | 8.53% |
| 2014-09-30 | 9.53% |
| 2014-06-30 | 9.99% |
| 2014-03-31 | 10.27% |
| 2013-12-31 | 10.78% |
| 2013-09-30 | 11.04% |
| 2013-06-30 | 12.03% |
| 2013-03-31 | 12.18% |
| 2012-12-31 | 13.55% |
| 2012-09-30 | 12.30% |
| 2012-06-30 | 12.25% |
| 2012-03-31 | 10.72% |
| 2011-12-31 | 11.09% |
| 2011-09-30 | 9.62% |
| 2011-06-30 | 9.04% |
| 2011-03-31 | 9.03% |
| 2010-12-31 | 8.67% |
| 2010-09-30 | 8.29% |
| 2010-06-30 | 8.23% |
| 2010-03-31 | 8.29% |
| 2009-12-31 | 10.36% |
| 2009-09-30 | 9.28% |
| 2009-06-30 | 13.14% |
| 2009-03-31 | 14.60% |
| 2008-12-31 | 15.05% |
| 2008-09-30 | 17.09% |
| 2008-06-30 | 15.98% |
| 2008-03-31 | 15.23% |
| 2007-12-31 | 15.80% |
| 2007-09-30 | 15.40% |
| 2007-06-30 | 16.26% |
| 2007-03-31 | 18.88% |
| 2006-12-31 | 18.35% |
| 2006-09-30 | 27.51% |
| 2006-06-30 | 27.04% |
| 2006-03-31 | 26.14% |
| 2005-12-31 | 25.88% |
| 2005-09-30 | 24.65% |
| 2005-06-30 | 21.68% |
| 2005-03-31 | 17.59% |
| 2004-12-31 | 13.21% |
| 2004-09-30 | 7.28% |
| 2004-06-30 | 5.72% |
| 2004-03-31 | 5.63% |
| 2003-12-31 | 6.21% |
