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 18.27% is 43% above its 5-year average of 12.73%, near the high end of its 5-year range (0.71%–18.97%).
As of the fiscal period ended Wednesday, December 31, 2025. 1.88% below its 12-month average of 18.62%.
Annual fiscal-year return on invested capital; no daily interpolation.
RETURN ON INVESTED CAPITAL (ROIC)
18.27%
RETURN ON INVESTED CAPITAL (ROIC) AVG TTM
18.62%
RETURN ON INVESTED CAPITAL (ROIC) AVG 3Y
14.12%
RETURN ON INVESTED CAPITAL (ROIC) AVG 5Y
12.73%
RETURN ON INVESTED CAPITAL (ROIC) AVG 10Y
10.20%
RETURN ON INVESTED CAPITAL (ROIC) AVG 15Y
6.72%
RETURN ON INVESTED CAPITAL (ROIC) AVG 20Y
9.21%
CURRENT VS TTM AVG
-1.88%
CURRENT VS 3Y AVG
+29.39%
CURRENT VS 5Y AVG
+43.46%
CURRENT VS 10Y AVG
+79.07%
CURRENT VS 15Y AVG
+172.00%
CURRENT VS 20Y AVG
+98.39%
SECTOR MEDIAN · HEALTHCARE
8.53%
median of 79 covered companies
CURRENT VS SECTOR MEDIAN
+114.19%
vs the sector median at left
Merck & Co., Inc.
Market Cap
$323.72B
Return on Invested Capital (ROIC)
18.27%
TTM Avg
18.62%
3Y Avg
14.12%
5Y Avg
12.73%
Market Cap
$382.09B
Return on Invested Capital (ROIC)
8.23%
TTM Avg
10.28%
3Y Avg
12.20%
5Y Avg
12.63%
Market Cap
$262.31B
Return on Invested Capital (ROIC)
13.03%
TTM Avg
11.66%
3Y Avg
9.40%
5Y Avg
7.60%
Market Cap
$216.72B
Return on Invested Capital (ROIC)
29.53%
TTM Avg
34.26%
3Y Avg
43.03%
5Y Avg
88.96%
Market Cap
$211.18B
Return on Invested Capital (ROIC)
7.58%
TTM Avg
7.80%
3Y Avg
8.16%
5Y Avg
9.10%
Market Cap
$202.95B
Return on Invested Capital (ROIC)
13.16%
TTM Avg
11.04%
3Y Avg
11.80%
5Y Avg
12.80%
Market Cap
$458.11B
Return on Invested Capital (ROIC)
12.97%
TTM Avg
10.91%
3Y Avg
11.35%
5Y Avg
11.16%
Market Cap
$179.58B
Return on Invested Capital (ROIC)
8.43%
TTM Avg
9.16%
3Y Avg
9.70%
5Y Avg
9.86%
Market Cap
$160.55B
Return on Invested Capital (ROIC)
21.53%
TTM Avg
11.95%
3Y Avg
11.58%
5Y Avg
9.92%
| NAME | MARKET CAP | RETURN ON INVESTED CAPITAL (ROIC) | TTM | 3Y | 5Y |
|---|---|---|---|---|---|
| Merck & Co., Inc. (MRK) | $323.72B | 18.27% | 18.62% | 14.12% | 12.73% |
| UnitedHealth Group Incorporated (UNH)vs › | $382.09B | 8.23% | 10.28% | 12.20% | 12.63% |
| AstraZeneca PLC (AZN)vs › | $262.31B | 13.03% | 11.66% | 9.40% | 7.60% |
| Novo Nordisk A/S (NVO)vs › | $216.72B | 29.53% | 34.26% | 43.03% | 88.96% |
| Thermo Fisher Scientific Inc. (TMO)vs › | $211.18B | 7.58% | 7.80% | 8.16% | 9.10% |
| Amgen Inc. (AMGN)vs › | $202.95B | 13.16% | 11.04% | 11.80% | 12.80% |
| AbbVie Inc. (ABBV)vs › | $458.11B | 12.97% | 10.91% | 11.35% | 11.16% |
| Abbott Laboratories (ABT)vs › | $179.58B | 8.43% | 9.16% | 9.70% | 9.86% |
| Gilead Sciences, Inc. (GILD)vs › | $160.55B | 21.53% | 11.95% | 11.58% | 9.92% |
| Pfizer Inc. (PFE)vs › | $139.86B | 8.84% | 9.06% | 10.60% | 10.43% |
ROIC
18.3%
ROE
19.5%
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 | 18.27% |
| 2024-12-31 | 18.97% |
| 2023-12-31 | 0.71% |
| 2022-12-31 | 18.53% |
| 2021-12-31 | 13.90% |
| 2020-12-31 | 6.03% |
| 2019-12-31 | 9.42% |
| 2018-12-31 | 9.67% |
| 2017-12-31 | 3.49% |
| 2016-12-31 | 5.91% |
| 2015-12-31 | 7.33% |
| 2014-12-31 | 5.60% |
| 2013-12-31 | 6.77% |
| 2012-12-31 | 7.73% |
| 2011-12-31 | 8.61% |
| 2010-12-31 | 2.15% |
| 2009-12-31 | 3.49% |
| 2008-12-31 | 13.82% |
| 2007-12-31 | 14.40% |
| 2006-12-31 | 7.93% |
| 2005-12-31 | 10.66% |
| 2004-12-31 | 14.91% |
| 2003-12-31 | 19.07% |
| 2002-12-31 | 16.47% |
| 2001-12-31 | 18.00% |
| 2000-12-31 | 18.83% |
| 1999-12-31 | 17.45% |
| 1998-12-31 | 15.58% |
| 1997-12-31 | 19.87% |
| 1996-12-31 | 17.40% |
