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 20.44% is 27% below its 5-year average of 28.15%, near the low end of its 5-year range (16.77%–33.24%).
As of the fiscal period ended Sunday, May 31, 2026. 14.71% above its 12-month average of 17.82%.
Trailing-twelve-month return on invested capital at each fiscal quarter end; no daily interpolation.
RETURN ON INVESTED CAPITAL (ROIC)
20.44%
RETURN ON INVESTED CAPITAL (ROIC) AVG TTM
17.82%
RETURN ON INVESTED CAPITAL (ROIC) AVG 3Y
26.79%
RETURN ON INVESTED CAPITAL (ROIC) AVG 5Y
28.15%
RETURN ON INVESTED CAPITAL (ROIC) AVG 10Y
30.24%
RETURN ON INVESTED CAPITAL (ROIC) AVG 15Y
31.72%
RETURN ON INVESTED CAPITAL (ROIC) AVG 20Y
32.15%
CURRENT VS TTM AVG
+14.71%
CURRENT VS 3Y AVG
-23.70%
CURRENT VS 5Y AVG
-27.39%
CURRENT VS 10Y AVG
-32.41%
CURRENT VS 15Y AVG
-35.57%
CURRENT VS 20Y AVG
-36.43%
SECTOR MEDIAN · INDUSTRIALS
9.55%
median of 154 covered companies
CURRENT VS SECTOR MEDIAN
+113.89%
vs the sector median at left
Paychex, Inc.
Market Cap
$41.11B
Return on Invested Capital (ROIC)
20.44%
TTM Avg
17.82%
3Y Avg
26.79%
5Y Avg
28.15%
Market Cap
$41.08B
Return on Invested Capital (ROIC)
6.80%
TTM Avg
3.93%
3Y Avg
3.03%
5Y Avg
2.49%
Market Cap
$40.49B
Return on Invested Capital (ROIC)
6.63%
TTM Avg
5.81%
3Y Avg
5.96%
5Y Avg
5.43%
Market Cap
$42.41B
Return on Invested Capital (ROIC)
11.04%
TTM Avg
11.66%
3Y Avg
11.11%
5Y Avg
10.22%
Market Cap
$39.63B
Return on Invested Capital (ROIC)
1.09%
TTM Avg
0.27%
3Y Avg
2.42%
5Y Avg
-0.79%
Market Cap
$43.32B
Return on Invested Capital (ROIC)
16.51%
TTM Avg
10.88%
3Y Avg
14.29%
5Y Avg
16.21%
Market Cap
$43.88B
Return on Invested Capital (ROIC)
11.37%
TTM Avg
10.50%
3Y Avg
9.87%
5Y Avg
10.08%
Market Cap
$38.20B
Return on Invested Capital (ROIC)
20.81%
TTM Avg
21.74%
3Y Avg
25.01%
5Y Avg
23.46%
Market Cap
$36.94B
Return on Invested Capital (ROIC)
-6.11%
TTM Avg
-16.82%
3Y Avg
-18.54%
5Y Avg
-20.84%
| NAME | MARKET CAP | RETURN ON INVESTED CAPITAL (ROIC) | TTM | 3Y | 5Y |
|---|---|---|---|---|---|
| Paychex, Inc. (PAYX) | $41.11B | 20.44% | 17.82% | 26.79% | 28.15% |
| Ferrovial SE (FER)vs › | $41.08B | 6.80% | 3.93% | 3.03% | 2.49% |
| Waste Connections, Inc. (WCN)vs › | $40.49B | 6.63% | 5.81% | 5.96% | 5.43% |
| Thomson Reuters Corporation (TRI)vs › | $42.41B | 11.04% | 11.66% | 11.11% | 10.22% |
| Axon Enterprise, Inc. (AXON)vs › | $39.63B | 1.09% | 0.27% | 2.42% | -0.79% |
| Ferguson plc (FERG)vs › | $43.32B | 16.51% | 10.88% | 14.29% | 16.21% |
| HEICO Corporation (HEI)vs › | $43.88B | 11.37% | 10.50% | 9.87% | 10.08% |
| Old Dominion Freight Line, Inc. (ODFL)vs › | $38.20B | 20.81% | 21.74% | 25.01% | 23.46% |
| Rocket Lab USA, Inc. (RKLB)vs › | $36.94B | -6.11% | -16.82% | -18.54% | -20.84% |
| HEICO Corporation (HEI-A)vs › | $45.27B | 11.37% | 10.50% | 9.87% | 10.08% |
ROIC
20.4%
ROE
47.1%
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) |
|---|---|
| 2026-05-31 | 20.44% |
| 2026-02-28 | 17.77% |
| 2025-11-30 | 17.23% |
| 2025-08-31 | 16.88% |
| 2025-05-31 | 16.77% |
| 2025-02-28 | 31.71% |
| 2024-11-30 | 32.27% |
| 2024-08-31 | 32.28% |
| 2024-05-31 | 32.54% |
| 2024-02-29 | 32.28% |
| 2023-11-30 | 33.24% |
| 2023-08-31 | 32.31% |
| 2023-05-31 | 32.54% |
| 2023-02-28 | 32.30% |
| 2022-11-30 | 33.05% |
| 2022-08-31 | 32.79% |
| 2022-05-31 | 32.11% |
| 2022-02-28 | 29.82% |
| 2021-11-30 | 28.85% |
| 2021-08-31 | 27.92% |
| 2021-05-31 | 26.02% |
| 2021-02-28 | 24.91% |
| 2020-11-30 | 25.45% |
| 2020-08-31 | 25.87% |
| 2020-05-31 | 27.03% |
| 2020-02-29 | 27.19% |
| 2019-11-30 | 27.77% |
| 2019-08-31 | 27.46% |
| 2019-05-31 | 27.02% |
| 2019-02-28 | 26.64% |
| 2018-11-30 | 34.91% |
| 2018-08-31 | 34.80% |
| 2018-05-31 | 42.80% |
| 2018-02-28 | 39.31% |
| 2017-11-30 | 36.19% |
| 2017-08-31 | 37.10% |
| 2017-05-31 | 38.60% |
| 2017-02-28 | 38.14% |
| 2016-11-30 | 37.01% |
| 2016-08-31 | 34.10% |
| 2016-05-31 | 36.33% |
| 2016-02-29 | 36.26% |
| 2015-11-30 | 36.10% |
| 2015-08-31 | 36.59% |
| 2015-05-31 | 35.13% |
| 2015-02-28 | 32.86% |
| 2014-11-30 | 32.41% |
| 2014-08-31 | 32.56% |
| 2014-05-31 | 32.32% |
| 2014-02-28 | 31.17% |
| 2013-11-30 | 30.85% |
| 2013-08-31 | 30.57% |
| 2013-05-31 | 29.80% |
| 2013-02-28 | 32.23% |
| 2012-11-30 | 30.24% |
| 2012-08-31 | 30.59% |
| 2012-05-31 | 31.37% |
| 2012-02-29 | 31.34% |
| 2011-11-30 | 31.77% |
| 2011-08-31 | 31.94% |
| 2011-05-31 | 31.86% |
| 2011-02-28 | 32.32% |
| 2010-11-30 | 31.87% |
| 2010-08-31 | 31.74% |
| 2010-05-31 | 31.94% |
| 2010-02-28 | 32.03% |
| 2009-11-30 | 33.43% |
| 2009-08-31 | 34.90% |
| 2009-05-31 | 37.11% |
| 2009-02-28 | 38.95% |
| 2008-11-30 | 41.10% |
| 2008-08-31 | 42.40% |
| 2008-05-31 | 43.87% |
| 2008-02-29 | 43.93% |
| 2007-11-30 | 39.33% |
| 2007-08-31 | 29.24% |
| 2007-05-31 | 24.22% |
| 2007-02-28 | 25.03% |
| 2006-11-30 | 25.54% |
| 2006-08-31 | 25.81% |
| 2006-05-31 | 26.17% |
| 2006-02-28 | 26.19% |
| 2005-11-30 | 25.97% |
| 2005-08-31 | 25.52% |
| 2005-05-31 | 25.08% |
| 2005-02-28 | 23.35% |
| 2004-11-30 | 23.21% |
| 2004-08-31 | 8.04% |
| 2004-05-31 | 23.76% |
| 2004-02-29 | 24.54% |
| 2003-11-30 | 24.56% |
| 2003-08-31 | 24.66% |
| 2003-05-31 | 24.72% |
