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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)
Bristol-Myers Squibb Co., ROIC calculation
| Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | Dec 31, 2014 | Dec 31, 2013 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (USD $ in millions) | ||||||
| Net operating profit after taxes (NOPAT)1 | |
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| Invested capital2 | |
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| Ratio | ||||||
| ROIC3 | % |
% |
% |
% |
% |
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Source: Based on data from Bristol-Myers Squibb Co. Annual Reports
2017 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. | Bristol-Myers Squibb Co.'s ROIC improved from 2015 to 2016 but then slightly deteriorated from 2016 to 2017 not reaching 2015 level. |
