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 1.34% is 94% below its 5-year average of 21.62%, near the low end of its 5-year range (1.34%–31.25%).
As of the fiscal period ended Saturday, July 4, 2026. 85.76% below its 12-month average of 9.40%.
Trailing-twelve-month return on invested capital at each fiscal quarter end; no daily interpolation.
RETURN ON INVESTED CAPITAL (ROIC)
1.34%
RETURN ON INVESTED CAPITAL (ROIC) AVG TTM
9.40%
RETURN ON INVESTED CAPITAL (ROIC) AVG 3Y
18.17%
RETURN ON INVESTED CAPITAL (ROIC) AVG 5Y
21.62%
RETURN ON INVESTED CAPITAL (ROIC) AVG 10Y
20.00%
RETURN ON INVESTED CAPITAL (ROIC) AVG 15Y
18.36%
RETURN ON INVESTED CAPITAL (ROIC) AVG 20Y
19.00%
CURRENT VS TTM AVG
-85.76%
CURRENT VS 3Y AVG
-92.63%
CURRENT VS 5Y AVG
-93.81%
CURRENT VS 10Y AVG
-93.31%
CURRENT VS 15Y AVG
-92.71%
CURRENT VS 20Y AVG
-92.95%
SECTOR MEDIAN · HEALTHCARE
8.75%
median of 90 covered companies
CURRENT VS SECTOR MEDIAN
-84.69%
vs the sector median at left
Waters Corporation
Market Cap
$30.13B
Return on Invested Capital (ROIC)
1.34%
TTM Avg
9.40%
3Y Avg
18.17%
5Y Avg
21.62%
Market Cap
$30.16B
Return on Invested Capital (ROIC)
6.94%
TTM Avg
7.96%
3Y Avg
8.07%
5Y Avg
9.18%
Market Cap
$30.86B
Return on Invested Capital (ROIC)
21.63%
TTM Avg
21.87%
3Y Avg
20.30%
5Y Avg
19.27%
Market Cap
$29.33B
Return on Invested Capital (ROIC)
4.05%
TTM Avg
6.03%
3Y Avg
5.27%
5Y Avg
5.27%
Market Cap
$31.40B
Return on Invested Capital (ROIC)
4.28%
TTM Avg
7.71%
3Y Avg
8.64%
5Y Avg
10.90%
Market Cap
$31.90B
Return on Invested Capital (ROIC)
21.71%
TTM Avg
13.47%
3Y Avg
11.13%
5Y Avg
9.67%
Market Cap
$31.90B
Return on Invested Capital (ROIC)
-12.90%
TTM Avg
-4.21%
3Y Avg
-0.54%
5Y Avg
0.75%
Market Cap
$32.06B
Return on Invested Capital (ROIC)
19.18%
TTM Avg
19.41%
3Y Avg
18.01%
5Y Avg
17.23%
Market Cap
$26.79B
Return on Invested Capital (ROIC)
38.57%
TTM Avg
38.26%
3Y Avg
37.51%
5Y Avg
36.01%
| NAME | MARKET CAP | RETURN ON INVESTED CAPITAL (ROIC) | TTM | 3Y | 5Y |
|---|---|---|---|---|---|
| Waters Corporation (WAT) | $30.13B | 1.34% | 9.40% | 18.17% | 21.62% |
| GE HealthCare Technologies Inc. (GEHC)vs › | $30.16B | 6.94% | 7.96% | 8.07% | 9.18% |
| Zoetis Inc. (ZTS)vs › | $30.86B | 21.63% | 21.87% | 20.30% | 19.27% |
| Medline Inc. (MDLN)vs › | $29.33B | 4.05% | 6.03% | 5.27% | 5.27% |
| Biogen Inc. (BIIB)vs › | $31.40B | 4.28% | 7.71% | 8.64% | 10.90% |
| DexCom, Inc. (DXCM)vs › | $31.90B | 21.71% | 13.47% | 11.13% | 9.67% |
| Centene Corp. (CNC)vs › | $31.90B | -12.90% | -4.21% | -0.54% | 0.75% |
| ResMed Inc. (RMD)vs › | $32.06B | 19.18% | 19.41% | 18.01% | 17.23% |
| Mettler-Toledo International Inc. (MTD)vs › | $26.79B | 38.57% | 38.26% | 37.51% | 36.01% |
| Labcorp Holdings Inc. (LH)vs › | $26.64B | 8.02% | 6.33% | 5.68% | 7.63% |
ROIC
1.3%
ROE
1.1%
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) |
|---|---|
| 2026-07-04 | 1.34% |
| 2026-04-04 | 2.44% |
| 2025-12-31 | 16.69% |
| 2025-09-27 | 17.11% |
| 2025-06-28 | 17.79% |
| 2025-03-29 | 18.99% |
| 2024-12-31 | 18.55% |
| 2024-09-28 | 18.80% |
| 2024-06-29 | 18.35% |
| 2024-03-30 | 18.43% |
| 2023-12-31 | 18.35% |
| 2023-09-30 | 18.63% |
| 2023-07-01 | 18.87% |
| 2023-04-01 | 28.14% |
| 2022-12-31 | 28.98% |
| 2022-10-01 | 30.42% |
| 2022-07-02 | 31.25% |
| 2022-04-02 | 30.92% |
| 2021-12-31 | 29.25% |
| 2021-10-02 | 28.86% |
| 2021-07-03 | 27.65% |
| 2021-04-03 | 25.11% |
| 2020-12-31 | 25.22% |
| 2020-09-26 | 25.58% |
| 2020-06-27 | 26.21% |
| 2020-03-28 | 26.26% |
| 2019-12-31 | 29.94% |
| 2019-09-28 | 30.72% |
| 2019-06-29 | 27.32% |
| 2019-03-30 | 23.39% |
| 2018-12-31 | 19.64% |
| 2018-09-29 | 11.10% |
| 2018-06-30 | 10.64% |
| 2018-03-31 | 9.56% |
| 2017-12-31 | 7.53% |
| 2017-09-30 | 12.00% |
| 2017-07-01 | 12.19% |
| 2017-04-01 | 12.57% |
| 2016-12-31 | 12.72% |
| 2016-10-01 | 12.42% |
| 2016-07-02 | 12.62% |
| 2016-04-02 | 12.31% |
| 2015-12-31 | 12.68% |
| 2015-10-03 | 13.11% |
| 2015-07-04 | 13.43% |
| 2015-04-04 | 13.73% |
| 2014-12-31 | 12.93% |
| 2014-09-27 | 13.06% |
| 2014-06-28 | 12.72% |
| 2014-03-29 | 12.81% |
| 2013-12-31 | 14.75% |
| 2013-09-28 | 16.33% |
| 2013-06-29 | 17.10% |
| 2013-03-30 | 17.83% |
| 2012-12-31 | 17.31% |
| 2012-09-29 | 16.54% |
| 2012-06-30 | 17.35% |
| 2012-03-31 | 17.72% |
| 2011-12-31 | 18.63% |
| 2011-10-01 | 18.93% |
| 2011-07-02 | 19.12% |
| 2011-04-02 | 19.43% |
| 2010-12-31 | 19.54% |
| 2010-10-02 | 19.58% |
| 2010-07-03 | 20.11% |
| 2010-04-03 | 19.67% |
| 2009-12-31 | 20.06% |
| 2009-10-03 | 20.48% |
| 2009-07-04 | 21.18% |
| 2009-04-04 | 24.03% |
| 2008-12-31 | 24.66% |
| 2008-09-27 | 18.64% |
| 2008-06-28 | 18.14% |
| 2008-03-29 | 17.73% |
| 2007-12-31 | 18.01% |
| 2007-09-29 | 18.42% |
| 2007-06-30 | 19.41% |
| 2007-03-31 | 18.90% |
| 2006-12-31 | 18.68% |
| 2006-09-30 | 20.07% |
| 2006-07-01 | 18.03% |
| 2006-04-01 | 18.46% |
| 2005-12-31 | 18.09% |
| 2005-10-01 | 19.07% |
| 2005-07-02 | 18.45% |
| 2005-04-02 | 19.02% |
| 2004-12-31 | 19.03% |
| 2004-10-02 | 19.63% |
| 2004-07-03 | 19.27% |
| 2004-04-03 | 18.05% |
| 2003-12-31 | 19.17% |
| 2003-09-30 | 19.83% |
| 2003-06-30 | 20.86% |
