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 6.46% is 43% above its 5-year average of 4.52%, near the high end of its 5-year range (-9.84%–7.96%).
As of the fiscal period ended Tuesday, June 30, 2026. 5.88% below its 12-month average of 6.86%.
Trailing-twelve-month return on invested capital at each fiscal quarter end; no daily interpolation. Q2 FY2026 (2026-06-30): 6.46%.
RETURN ON INVESTED CAPITAL (ROIC)
6.46%
RETURN ON INVESTED CAPITAL (ROIC) AVG TTM
6.86%
RETURN ON INVESTED CAPITAL (ROIC) AVG 3Y
6.75%
RETURN ON INVESTED CAPITAL (ROIC) AVG 5Y
4.52%
RETURN ON INVESTED CAPITAL (ROIC) AVG 10Y
6.18%
RETURN ON INVESTED CAPITAL (ROIC) AVG 15Y
5.75%
RETURN ON INVESTED CAPITAL (ROIC) AVG 20Y
5.10%
CURRENT VS TTM AVG
-5.88%
CURRENT VS 3Y AVG
-4.39%
CURRENT VS 5Y AVG
+42.79%
CURRENT VS 10Y AVG
+4.40%
CURRENT VS 15Y AVG
+12.17%
CURRENT VS 20Y AVG
+26.49%
SECTOR MEDIAN · INDUSTRIALS
9.55%
median of 154 covered companies
CURRENT VS SECTOR MEDIAN
-32.44%
vs the sector median at left
United Airlines Holdings, Inc.
Market Cap
$35.37B
Return on Invested Capital (ROIC)
6.46%
TTM Avg
6.86%
3Y Avg
6.75%
5Y Avg
4.52%
Market Cap
$36.21B
Return on Invested Capital (ROIC)
-6.11%
TTM Avg
-16.82%
3Y Avg
-18.54%
5Y Avg
-20.84%
Market Cap
$33.07B
Return on Invested Capital (ROIC)
26.94%
TTM Avg
27.00%
3Y Avg
22.23%
5Y Avg
17.65%
Market Cap
$37.83B
Return on Invested Capital (ROIC)
20.81%
TTM Avg
21.74%
3Y Avg
25.01%
5Y Avg
23.46%
Market Cap
$39.51B
Return on Invested Capital (ROIC)
1.09%
TTM Avg
0.27%
3Y Avg
2.42%
5Y Avg
-0.79%
Market Cap
$39.62B
Return on Invested Capital (ROIC)
6.80%
TTM Avg
3.93%
3Y Avg
3.03%
5Y Avg
2.49%
Market Cap
$40.59B
Return on Invested Capital (ROIC)
6.63%
TTM Avg
5.81%
3Y Avg
5.96%
5Y Avg
5.43%
Market Cap
$29.95B
Return on Invested Capital (ROIC)
8.08%
TTM Avg
8.74%
3Y Avg
9.71%
5Y Avg
9.88%
Market Cap
$29.38B
Return on Invested Capital (ROIC)
14.28%
TTM Avg
14.50%
3Y Avg
16.00%
5Y Avg
18.31%
| NAME | MARKET CAP | RETURN ON INVESTED CAPITAL (ROIC) | TTM | 3Y | 5Y |
|---|---|---|---|---|---|
| United Airlines Holdings, Inc. (UAL) | $35.37B | 6.46% | 6.86% | 6.75% | 4.52% |
| Rocket Lab USA, Inc. (RKLB)vs › | $36.21B | -6.11% | -16.82% | -18.54% | -20.84% |
| EMCOR Group, Inc. (EME)vs › | $33.07B | 26.94% | 27.00% | 22.23% | 17.65% |
| Old Dominion Freight Line, Inc. (ODFL)vs › | $37.83B | 20.81% | 21.74% | 25.01% | 23.46% |
| Axon Enterprise, Inc. (AXON)vs › | $39.51B | 1.09% | 0.27% | 2.42% | -0.79% |
| Ferrovial SE (FER)vs › | $39.62B | 6.80% | 3.93% | 3.03% | 2.49% |
| Waste Connections, Inc. (WCN)vs › | $40.59B | 6.63% | 5.81% | 5.96% | 5.43% |
| Sunbelt Rentals Holdings Inc (SUNB)vs › | $29.95B | 8.08% | 8.74% | 9.71% | 9.88% |
| Copart, Inc. (CPRT)vs › | $29.38B | 14.28% | 14.50% | 16.00% | 18.31% |
| Paychex, Inc. (PAYX)vs › | $42.15B | 20.44% | 18.61% | 25.57% | 26.74% |
ROIC
6.5%
ROE
20.9%
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 | 6.46% |
| 2026-03-31 | 7.18% |
| 2025-12-31 | 6.72% |
| 2025-09-30 | 6.89% |
| 2025-06-30 | 7.05% |
| 2025-03-31 | 7.96% |
| 2024-12-31 | 7.10% |
| 2024-09-30 | 6.64% |
| 2024-06-30 | 7.00% |
| 2024-03-31 | 6.58% |
| 2023-12-31 | 6.12% |
| 2023-09-30 | 6.73% |
| 2023-06-30 | 6.55% |
| 2023-03-31 | 5.67% |
| 2022-12-31 | 3.45% |
| 2022-09-30 | 1.09% |
| 2022-06-30 | 0.25% |
| 2022-03-31 | -2.04% |
| 2021-12-31 | -1.93% |
| 2021-09-30 | -5.03% |
| 2021-06-30 | -9.84% |
| 2021-03-31 | -13.73% |
| 2020-12-31 | -13.05% |
| 2020-09-30 | -6.73% |
| 2020-06-30 | -0.64% |
| 2020-03-31 | 4.88% |
| 2019-12-31 | 8.46% |
| 2019-09-30 | 8.46% |
| 2019-06-30 | 8.10% |
| 2019-03-31 | 7.70% |
| 2018-12-31 | 7.24% |
| 2018-09-30 | 8.74% |
| 2018-06-30 | 8.09% |
| 2018-03-31 | 7.97% |
| 2017-12-31 | 8.05% |
| 2017-09-30 | 7.31% |
| 2017-06-30 | 8.61% |
| 2017-03-31 | 8.01% |
| 2016-12-31 | 8.96% |
| 2016-09-30 | 11.02% |
| 2016-06-30 | 16.89% |
| 2016-03-31 | 17.94% |
| 2015-12-31 | 17.41% |
| 2015-09-30 | 15.86% |
| 2015-06-30 | 15.04% |
| 2015-03-31 | 12.91% |
| 2014-12-31 | 9.34% |
| 2014-09-30 | 7.49% |
| 2014-06-30 | 4.95% |
| 2014-03-31 | 4.61% |
| 2013-12-31 | 4.79% |
| 2013-09-30 | 2.14% |
| 2013-06-30 | 0.95% |
| 2013-03-31 | 0.18% |
| 2012-12-31 | 0.15% |
| 2012-09-30 | 2.07% |
| 2012-06-30 | 4.79% |
| 2012-03-31 | 5.64% |
| 2011-12-31 | 6.52% |
| 2011-09-30 | 5.94% |
| 2011-06-30 | 4.62% |
| 2011-03-31 | 3.29% |
| 2010-12-31 | 3.39% |
| 2010-09-30 | 6.90% |
| 2010-06-30 | 4.09% |
| 2010-03-31 | 1.52% |
| 2009-12-31 | -1.26% |
| 2009-09-30 | -7.27% |
| 2009-06-30 | -11.78% |
| 2009-03-31 | -33.66% |
| 2008-12-31 | -34.24% |
| 2008-09-30 | -26.50% |
| 2008-06-30 | -19.08% |
| 2008-03-31 | 2.33% |
| 2007-12-31 | 3.53% |
| 2007-10-08 | 5.75% |
| 2007-06-30 | 4.15% |
| 2007-03-31 | 2.71% |
| 2006-12-31 | 2.07% |
| 2006-09-30 | 1.24% |
| 2006-06-30 | 0.38% |
| 2006-03-31 | -0.76% |
| 2005-12-31 | -1.55% |
| 2005-09-30 | -4.00% |
| 2005-06-30 | -5.68% |
| 2005-03-31 | -6.09% |
| 2004-12-31 | -5.65% |
| 2004-09-30 | -2.64% |
| 2004-06-30 | -2.02% |
| 2004-03-31 | -4.68% |
| 2003-12-31 | -8.22% |
| 2003-09-30 | -12.29% |
| 2003-06-30 | -15.57% |
