Basis: Latest reported fiscal year. 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 17.57% is 23% below its 5-year average of 22.79%, near the low end of its 5-year range (17.57%–28.91%).
As of the fiscal period ended Wednesday, December 31, 2025. 2.39% below its 12-month average of 18.00%.
Annual fiscal-year return on invested capital; no daily interpolation.
RETURN ON INVESTED CAPITAL (ROIC)
17.57%
RETURN ON INVESTED CAPITAL (ROIC) AVG TTM
18.00%
RETURN ON INVESTED CAPITAL (ROIC) AVG 3Y
20.73%
RETURN ON INVESTED CAPITAL (ROIC) AVG 5Y
22.79%
RETURN ON INVESTED CAPITAL (ROIC) AVG 10Y
19.25%
RETURN ON INVESTED CAPITAL (ROIC) AVG 15Y
19.63%
RETURN ON INVESTED CAPITAL (ROIC) AVG 20Y
18.24%
CURRENT VS TTM AVG
-2.39%
CURRENT VS 3Y AVG
-15.22%
CURRENT VS 5Y AVG
-22.89%
CURRENT VS 10Y AVG
-8.72%
CURRENT VS 15Y AVG
-10.49%
CURRENT VS 20Y AVG
-3.68%
SECTOR MEDIAN · HEALTHCARE
8.53%
median of 79 covered companies
CURRENT VS SECTOR MEDIAN
+105.98%
vs the sector median at left
Waters Corporation
Market Cap
$24.59B
Return on Invested Capital (ROIC)
17.57%
TTM Avg
18.00%
3Y Avg
20.73%
5Y Avg
22.79%
Market Cap
$24.23B
Return on Invested Capital (ROIC)
20.58%
TTM Avg
10.42%
3Y Avg
9.36%
5Y Avg
7.13%
Market Cap
$24.00B
Return on Invested Capital (ROIC)
13.62%
TTM Avg
14.65%
3Y Avg
16.90%
5Y Avg
17.70%
Market Cap
$25.35B
Return on Invested Capital (ROIC)
7.39%
TTM Avg
6.30%
3Y Avg
5.64%
5Y Avg
7.56%
Market Cap
$25.72B
Return on Invested Capital (ROIC)
8.43%
TTM Avg
7.70%
3Y Avg
8.24%
5Y Avg
10.04%
Market Cap
$22.91B
Return on Invested Capital (ROIC)
-3.14%
TTM Avg
-4.79%
3Y Avg
9.55%
5Y Avg
20.42%
Market Cap
$22.26B
Return on Invested Capital (ROIC)
8.47%
TTM Avg
7.82%
3Y Avg
7.13%
5Y Avg
6.49%
Market Cap
$21.98B
Return on Invested Capital (ROIC)
16.13%
TTM Avg
15.79%
3Y Avg
14.56%
5Y Avg
13.09%
Market Cap
$21.75B
Return on Invested Capital (ROIC)
-29.70%
TTM Avg
-31.12%
3Y Avg
-12.69%
5Y Avg
0.19%
| NAME | MARKET CAP | RETURN ON INVESTED CAPITAL (ROIC) | TTM | 3Y | 5Y |
|---|---|---|---|---|---|
| Waters Corporation (WAT) | $24.59B | 17.57% | 18.00% | 20.73% | 22.79% |
| Incyte Corporation (INCY)vs › | $24.23B | 20.58% | 10.42% | 9.36% | 7.13% |
| West Pharmaceutical Services, Inc. (WST)vs › | $24.00B | 13.62% | 14.65% | 16.90% | 17.70% |
| Labcorp Holdings Inc. (LH)vs › | $25.35B | 7.39% | 6.30% | 5.64% | 7.56% |
| Quest Diagnostics Incorporated (DGX)vs › | $25.72B | 8.43% | 7.70% | 8.24% | 10.04% |
| BioNTech SE (BNTX)vs › | $22.91B | -3.14% | -4.79% | 9.55% | 20.42% |
| STERIS plc (STE)vs › | $22.26B | 8.47% | 7.82% | 7.13% | 6.49% |
| United Therapeutics Corporation (UTHR)vs › | $21.98B | 16.13% | 15.79% | 14.56% | 13.09% |
| Moderna, Inc. (MRNA)vs › | $21.75B | -29.70% | -31.12% | -12.69% | 0.19% |
| Alnylam Pharmaceuticals, Inc. (ALNY)vs › | $27.44B | 13.74% | 4.84% | -6.97% | -13.43% |
ROIC
17.6%
ROE
2.9%
ROIC = NOPAT / Invested Capital
Return on invested capital measures the after-tax return a company earns on all capital (debt and equity) invested in the business.
Expanded definitions: Investopedia, Wikipedia, Corporate Finance Institute
| DATE | RETURN ON INVESTED CAPITAL (ROIC) |
|---|---|
| 2025-12-31 | 17.57% |
| 2024-12-31 | 18.43% |
| 2023-12-31 | 18.22% |
| 2022-12-31 | 28.68% |
| 2021-12-31 | 28.91% |
| 2020-12-31 | 24.91% |
| 2019-12-31 | 29.55% |
| 2018-12-31 | 19.64% |
| 2017-12-31 | 0.44% |
| 2016-12-31 | 12.73% |
| 2015-12-31 | 12.66% |
| 2014-12-31 | 12.94% |
| 2013-12-31 | 14.71% |
| 2012-12-31 | 17.31% |
| 2011-12-31 | 18.63% |
| 2010-12-31 | 19.54% |
| 2009-12-31 | 20.06% |
| 2008-12-31 | 24.66% |
| 2007-12-31 | 18.01% |
| 2006-12-31 | 18.68% |
| 2005-12-31 | 18.09% |
| 2004-12-31 | 19.03% |
| 2003-12-31 | 19.17% |
| 2002-12-31 | 21.76% |
| 2001-12-31 | 19.14% |
| 2000-12-31 | 32.73% |
| 1999-12-31 | 32.15% |
| 1998-12-31 | 25.22% |
| 1997-12-31 | -10.70% |
| 1996-12-31 | 15.82% |
