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 15.47% is 42% above its 5-year average of 10.92%, near the high end of its 5-year range (6.20%–15.47%).
As of the fiscal period ended Tuesday, June 30, 2026. 7.33% above its 12-month average of 14.41%.
Trailing-twelve-month return on invested capital at each fiscal quarter end; no daily interpolation.
RETURN ON INVESTED CAPITAL (ROIC)
15.47%
RETURN ON INVESTED CAPITAL (ROIC) AVG TTM
14.41%
RETURN ON INVESTED CAPITAL (ROIC) AVG 3Y
12.43%
RETURN ON INVESTED CAPITAL (ROIC) AVG 5Y
10.92%
RETURN ON INVESTED CAPITAL (ROIC) AVG 10Y
10.49%
RETURN ON INVESTED CAPITAL (ROIC) AVG 15Y
10.67%
RETURN ON INVESTED CAPITAL (ROIC) AVG 20Y
11.48%
CURRENT VS TTM AVG
+7.33%
CURRENT VS 3Y AVG
+24.47%
CURRENT VS 5Y AVG
+41.71%
CURRENT VS 10Y AVG
+47.49%
CURRENT VS 15Y AVG
+45.02%
CURRENT VS 20Y AVG
+34.70%
SECTOR MEDIAN · HEALTHCARE
8.75%
median of 90 covered companies
CURRENT VS SECTOR MEDIAN
+76.88%
vs the sector median at left
Bristol-Myers Squibb Company
Market Cap
$132.14B
Return on Invested Capital (ROIC)
15.47%
TTM Avg
14.41%
3Y Avg
12.43%
5Y Avg
10.92%
Market Cap
$134.24B
Return on Invested Capital (ROIC)
17.33%
TTM Avg
8.72%
3Y Avg
13.98%
5Y Avg
17.04%
Market Cap
$123.70B
Return on Invested Capital (ROIC)
15.11%
TTM Avg
12.85%
3Y Avg
12.25%
5Y Avg
11.92%
Market Cap
$122.58B
Return on Invested Capital (ROIC)
4.14%
TTM Avg
4.18%
3Y Avg
4.49%
5Y Avg
4.97%
Market Cap
$144.25B
Return on Invested Capital (ROIC)
5.03%
TTM Avg
5.92%
3Y Avg
6.55%
5Y Avg
6.70%
Market Cap
$118.26B
Return on Invested Capital (ROIC)
6.13%
TTM Avg
6.11%
3Y Avg
5.46%
5Y Avg
5.53%
Market Cap
$105.97B
Return on Invested Capital (ROIC)
9.82%
TTM Avg
10.14%
3Y Avg
10.34%
5Y Avg
10.08%
Market Cap
$158.39B
Return on Invested Capital (ROIC)
9.33%
TTM Avg
9.06%
3Y Avg
10.61%
5Y Avg
10.43%
Market Cap
$104.10B
Return on Invested Capital (ROIC)
28.34%
TTM Avg
27.87%
3Y Avg
25.19%
5Y Avg
21.44%
| NAME | MARKET CAP | RETURN ON INVESTED CAPITAL (ROIC) | TTM | 3Y | 5Y |
|---|---|---|---|---|---|
| Bristol-Myers Squibb Company (BMY) | $132.14B | 15.47% | 14.41% | 12.43% | 10.92% |
| Vertex Pharmaceuticals Incorporated (VRTX)vs › | $134.24B | 17.33% | 8.72% | 13.98% | 17.04% |
| Intuitive Surgical, Inc. (ISRG)vs › | $123.70B | 15.11% | 12.85% | 12.25% | 11.92% |
| CVS Health Corp. (CVS)vs › | $122.58B | 4.14% | 4.18% | 4.49% | 4.97% |
| Danaher Corporation (DHR)vs › | $144.25B | 5.03% | 5.92% | 6.55% | 6.70% |
| Medtronic plc (MDT)vs › | $118.26B | 6.13% | 6.11% | 5.46% | 5.53% |
| Stryker Corporation (SYK)vs › | $105.97B | 9.82% | 10.14% | 10.34% | 10.08% |
| Pfizer Inc. (PFE)vs › | $158.39B | 9.33% | 9.06% | 10.61% | 10.43% |
| McKesson Corporation (MCK)vs › | $104.10B | 28.34% | 27.87% | 25.19% | 21.44% |
| Sanofi (SNY)vs › | $103.62B | 5.42% | 6.63% | 6.62% | 7.56% |
ROIC
15.5%
ROE
41.6%
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 | 15.47% |
| 2026-03-31 | 14.79% |
| 2025-12-31 | 15.07% |
| 2025-09-30 | 13.81% |
| 2025-06-30 | 12.92% |
| 2025-03-31 | 13.49% |
| 2024-12-31 | 12.61% |
| 2024-09-30 | 11.59% |
| 2024-06-30 | 10.91% |
| 2024-03-31 | 9.49% |
| 2023-12-31 | 10.59% |
| 2023-09-30 | 10.79% |
| 2023-06-30 | 10.02% |
| 2023-03-31 | 9.71% |
| 2022-12-31 | 9.71% |
| 2022-09-30 | 10.52% |
| 2022-06-30 | 9.61% |
| 2022-03-31 | 8.11% |
| 2021-12-31 | 7.24% |
| 2021-09-30 | 6.58% |
| 2021-06-30 | 6.20% |
| 2021-03-31 | 5.40% |
| 2020-12-31 | 3.90% |
| 2020-09-30 | 1.99% |
| 2020-06-30 | 2.20% |
| 2020-03-31 | 2.63% |
| 2019-12-31 | 3.81% |
| 2019-09-30 | 13.01% |
| 2019-06-30 | 12.88% |
| 2019-03-31 | 17.82% |
| 2018-12-31 | 16.62% |
| 2018-09-30 | 9.98% |
| 2018-06-30 | 9.09% |
| 2018-03-31 | 10.81% |
| 2017-12-31 | 11.47% |
| 2017-09-30 | 15.16% |
| 2017-06-30 | 16.41% |
| 2017-03-31 | 15.40% |
| 2016-12-31 | 13.50% |
| 2016-09-30 | 10.39% |
| 2016-06-30 | 8.31% |
| 2016-03-31 | 5.06% |
| 2015-12-31 | 5.69% |
| 2015-09-30 | 5.60% |
| 2015-06-30 | 5.82% |
| 2015-03-31 | 6.53% |
| 2014-12-31 | 5.64% |
| 2014-09-30 | 8.28% |
| 2014-06-30 | 8.82% |
| 2014-03-31 | 10.31% |
| 2013-12-31 | 9.87% |
| 2013-09-30 | 8.87% |
| 2013-06-30 | 8.24% |
| 2013-03-31 | 9.48% |
| 2012-12-31 | 13.81% |
| 2012-09-30 | 14.31% |
| 2012-06-30 | 18.55% |
| 2012-03-31 | 20.21% |
| 2011-12-31 | 19.79% |
| 2011-09-30 | 17.86% |
| 2011-06-30 | 17.94% |
| 2011-03-31 | 17.94% |
| 2010-12-31 | 17.32% |
| 2010-09-30 | 17.53% |
| 2010-06-30 | 17.15% |
| 2010-03-31 | 16.89% |
| 2009-12-31 | 15.41% |
| 2009-09-30 | 14.97% |
| 2009-06-30 | 14.53% |
| 2009-03-31 | 14.28% |
| 2008-12-31 | 14.57% |
| 2008-09-30 | 13.99% |
| 2008-06-30 | 13.35% |
| 2008-03-31 | 12.75% |
| 2007-12-31 | 12.63% |
| 2007-09-30 | 11.77% |
| 2007-06-30 | 9.61% |
| 2007-03-31 | 10.53% |
| 2006-12-31 | 10.45% |
| 2006-09-30 | 11.14% |
| 2006-06-30 | 12.68% |
| 2006-03-31 | 14.09% |
| 2005-12-31 | 14.60% |
| 2005-09-30 | 14.44% |
| 2005-06-30 | 16.02% |
| 2005-03-31 | 13.31% |
| 2004-12-31 | 12.99% |
| 2004-09-30 | 15.41% |
| 2004-06-30 | 16.79% |
| 2004-03-31 | 17.03% |
| 2003-12-31 | 18.14% |
| 2003-09-30 | 17.40% |
| 2003-06-30 | 18.98% |
