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 7.33% is in line with its 5-year average of 7.92%, around the middle of its 5-year range (4.96%–10.14%).
As of the fiscal period ended Tuesday, June 30, 2026. 3.63% below its 12-month average of 7.61%.
Trailing-twelve-month return on invested capital at each fiscal quarter end; no daily interpolation. Q2 FY2026 (2026-06-30): 7.33%.
RETURN ON INVESTED CAPITAL (ROIC)
7.33%
RETURN ON INVESTED CAPITAL (ROIC) AVG TTM
7.61%
RETURN ON INVESTED CAPITAL (ROIC) AVG 3Y
7.04%
RETURN ON INVESTED CAPITAL (ROIC) AVG 5Y
7.92%
RETURN ON INVESTED CAPITAL (ROIC) AVG 10Y
8.03%
RETURN ON INVESTED CAPITAL (ROIC) AVG 15Y
7.69%
RETURN ON INVESTED CAPITAL (ROIC) AVG 20Y
7.31%
CURRENT VS TTM AVG
-3.63%
CURRENT VS 3Y AVG
+4.10%
CURRENT VS 5Y AVG
-7.38%
CURRENT VS 10Y AVG
-8.64%
CURRENT VS 15Y AVG
-4.60%
CURRENT VS 20Y AVG
+0.33%
SECTOR MEDIAN · INDUSTRIALS
9.55%
median of 154 covered companies
CURRENT VS SECTOR MEDIAN
-23.25%
vs the sector median at left
Norfolk Southern Corporation
Market Cap
$72.62B
Return on Invested Capital (ROIC)
7.33%
TTM Avg
7.61%
3Y Avg
7.04%
5Y Avg
7.92%
Market Cap
$73.29B
Return on Invested Capital (ROIC)
8.89%
TTM Avg
8.82%
3Y Avg
9.98%
5Y Avg
9.70%
Market Cap
$73.72B
Return on Invested Capital (ROIC)
9.97%
TTM Avg
9.50%
3Y Avg
8.59%
5Y Avg
9.56%
Market Cap
$73.77B
Return on Invested Capital (ROIC)
5.92%
TTM Avg
6.18%
3Y Avg
6.03%
5Y Avg
6.34%
Market Cap
$75.90B
Return on Invested Capital (ROIC)
10.95%
TTM Avg
12.63%
3Y Avg
10.01%
5Y Avg
10.48%
Market Cap
$76.13B
Return on Invested Capital (ROIC)
7.65%
TTM Avg
1.50%
3Y Avg
-6.50%
5Y Avg
-6.96%
Market Cap
$76.30B
Return on Invested Capital (ROIC)
24.71%
TTM Avg
25.90%
3Y Avg
25.08%
5Y Avg
23.03%
Market Cap
$68.02B
Return on Invested Capital (ROIC)
9.07%
TTM Avg
9.07%
3Y Avg
8.40%
5Y Avg
8.01%
Market Cap
$78.10B
Return on Invested Capital (ROIC)
5.02%
TTM Avg
4.89%
3Y Avg
4.83%
5Y Avg
5.73%
| NAME | MARKET CAP | RETURN ON INVESTED CAPITAL (ROIC) | TTM | 3Y | 5Y |
|---|---|---|---|---|---|
| Norfolk Southern Corporation (NSC) | $72.62B | 7.33% | 7.61% | 7.04% | 7.92% |
| Canadian National Railway Company (CNI)vs › | $73.29B | 8.89% | 8.82% | 9.98% | 9.70% |
| Northrop Grumman Corporation (NOC)vs › | $73.72B | 9.97% | 9.50% | 8.59% | 9.56% |
| FedEx Corporation (FDX)vs › | $73.77B | 5.92% | 6.18% | 6.03% | 6.34% |
| Cummins Inc. (CMI)vs › | $75.90B | 10.95% | 12.63% | 10.01% | 10.48% |
| Bloom Energy Corporation (BE)vs › | $76.13B | 7.65% | 1.50% | -6.50% | -6.96% |
| Illinois Tool Works Inc. (ITW)vs › | $76.30B | 24.71% | 25.90% | 25.08% | 23.03% |
| Republic Services, Inc. (RSG)vs › | $68.02B | 9.07% | 9.07% | 8.40% | 8.01% |
| Canadian Pacific Kansas City Ltd. (CP)vs › | $78.10B | 5.02% | 4.89% | 4.83% | 5.73% |
| Cintas Corporation (CTAS)vs › | $79.41B | 23.53% | 23.31% | 21.46% | 19.94% |
ROIC
7.3%
ROE
16.2%
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 | 7.33% |
| 2026-03-31 | 7.31% |
| 2025-12-31 | 7.47% |
| 2025-09-30 | 7.73% |
| 2025-06-30 | 8.21% |
| 2025-03-31 | 8.33% |
| 2024-12-31 | 7.29% |
| 2024-09-30 | 6.84% |
| 2024-06-30 | 6.00% |
| 2024-03-31 | 4.96% |
| 2023-12-31 | 5.67% |
| 2023-09-30 | 6.40% |
| 2023-06-30 | 8.06% |
| 2023-03-31 | 9.45% |
| 2022-12-31 | 10.14% |
| 2022-09-30 | 10.06% |
| 2022-06-30 | 9.37% |
| 2022-03-31 | 9.18% |
| 2021-12-31 | 9.26% |
| 2021-09-30 | 8.92% |
| 2021-06-30 | 8.30% |
| 2021-03-31 | 7.41% |
| 2020-12-31 | 7.41% |
| 2020-09-30 | 7.48% |
| 2020-06-30 | 7.69% |
| 2020-03-31 | 8.77% |
| 2019-12-31 | 8.58% |
| 2019-09-30 | 8.81% |
| 2019-06-30 | 9.07% |
| 2019-03-31 | 9.00% |
| 2018-12-31 | 8.89% |
| 2018-09-30 | 11.28% |
| 2018-06-30 | 11.06% |
| 2018-03-31 | 10.46% |
| 2017-12-31 | 10.45% |
| 2017-09-30 | 6.38% |
| 2017-06-30 | 6.31% |
| 2017-03-31 | 6.11% |
| 2016-12-31 | 5.98% |
| 2016-09-30 | 5.87% |
| 2016-06-30 | 5.83% |
| 2016-03-31 | 6.00% |
| 2015-12-31 | 5.61% |
| 2015-09-30 | 6.21% |
| 2015-06-30 | 6.60% |
| 2015-03-31 | 7.12% |
| 2014-12-31 | 7.23% |
| 2014-09-30 | 7.33% |
| 2014-06-30 | 7.09% |
| 2014-03-31 | 6.79% |
| 2013-12-31 | 6.83% |
| 2013-09-30 | 6.77% |
| 2013-06-30 | 6.62% |
| 2013-03-31 | 6.82% |
| 2012-12-31 | 6.95% |
| 2012-09-30 | 7.26% |
| 2012-06-30 | 7.89% |
| 2012-03-31 | 8.00% |
| 2011-12-31 | 7.82% |
| 2011-09-30 | 7.71% |
| 2011-06-30 | 7.15% |
| 2011-03-31 | 6.69% |
| 2010-12-31 | 6.36% |
| 2010-09-30 | 6.02% |
| 2010-06-30 | 5.68% |
| 2010-03-31 | 5.06% |
| 2009-12-31 | 4.80% |
| 2009-09-30 | 5.47% |
| 2009-06-30 | 6.38% |
| 2009-03-31 | 7.24% |
| 2008-12-31 | 7.80% |
| 2008-09-30 | 7.47% |
| 2008-06-30 | 6.98% |
| 2008-03-31 | 6.89% |
| 2007-12-31 | 6.89% |
| 2007-09-30 | 6.92% |
| 2007-06-30 | 7.06% |
| 2007-03-31 | 6.94% |
| 2006-12-31 | 6.95% |
| 2006-09-30 | 6.94% |
| 2006-06-30 | 6.34% |
| 2006-03-31 | 6.79% |
| 2005-12-31 | 6.59% |
| 2005-09-30 | 6.30% |
| 2005-06-30 | 6.36% |
| 2005-03-31 | 5.26% |
| 2004-12-31 | 5.20% |
| 2004-09-30 | 4.61% |
| 2004-06-30 | 4.71% |
| 2004-03-31 | 4.29% |
| 2003-12-31 | 3.90% |
| 2003-09-30 | 4.07% |
| 2003-06-30 | 4.03% |
