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Return on Capital (ROC)
Advanced level
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)
Autodesk Inc., ROIC calculation, comparison to benchmarks
| Jan 31, 2020 | Jan 31, 2019 | Jan 31, 2018 | Jan 31, 2017 | Jan 31, 2016 | Jan 31, 2015 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||
| Net operating profit after taxes (NOPAT)1 | |||||||
| Invested capital2 | |||||||
| Performance Ratio | |||||||
| ROIC3 | |||||||
| Benchmarks | |||||||
| ROIC, Competitors4 | |||||||
| Adobe Inc. | |||||||
| Alphabet Inc. | |||||||
| Facebook Inc. | |||||||
| International Business Machines Corp. | |||||||
| Intuit Inc. | |||||||
| Microsoft Corp. | |||||||
| Oracle Corp. | |||||||
| salesforce.com inc. | |||||||
| ServiceNow Inc. | |||||||
Based on: 10-K (filing date: 2020-03-19), 10-K (filing date: 2019-03-25), 10-K (filing date: 2018-03-22), 10-K (filing date: 2017-03-21), 10-K (filing date: 2016-03-23), 10-K (filing date: 2015-03-18).
1 NOPAT. See details »
2 Invested capital. See details »
3 2020 Calculation
ROIC = 100 × NOPAT ÷ Invested capital
= 100 × ÷ =
4 Click competitor name to see calculations.
| Performance ratio | Description | The company |
|---|---|---|
| ROIC | A measure of the periodic, after tax, cash-on-cash yield earned in the business. | Autodesk Inc.’s ROIC improved from 2018 to 2019 and from 2019 to 2020. |
Decomposition of ROIC
Autodesk Inc., decomposition of ROIC
| ROIC | = | OPM1 | × | TO2 | × | 1 – CTR3 | |
|---|---|---|---|---|---|---|---|
| Jan 31, 2020 | = | × | × | ||||
| Jan 31, 2019 | = | × | × | ||||
| Jan 31, 2018 | = | × | × | ||||
| Jan 31, 2017 | = | × | × | ||||
| Jan 31, 2016 | = | × | × | ||||
| Jan 31, 2015 | = | × | × |
Based on: 10-K (filing date: 2020-03-19), 10-K (filing date: 2019-03-25), 10-K (filing date: 2018-03-22), 10-K (filing date: 2017-03-21), 10-K (filing date: 2016-03-23), 10-K (filing date: 2015-03-18).
1 Operating profit margin (OPM). See calculations »
2 Turnover of capital (TO). See calculations »
3 Effective cash tax rate (CTR). See calculations »
The primary reason for the increase in return on invested capital (ROIC) over 2020 year is the increase in profitability measured by operating profit margin (OPM) ratio.
Operating Profit Margin (OPM)
Autodesk Inc., OPM calculation, comparison to benchmarks
| Jan 31, 2020 | Jan 31, 2019 | Jan 31, 2018 | Jan 31, 2017 | Jan 31, 2016 | Jan 31, 2015 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||
| Net operating profit after taxes (NOPAT)1 | |||||||
| Add: Cash operating taxes2 | |||||||
| Net operating profit before taxes (NOPBT) | |||||||
| Net revenue | |||||||
| Add: Increase (decrease) in deferred revenue | |||||||
| Adjusted net revenue | |||||||
| Profitability Ratio | |||||||
| OPM3 | |||||||
| Benchmarks | |||||||
| OPM, Competitors4 | |||||||
| Adobe Inc. | |||||||
| Alphabet Inc. | |||||||
| Facebook Inc. | |||||||
| International Business Machines Corp. | |||||||
| Intuit Inc. | |||||||
| Microsoft Corp. | |||||||
| Oracle Corp. | |||||||
| salesforce.com inc. | |||||||
| ServiceNow Inc. | |||||||
Based on: 10-K (filing date: 2020-03-19), 10-K (filing date: 2019-03-25), 10-K (filing date: 2018-03-22), 10-K (filing date: 2017-03-21), 10-K (filing date: 2016-03-23), 10-K (filing date: 2015-03-18).
1 NOPAT. See details »
2 Cash operating taxes. See details »
3 2020 Calculation
OPM = 100 × NOPBT ÷ Adjusted net revenue
= 100 × ÷ =
4 Click competitor name to see calculations.
| Profitability ratio | Description | The company |
|---|---|---|
| OPM | The operating profit margin (OPM) is the ratio of pretax economic earnings, or NOPBT, to sales. | Autodesk Inc.’s OPM improved from 2018 to 2019 and from 2019 to 2020. |
Turnover of Capital (TO)
Autodesk Inc., TO calculation, comparison to benchmarks
| Jan 31, 2020 | Jan 31, 2019 | Jan 31, 2018 | Jan 31, 2017 | Jan 31, 2016 | Jan 31, 2015 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||
| Net revenue | |||||||
| Add: Increase (decrease) in deferred revenue | |||||||
| Adjusted net revenue | |||||||
| Invested capital1 | |||||||
| Efficiency Ratio | |||||||
| TO2 | |||||||
| Benchmarks | |||||||
| TO, Competitors3 | |||||||
| Adobe Inc. | |||||||
| Alphabet Inc. | |||||||
| Facebook Inc. | |||||||
| International Business Machines Corp. | |||||||
| Intuit Inc. | |||||||
| Microsoft Corp. | |||||||
| Oracle Corp. | |||||||
| salesforce.com inc. | |||||||
| ServiceNow Inc. | |||||||
Based on: 10-K (filing date: 2020-03-19), 10-K (filing date: 2019-03-25), 10-K (filing date: 2018-03-22), 10-K (filing date: 2017-03-21), 10-K (filing date: 2016-03-23), 10-K (filing date: 2015-03-18).
1 Invested capital. See details »
2 2020 Calculation
TO = Adjusted net revenue ÷ Invested capital
= ÷ =
3 Click competitor name to see calculations.
| Efficiency ratio | Description | The company |
|---|---|---|
| TO | The turnover of capital (TO) is the ratio of sales to invested capital. Capital turnover is a function of the efficiency of working capital management and of net fixed assets. | Autodesk Inc.’s TO deteriorated from 2018 to 2019 but then improved from 2019 to 2020 exceeding 2018 level. |
Effective Cash Tax Rate (CTR)
Autodesk Inc., CTR calculation, comparison to benchmarks
| Jan 31, 2020 | Jan 31, 2019 | Jan 31, 2018 | Jan 31, 2017 | Jan 31, 2016 | Jan 31, 2015 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||
| Net operating profit after taxes (NOPAT)1 | |||||||
| Add: Cash operating taxes2 | |||||||
| Net operating profit before taxes (NOPBT) | |||||||
| Tax Rate | |||||||
| CTR3 | |||||||
| Benchmarks | |||||||
| CTR, Competitors4 | |||||||
| Adobe Inc. | |||||||
| Alphabet Inc. | |||||||
| Facebook Inc. | |||||||
| International Business Machines Corp. | |||||||
| Intuit Inc. | |||||||
| Microsoft Corp. | |||||||
| Oracle Corp. | |||||||
| salesforce.com inc. | |||||||
| ServiceNow Inc. | |||||||
Based on: 10-K (filing date: 2020-03-19), 10-K (filing date: 2019-03-25), 10-K (filing date: 2018-03-22), 10-K (filing date: 2017-03-21), 10-K (filing date: 2016-03-23), 10-K (filing date: 2015-03-18).
1 NOPAT. See details »
2 Cash operating taxes. See details »
3 2020 Calculation
CTR = 100 × Cash operating taxes ÷ NOPBT
= 100 × ÷ =
4 Click competitor name to see calculations.
| Tax rate | Description | The company |
|---|---|---|
| CTR | Effective cash tax rate on operating income. | Autodesk Inc.’s CTR increased from 2018 to 2019 but then slightly decreased from 2019 to 2020 not reaching 2018 level. |