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 20.81% is 17% below its 5-year average of 24.99%, near the low end of its 5-year range (19.81%–31.81%).
As of the fiscal period ended Tuesday, June 30, 2026. 0.71% above its 12-month average of 20.66%.
Trailing-twelve-month return on invested capital at each fiscal quarter end; no daily interpolation.
RETURN ON INVESTED CAPITAL (ROIC)
20.81%
RETURN ON INVESTED CAPITAL (ROIC) AVG TTM
20.66%
RETURN ON INVESTED CAPITAL (ROIC) AVG 3Y
23.44%
RETURN ON INVESTED CAPITAL (ROIC) AVG 5Y
24.99%
RETURN ON INVESTED CAPITAL (ROIC) AVG 10Y
20.80%
RETURN ON INVESTED CAPITAL (ROIC) AVG 15Y
18.03%
RETURN ON INVESTED CAPITAL (ROIC) AVG 20Y
15.52%
CURRENT VS TTM AVG
+0.71%
CURRENT VS 3Y AVG
-11.23%
CURRENT VS 5Y AVG
-16.72%
CURRENT VS 10Y AVG
+0.06%
CURRENT VS 15Y AVG
+15.44%
CURRENT VS 20Y AVG
+34.10%
SECTOR MEDIAN · INDUSTRIALS
9.55%
median of 154 covered companies
CURRENT VS SECTOR MEDIAN
+117.79%
vs the sector median at left
Old Dominion Freight Line, Inc.
Market Cap
$38.89B
Return on Invested Capital (ROIC)
20.81%
TTM Avg
20.66%
3Y Avg
23.44%
5Y Avg
24.99%
Market Cap
$38.13B
Return on Invested Capital (ROIC)
-6.11%
TTM Avg
-16.82%
3Y Avg
-18.54%
5Y Avg
-20.84%
Market Cap
$40.74B
Return on Invested Capital (ROIC)
1.09%
TTM Avg
0.27%
3Y Avg
2.42%
5Y Avg
-0.79%
Market Cap
$41.12B
Return on Invested Capital (ROIC)
6.63%
TTM Avg
5.81%
3Y Avg
5.96%
5Y Avg
5.43%
Market Cap
$41.59B
Return on Invested Capital (ROIC)
20.44%
TTM Avg
18.61%
3Y Avg
25.57%
5Y Avg
26.74%
Market Cap
$42.06B
Return on Invested Capital (ROIC)
6.80%
TTM Avg
3.93%
3Y Avg
3.03%
5Y Avg
2.49%
Market Cap
$35.13B
Return on Invested Capital (ROIC)
6.46%
TTM Avg
6.91%
3Y Avg
5.85%
5Y Avg
1.40%
Market Cap
$43.13B
Return on Invested Capital (ROIC)
11.04%
TTM Avg
11.66%
3Y Avg
11.11%
5Y Avg
10.22%
Market Cap
$34.10B
Return on Invested Capital (ROIC)
26.94%
TTM Avg
27.00%
3Y Avg
22.23%
5Y Avg
17.65%
| NAME | MARKET CAP | RETURN ON INVESTED CAPITAL (ROIC) | TTM | 3Y | 5Y |
|---|---|---|---|---|---|
| Old Dominion Freight Line, Inc. (ODFL) | $38.89B | 20.81% | 20.66% | 23.44% | 24.99% |
| Rocket Lab USA, Inc. (RKLB)vs › | $38.13B | -6.11% | -16.82% | -18.54% | -20.84% |
| Axon Enterprise, Inc. (AXON)vs › | $40.74B | 1.09% | 0.27% | 2.42% | -0.79% |
| Waste Connections, Inc. (WCN)vs › | $41.12B | 6.63% | 5.81% | 5.96% | 5.43% |
| Paychex, Inc. (PAYX)vs › | $41.59B | 20.44% | 18.61% | 25.57% | 26.74% |
| Ferrovial SE (FER)vs › | $42.06B | 6.80% | 3.93% | 3.03% | 2.49% |
| United Airlines Holdings, Inc. (UAL)vs › | $35.13B | 6.46% | 6.91% | 5.85% | 1.40% |
| Thomson Reuters Corporation (TRI)vs › | $43.13B | 11.04% | 11.66% | 11.11% | 10.22% |
| EMCOR Group, Inc. (EME)vs › | $34.10B | 26.94% | 27.00% | 22.23% | 17.65% |
| Ferguson plc (FERG)vs › | $43.89B | 16.51% | 10.88% | 14.29% | 16.21% |
ROIC
20.8%
ROE
23.9%
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 | 20.81% |
| 2026-03-31 | 19.81% |
| 2025-12-31 | 19.91% |
| 2025-09-30 | 21.20% |
| 2025-06-30 | 21.59% |
| 2025-03-31 | 23.06% |
| 2024-12-31 | 23.65% |
| 2024-09-30 | 25.20% |
| 2024-06-30 | 26.27% |
| 2024-03-31 | 24.16% |
| 2023-12-31 | 24.74% |
| 2023-09-30 | 25.96% |
| 2023-06-30 | 28.39% |
| 2023-03-31 | 30.87% |
| 2022-12-31 | 31.80% |
| 2022-09-30 | 31.81% |
| 2022-06-30 | 29.69% |
| 2022-03-31 | 27.44% |
| 2021-12-31 | 23.79% |
| 2021-09-30 | 23.24% |
| 2021-06-30 | 21.33% |
| 2021-03-31 | 19.32% |
| 2020-12-31 | 16.94% |
| 2020-09-30 | 16.26% |
| 2020-06-30 | 16.23% |
| 2020-03-31 | 17.31% |
| 2019-12-31 | 16.85% |
| 2019-09-30 | 18.00% |
| 2019-06-30 | 18.93% |
| 2019-03-31 | 18.77% |
| 2018-12-31 | 19.03% |
| 2018-09-30 | 20.57% |
| 2018-06-30 | 19.36% |
| 2018-03-31 | 18.15% |
| 2017-12-31 | 16.76% |
| 2017-09-30 | 12.70% |
| 2017-06-30 | 12.61% |
| 2017-03-31 | 12.38% |
| 2016-12-31 | 12.45% |
| 2016-09-30 | 12.56% |
| 2016-06-30 | 12.80% |
| 2016-03-31 | 13.87% |
| 2015-12-31 | 14.03% |
| 2015-09-30 | 13.97% |
| 2015-06-30 | 14.26% |
| 2015-03-31 | 14.12% |
| 2014-12-31 | 13.54% |
| 2014-09-30 | 12.91% |
| 2014-06-30 | 12.49% |
| 2014-03-31 | 12.27% |
| 2013-12-31 | 12.23% |
| 2013-09-30 | 12.13% |
| 2013-06-30 | 12.11% |
| 2013-03-31 | 12.05% |
| 2012-12-31 | 11.60% |
| 2012-09-30 | 11.68% |
| 2012-06-30 | 11.58% |
| 2012-03-31 | 11.61% |
| 2011-12-31 | 11.01% |
| 2011-09-30 | 10.11% |
| 2011-06-30 | 9.29% |
| 2011-03-31 | 8.12% |
| 2010-12-31 | 7.57% |
| 2010-09-30 | 6.71% |
| 2010-06-30 | 5.45% |
| 2010-03-31 | 4.41% |
| 2009-12-31 | 4.10% |
| 2009-09-30 | 4.29% |
| 2009-06-30 | 5.77% |
| 2009-03-31 | 7.43% |
| 2008-12-31 | 8.33% |
| 2008-09-30 | 8.97% |
| 2008-06-30 | 8.74% |
| 2008-03-31 | 8.85% |
| 2007-12-31 | 9.31% |
| 2007-09-30 | 9.65% |
| 2007-06-30 | 10.01% |
| 2007-03-31 | 10.18% |
| 2006-12-31 | 10.13% |
| 2006-09-30 | 9.87% |
| 2006-06-30 | 9.46% |
| 2006-03-31 | 10.55% |
| 2005-12-31 | 10.62% |
| 2005-09-30 | 10.07% |
| 2005-06-30 | 9.79% |
| 2005-03-31 | 9.96% |
| 2004-12-31 | 9.74% |
| 2004-09-30 | 9.38% |
| 2004-06-30 | 8.93% |
| 2004-03-31 | 8.61% |
| 2003-12-31 | 8.24% |
| 2003-09-30 | 7.83% |
| 2003-06-30 | 7.38% |
