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 21.63% is in line with its 5-year average of 20.10%, near the high end of its 5-year range (17.19%–22.54%).
As of the fiscal period ended Tuesday, June 30, 2026. 0.20% below its 12-month average of 21.67%.
Trailing-twelve-month return on invested capital at each fiscal quarter end; no daily interpolation. Q2 FY2026 (2026-06-30): 21.63%.
RETURN ON INVESTED CAPITAL (ROIC)
21.63%
RETURN ON INVESTED CAPITAL (ROIC) AVG TTM
21.67%
RETURN ON INVESTED CAPITAL (ROIC) AVG 3Y
21.06%
RETURN ON INVESTED CAPITAL (ROIC) AVG 5Y
20.10%
RETURN ON INVESTED CAPITAL (ROIC) AVG 10Y
17.61%
RETURN ON INVESTED CAPITAL (ROIC) AVG 15Y
15.60%
RETURN ON INVESTED CAPITAL (ROIC) AVG 20Y
N/A
CURRENT VS TTM AVG
-0.20%
CURRENT VS 3Y AVG
+2.70%
CURRENT VS 5Y AVG
+7.62%
CURRENT VS 10Y AVG
+22.81%
CURRENT VS 15Y AVG
+38.61%
CURRENT VS 20Y AVG
N/A
SECTOR MEDIAN · HEALTHCARE
8.75%
median of 90 covered companies
CURRENT VS SECTOR MEDIAN
+147.32%
vs the sector median at left
Zoetis Inc.
Market Cap
$30.61B
Return on Invested Capital (ROIC)
21.63%
TTM Avg
21.67%
3Y Avg
21.06%
5Y Avg
20.10%
Market Cap
$31.31B
Return on Invested Capital (ROIC)
1.34%
TTM Avg
18.13%
3Y Avg
20.89%
5Y Avg
23.01%
Market Cap
$31.92B
Return on Invested Capital (ROIC)
4.28%
TTM Avg
7.71%
3Y Avg
8.64%
5Y Avg
10.90%
Market Cap
$32.03B
Return on Invested Capital (ROIC)
24.71%
TTM Avg
4.06%
3Y Avg
-7.50%
5Y Avg
-13.90%
Market Cap
$32.33B
Return on Invested Capital (ROIC)
3.25%
TTM Avg
4.01%
3Y Avg
3.42%
5Y Avg
2.30%
Market Cap
$28.68B
Return on Invested Capital (ROIC)
6.94%
TTM Avg
7.96%
3Y Avg
8.07%
5Y Avg
9.18%
Market Cap
$32.62B
Return on Invested Capital (ROIC)
-12.90%
TTM Avg
-4.21%
3Y Avg
-0.54%
5Y Avg
0.75%
Market Cap
$32.96B
Return on Invested Capital (ROIC)
21.71%
TTM Avg
13.47%
3Y Avg
11.13%
5Y Avg
9.67%
Market Cap
$33.11B
Return on Invested Capital (ROIC)
19.18%
TTM Avg
19.41%
3Y Avg
18.01%
5Y Avg
17.23%
| NAME | MARKET CAP | RETURN ON INVESTED CAPITAL (ROIC) | TTM | 3Y | 5Y |
|---|---|---|---|---|---|
| Zoetis Inc. (ZTS) | $30.61B | 21.63% | 21.67% | 21.06% | 20.10% |
| Waters Corporation (WAT)vs › | $31.31B | 1.34% | 18.13% | 20.89% | 23.01% |
| Biogen Inc. (BIIB)vs › | $31.92B | 4.28% | 7.71% | 8.64% | 10.90% |
| Alnylam Pharmaceuticals, Inc. (ALNY)vs › | $32.03B | 24.71% | 4.06% | -7.50% | -13.90% |
| Alcon Inc. (ALC)vs › | $32.33B | 3.25% | 4.01% | 3.42% | 2.30% |
| GE HealthCare Technologies Inc. (GEHC)vs › | $28.68B | 6.94% | 7.96% | 8.07% | 9.18% |
| Centene Corp. (CNC)vs › | $32.62B | -12.90% | -4.21% | -0.54% | 0.75% |
| DexCom, Inc. (DXCM)vs › | $32.96B | 21.71% | 13.47% | 11.13% | 9.67% |
| ResMed Inc. (RMD)vs › | $33.11B | 19.18% | 19.41% | 18.01% | 17.23% |
| Medline Inc. (MDLN)vs › | $27.90B | 4.05% | 6.03% | 5.27% | 5.27% |
ROIC
21.6%
ROE
83.1%
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 | 21.63% |
| 2026-03-31 | 21.79% |
| 2025-12-31 | 21.54% |
| 2025-09-30 | 21.08% |
| 2025-06-30 | 22.32% |
| 2025-03-31 | 22.54% |
| 2024-12-31 | 22.20% |
| 2024-09-30 | 21.06% |
| 2024-06-30 | 21.03% |
| 2024-03-31 | 20.16% |
| 2023-12-31 | 19.73% |
| 2023-09-30 | 19.30% |
| 2023-06-30 | 19.39% |
| 2023-03-31 | 19.07% |
| 2022-12-31 | 17.75% |
| 2022-09-30 | 18.74% |
| 2022-06-30 | 19.17% |
| 2022-03-31 | 19.08% |
| 2021-12-31 | 18.93% |
| 2021-09-30 | 18.32% |
| 2021-06-30 | 17.19% |
| 2021-03-31 | 16.32% |
| 2020-12-31 | 15.44% |
| 2020-09-30 | 14.99% |
| 2020-06-30 | 15.24% |
| 2020-03-31 | 17.36% |
| 2019-12-31 | 16.42% |
| 2019-09-30 | 15.68% |
| 2019-06-30 | 15.92% |
| 2019-03-31 | 16.05% |
| 2018-12-31 | 16.83% |
| 2018-09-30 | 14.28% |
| 2018-06-30 | 16.41% |
| 2018-03-31 | 14.33% |
| 2017-12-31 | 13.01% |
| 2017-10-01 | 13.08% |
| 2017-07-02 | 14.85% |
| 2017-04-02 | 14.77% |
| 2016-12-31 | 14.30% |
| 2016-10-02 | 12.59% |
| 2016-07-03 | 12.17% |
| 2016-04-03 | 10.75% |
| 2015-12-31 | 10.18% |
| 2015-09-27 | 13.44% |
| 2015-06-28 | 12.99% |
| 2015-03-29 | 12.86% |
| 2014-12-31 | 12.59% |
| 2014-09-28 | 12.50% |
| 2014-06-29 | 11.88% |
| 2014-03-30 | 11.53% |
| 2013-12-31 | 11.59% |
| 2013-09-29 | 9.57% |
| 2013-06-30 | 9.95% |
| 2013-03-31 | 11.20% |
| 2012-12-31 | 9.78% |
| 2012-09-30 | 10.88% |
| 2012-06-30 | 10.35% |
| 2012-03-31 | 8.33% |
| 2011-12-31 | 8.17% |
