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Adobe Inc. (ADBE)
Return on Capital (ROC)
Difficulty: Advanced
Return on capital (ROC) is after tax rate of return on net business assets. ROIC is unaffected by changes in interest rates or company’s debt and equity structure. It measures business productivity performance.
Return on Invested Capital (ROIC)
Adobe Inc., ROIC calculation
| Nov 30, 2018 | Dec 1, 2017 | Dec 2, 2016 | Nov 27, 2015 | Nov 28, 2014 | Nov 29, 2013 | ||
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| Selected Financial Data (US$ in thousands) | |||||||
| Net operating profit after taxes (NOPAT)1 | |
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| Invested capital2 | |
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| ROIC3 | |
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Based on: 10-K (filing date: 2019-01-25), 10-K (filing date: 2018-01-22), 10-K (filing date: 2017-01-20), 10-K (filing date: 2016-01-19), 10-K (filing date: 2015-01-20), 10-K (filing date: 2014-01-21).
2018 Calculations
1 NOPAT. See Details »
2 Invested capital. See Details »
3 ROIC = 100 × NOPAT ÷ Invested capital
= 100 × ÷ =
| Ratio | Description | The company |
|---|---|---|
| ROIC | A measure of the periodic, after tax, cash-on-cash yield earned in the business. | Adobe Inc.’s ROIC improved from 2016 to 2017 but then deteriorated significantly from 2017 to 2018. |