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Economic value added or economic profit is the difference between revenues and costs,where costs include not only expenses, but also cost of capital.

Economic Profit
Net Operating Profit after Taxes (NOPAT)
Cash Operating Taxes
Invested Capital
Cost of Capital
Economic Spread Ratio
Economic Profit Margin

GameStop Corp., economic profit calculation

US$ in thousands

12 months ended:	Feb 3, 2024	Jan 28, 2023	Jan 29, 2022	Jan 30, 2021	Feb 1, 2020	Feb 2, 2019
Net operating profit after taxes (NOPAT)¹	(85,929)	(228,718)	(333,718)	(85,038)	(355,014)	(781,477)
Cost of capital²	3.16%	3.07%	2.99%	3.11%	3.78%	4.16%
Invested capital³	1,857,700)	1,936,100)	2,440,500)	1,656,300)	1,926,200)	2,995,218)

Economic profit⁴	(144,556)	(288,219)	(406,715)	(136,587)	(427,793)	(906,032)

Based on: 10-K (reporting date: 2024-02-03), 10-K (reporting date: 2023-01-28), 10-K (reporting date: 2022-01-29), 10-K (reporting date: 2021-01-30), 10-K (reporting date: 2020-02-01), 10-K (reporting date: 2019-02-02).

¹ NOPAT. See details »

² Cost of capital. See details »

³ Invested capital. See details »

⁴ 2024 Calculation
Economic profit = NOPAT – Cost of capital × Invested capital
= -85,929 – 3.16% × 1,857,700 = -144,556

The financial performance over the analyzed six-year period is characterized by a consistent failure to generate positive economic profit, indicating a continuous destruction of shareholder value. Despite fluctuations in operating results and capital allocation, the entity has remained unable to earn a return that exceeds its cost of capital.

Net Operating Profit After Taxes (NOPAT): NOPAT has remained negative throughout the entire period, though it exhibits significant volatility. A marked improvement was observed between 2019 and 2021, with losses narrowing from $781.5 million to $85.0 million. A subsequent deterioration occurred in 2022, where losses widened to $333.7 million, followed by a steady recovery trend that brought losses down to $85.9 million by February 2024.
Cost of Capital and Invested Capital: The cost of capital has remained relatively stable and low, trending slightly downward from 4.16% in 2019 to 3.16% in 2024. Invested capital has fluctuated considerably, starting at approximately $3.0 billion in 2019, decreasing to a low of $1.66 billion in 2021, and peaking again at $2.44 billion in 2022 before stabilizing around $1.86 billion in 2024. These fluctuations suggest periodic adjustments in the capital base.
Economic Profit Trends: Economic profit remained negative in every fiscal year, confirming that the operating returns were insufficient to cover the cost of the capital employed. The most significant value destruction occurred in 2019 with an economic loss of $906.0 million. While the loss narrowed significantly to $136.6 million in 2021, it widened again in 2022 to $406.7 million. By February 2024, the economic profit stood at negative $144.6 million, indicating a recovery from the 2022 trough but failing to reach a break-even state of value creation.

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GameStop Corp., NOPAT calculation

US$ in thousands

12 months ended:	Feb 3, 2024	Jan 28, 2023	Jan 29, 2022	Jan 30, 2021	Feb 1, 2020	Feb 2, 2019
Net income (loss)	6,700)	(313,100)	(381,300)	(215,300)	(470,900)	(673,000)
Deferred income tax expense (benefit)¹	(100)	(2,600)	(16,300)	82,300)	61,500)	(54,600)
Increase (decrease) in allowance²	2,200)	(1,100)	(300)	(9,600)	9,200)	(3,700)
Increase (decrease) in deferred revenue³	(83,300)	69,600)	22,400)	3,400)	(7,700)	(8,200)
Increase (decrease) in equity equivalents⁴	(81,200)	65,900)	5,800)	76,100)	63,000)	(66,500)
Interest expense	—)	—)	26,900)	34,000)	38,500)	56,800)
Interest expense, operating lease liability⁵	35,032)	32,895)	25,989)	35,573)	31,517)	49,942)
Adjusted interest expense	35,032)	32,895)	52,889)	69,573)	70,017)	106,742)
Tax benefit of interest expense⁶	(7,357)	(6,908)	(11,107)	(14,610)	(14,704)	(22,416)
Adjusted interest expense, after taxes⁷	27,676)	25,987)	41,782)	54,963)	55,313)	84,326)
Interest income	(49,500)	(9,500)	—)	(1,900)	(11,300)	(5,700)
Investment income, before taxes	(49,500)	(9,500)	—)	(1,900)	(11,300)	(5,700)
Tax expense (benefit) of investment income⁸	10,395)	1,995)	—)	399)	2,373)	1,197)
Investment income, after taxes⁹	(39,105)	(7,505)	—)	(1,501)	(8,927)	(4,503)
(Income) loss from discontinued operations, net of tax¹⁰	—)	—)	—)	700)	6,500)	(121,800)
Net operating profit after taxes (NOPAT)	(85,929)	(228,718)	(333,718)	(85,038)	(355,014)	(781,477)

Based on: 10-K (reporting date: 2024-02-03), 10-K (reporting date: 2023-01-28), 10-K (reporting date: 2022-01-29), 10-K (reporting date: 2021-01-30), 10-K (reporting date: 2020-02-01), 10-K (reporting date: 2019-02-02).

¹ Elimination of deferred tax expense. See details »

² Addition of increase (decrease) in allowance.

³ Addition of increase (decrease) in deferred revenue.

⁴ Addition of increase (decrease) in equity equivalents to net income (loss).

⁵ 2024 Calculation
Interest expense on capitalized operating leases = Operating lease liability × Discount rate
= 574,300 × 6.10% = 35,032

⁶ 2024 Calculation
Tax benefit of interest expense = Adjusted interest expense × Statutory income tax rate
= 35,032 × 21.00% = 7,357

⁷ Addition of after taxes interest expense to net income (loss).

⁸ 2024 Calculation
Tax expense (benefit) of investment income = Investment income, before tax × Statutory income tax rate
= 49,500 × 21.00% = 10,395

⁹ Elimination of after taxes investment income.

¹⁰ Elimination of discontinued operations.

Net Income (Loss): The net income (loss) showed a significant improvement over the period analyzed. Initially, the company recorded substantial losses, with the highest loss of -673,000 thousand USD in the fiscal year ending February 2, 2019. Over the subsequent years, the losses decreased considerably, falling to -215,300 thousand USD by January 30, 2021. Despite a temporary increase in losses to -381,300 thousand USD in January 29, 2022, the downward trend continued with losses reducing to -313,100 thousand USD by January 28, 2023. Notably, the fiscal year ending February 3, 2024, marked a pivotal turnaround, with the company achieving a small positive net income of 6,700 thousand USD.
Net Operating Profit After Taxes (NOPAT): NOPAT also exhibited a trend of decreasing losses throughout the measured periods. The most significant loss of -781,477 thousand USD occurred in February 2, 2019, which subsequently improved to -355,014 thousand USD by February 1, 2020. This improvement paused temporarily in January 29, 2022, when NOPAT declined to -333,718 thousand USD after reaching a low of -85,038 thousand USD on January 30, 2021. The losses for NOPAT decreased again to -228,718 thousand USD in January 28, 2023, followed by a slight decline to -85,929 thousand USD in the most recent period ending February 3, 2024.
Overall Trends and Insights: The financial performance over the six-year span indicates a movement from deep operating and net losses toward stabilization and eventual profitability. Both net income and NOPAT figures show a marked reduction in losses, reflecting possible operational restructuring or improved market conditions. The positive net income in the most recent year suggests that the company may have effectively addressed key challenges impacting profitability. However, NOPAT remains negative, indicating ongoing operating inefficiencies or costs yet to be fully mitigated. Continued monitoring of these figures would be crucial to assess whether the trend toward profitability is sustainable.

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GameStop Corp., cash operating taxes calculation

US$ in thousands

12 months ended:	Feb 3, 2024	Jan 28, 2023	Jan 29, 2022	Jan 30, 2021	Feb 1, 2020	Feb 2, 2019
Income tax expense (benefit)	6,400)	11,000)	(14,100)	(55,300)	37,600)	41,700)
Less: Deferred income tax expense (benefit)	(100)	(2,600)	(16,300)	82,300)	61,500)	(54,600)
Add: Tax savings from interest expense	7,357)	6,908)	11,107)	14,610)	14,704)	22,416)
Less: Tax imposed on investment income	10,395)	1,995)	—)	399)	2,373)	1,197)
Cash operating taxes	3,462)	18,513)	13,307)	(123,389)	(11,569)	117,519)

Based on: 10-K (reporting date: 2024-02-03), 10-K (reporting date: 2023-01-28), 10-K (reporting date: 2022-01-29), 10-K (reporting date: 2021-01-30), 10-K (reporting date: 2020-02-01), 10-K (reporting date: 2019-02-02).

Income tax expense (benefit): The income tax expense experienced significant fluctuations over the examined years. Beginning with a positive tax expense of 41,700 thousand USD in early 2019, it decreased slightly to 37,600 thousand USD by early 2020. Notably, the company reported a tax benefit in 2021 and 2022, with negative values of -55,300 thousand USD and -14,100 thousand USD, respectively. This indicates that rather than paying taxes, the company recognized tax benefits or refunds during these two years. From 2023 onward, the tax expense reverted to positive figures, with 11,000 thousand USD in 2023 and a further decrease to 6,400 thousand USD in early 2024. Overall, the data points reveal a transition from tax liabilities to tax benefits and back to reduced tax expenses, reflecting potentially changing profitability, tax strategies, or accounting adjustments.
Cash operating taxes: Cash operating taxes show a highly volatile and irregular trend throughout the period. In 2019, cash operating taxes were substantially positive at 117,519 thousand USD. However, this shifted dramatically in 2020 and 2021 to large negative amounts of -11,569 thousand USD and -123,389 thousand USD, respectively, possibly indicating tax refunds or credits received in these years. The trend reversed again in 2022, with a positive cash tax outflow of 13,307 thousand USD, which slightly increased to 18,513 thousand USD in 2023, before dropping significantly to 3,462 thousand USD in early 2024. This volatility suggests considerable fluctuations in tax cash payments, perhaps influenced by changes in taxable income, tax planning, or timing differences in tax settlements.

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GameStop Corp., invested capital calculation (financing approach)

US$ in thousands

	Feb 3, 2024	Jan 28, 2023	Jan 29, 2022	Jan 30, 2021	Feb 1, 2020	Feb 2, 2019
Current portion of long-term debt	10,800)	10,800)	4,100)	121,700)	—)	349,200)
Borrowings under revolving line of credit	—)	—)	—)	25,000)	—)	—)
Long-term debt, excluding current portion	17,700)	28,700)	40,500)	216,000)	419,800)	471,600)
Operating lease liability¹	574,300)	577,100)	604,400)	684,100)	768,700)	802,918)
Total reported debt & leases	602,800)	616,600)	649,000)	1,046,800)	1,188,500)	1,623,718)
Stockholders’ equity	1,338,600)	1,322,300)	1,602,500)	436,700)	611,500)	1,336,200)
Net deferred tax (assets) liabilities²	(17,300)	(18,200)	(16,300)	—)	(82,300)	(147,200)
Allowance³	4,400)	2,200)	3,300)	3,600)	13,200)	4,000)
Deferred revenue⁴	128,600)	211,900)	142,300)	119,900)	116,500)	124,200)
Equity equivalents⁵	115,700)	195,900)	129,300)	123,500)	47,400)	(19,000)
Accumulated other comprehensive (income) loss, net of tax⁶	83,600)	71,900)	68,700)	49,300)	78,800)	54,300)
Adjusted stockholders’ equity	1,537,900)	1,590,100)	1,800,500)	609,500)	737,700)	1,371,500)
Construction-in-progress⁷	(5,400)	(19,000)	(9,000)	—)	—)	—)
Marketable securities⁸	(277,600)	(251,600)	—)	—)	—)	—)
Invested capital	1,857,700)	1,936,100)	2,440,500)	1,656,300)	1,926,200)	2,995,218)

Based on: 10-K (reporting date: 2024-02-03), 10-K (reporting date: 2023-01-28), 10-K (reporting date: 2022-01-29), 10-K (reporting date: 2021-01-30), 10-K (reporting date: 2020-02-01), 10-K (reporting date: 2019-02-02).

¹ Addition of capitalized operating leases.

² Elimination of deferred taxes from assets and liabilities. See details »

³ Addition of allowance for doubtful accounts receivable.

⁴ Addition of deferred revenue.

⁵ Addition of equity equivalents to stockholders’ equity.

⁶ Removal of accumulated other comprehensive income.

⁷ Subtraction of construction-in-progress.

⁸ Subtraction of marketable securities.

Total Reported Debt & Leases: The total reported debt and leases demonstrate a clear downward trend over the reported periods. Beginning at approximately 1.62 billion US dollars in early 2019, the debt significantly decreases to around 1.19 billion by early 2020, continuing to decline in subsequent years, reaching approximately 603 million by early 2024. This consistent reduction indicates a strategic effort to deleverage or reduce liabilities.
Stockholders’ Equity: The stockholders’ equity shows a volatile pattern with initial declines followed by a strong recovery. Equity dropped sharply from about 1.34 billion in 2019 to 612 million in 2020, and further down to 437 million in 2021, reflecting potential losses or other negative impacts. However, a notable turnaround occurs in 2022, with equity rising dramatically to 1.6 billion and slightly decreasing to around 1.34 billion near 2024. This recovery may be indicative of improved profitability or capital restructuring efforts.
Invested Capital: Invested capital closely follows the trends observed in debt and equity, exhibiting a general decline from 3.0 billion in early 2019 to about 1.66 billion in early 2021. A significant rebound is evident in 2022, with invested capital climbing back to roughly 2.44 billion, before declining once again to approximately 1.86 billion by early 2024. This fluctuation suggests shifts in capital deployment and possibly changes in operational scale or investment strategy during these years.

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GameStop Corp., cost of capital calculations

Feb 3, 2024

	Capital (fair value)¹	Weights					Cost of capital
Equity²	4,741,035)	4,741,035)	÷	5,340,335)	=	0.89	0.89	×	2.97%	=	2.63%
Debt, net³	25,000)	25,000)	÷	5,340,335)	=	0.00	0.00	×	0.85% × (1 – 21.00%)	=	0.00%
Operating lease liability⁴	574,300)	574,300)	÷	5,340,335)	=	0.11	0.11	×	6.10% × (1 – 21.00%)	=	0.52%
Total:	5,340,335)					1.00					3.16%

Based on: 10-K (reporting date: 2024-02-03).

¹ US$ in thousands

² Equity. See details »

³ Debt, net. See details »

⁴ Operating lease liability. See details »

Jan 28, 2023

	Capital (fair value)¹	Weights					Cost of capital
Equity²	7,053,236)	7,053,236)	÷	7,663,436)	=	0.92	0.92	×	2.97%	=	2.73%
Debt, net³	33,100)	33,100)	÷	7,663,436)	=	0.00	0.00	×	0.85% × (1 – 21.00%)	=	0.00%
Operating lease liability⁴	577,100)	577,100)	÷	7,663,436)	=	0.08	0.08	×	5.70% × (1 – 21.00%)	=	0.34%
Total:	7,663,436)					1.00					3.07%

Based on: 10-K (reporting date: 2023-01-28).

¹ US$ in thousands

² Equity. See details »

³ Debt, net. See details »

⁴ Operating lease liability. See details »

Jan 29, 2022

	Capital (fair value)¹	Weights					Cost of capital
Equity²	6,696,479)	6,696,479)	÷	7,338,579)	=	0.91	0.91	×	2.97%	=	2.71%
Debt, net³	37,700)	37,700)	÷	7,338,579)	=	0.01	0.01	×	0.85% × (1 – 21.00%)	=	0.00%
Operating lease liability⁴	604,400)	604,400)	÷	7,338,579)	=	0.08	0.08	×	4.30% × (1 – 21.00%)	=	0.28%
Total:	7,338,579)					1.00					2.99%

Based on: 10-K (reporting date: 2022-01-29).

¹ US$ in thousands

² Equity. See details »

³ Debt, net. See details »

⁴ Operating lease liability. See details »

Jan 30, 2021

	Capital (fair value)¹	Weights					Cost of capital
Equity²	12,711,536)	12,711,536)	÷	13,769,736)	=	0.92	0.92	×	2.97%	=	2.74%
Debt, net³	374,100)	374,100)	÷	13,769,736)	=	0.03	0.03	×	7.86% × (1 – 21.00%)	=	0.17%
Operating lease liability⁴	684,100)	684,100)	÷	13,769,736)	=	0.05	0.05	×	5.20% × (1 – 21.00%)	=	0.20%
Total:	13,769,736)					1.00					3.11%

Based on: 10-K (reporting date: 2021-01-30).

¹ US$ in thousands

² Equity. See details »

³ Debt, net. See details »

⁴ Operating lease liability. See details »

Feb 1, 2020

	Capital (fair value)¹	Weights					Cost of capital
Equity²	273,302)	273,302)	÷	1,451,402)	=	0.19	0.19	×	2.97%	=	0.56%
Debt, net³	409,400)	409,400)	÷	1,451,402)	=	0.28	0.28	×	6.75% × (1 – 21.00%)	=	1.50%
Operating lease liability⁴	768,700)	768,700)	÷	1,451,402)	=	0.53	0.53	×	4.10% × (1 – 21.00%)	=	1.72%
Total:	1,451,402)					1.00					3.78%

Based on: 10-K (reporting date: 2020-02-01).

¹ US$ in thousands

² Equity. See details »

³ Debt, net. See details »

⁴ Operating lease liability. See details »

Feb 2, 2019

	Capital (fair value)¹	Weights					Cost of capital
Equity²	1,034,946)	1,034,946)	÷	2,666,765)	=	0.39	0.39	×	2.97%	=	1.15%
Debt, net³	828,900)	828,900)	÷	2,666,765)	=	0.31	0.31	×	6.22% × (1 – 21.00%)	=	1.53%
Operating lease liability⁴	802,918)	802,918)	÷	2,666,765)	=	0.30	0.30	×	6.22% × (1 – 21.00%)	=	1.48%
Total:	2,666,765)					1.00					4.16%

Based on: 10-K (reporting date: 2019-02-02).

¹ US$ in thousands

² Equity. See details »

³ Debt, net. See details »

⁴ Operating lease liability. See details »

GameStop Corp., economic spread ratio calculation, comparison to benchmarks

	Feb 3, 2024	Jan 28, 2023	Jan 29, 2022	Jan 30, 2021	Feb 1, 2020	Feb 2, 2019
Selected Financial Data (US$ in thousands)
Economic profit¹	(144,556)	(288,219)	(406,715)	(136,587)	(427,793)	(906,032)
Invested capital²	1,857,700)	1,936,100)	2,440,500)	1,656,300)	1,926,200)	2,995,218)
Performance Ratio
Economic spread ratio³	-7.78%	-14.89%	-16.67%	-8.25%	-22.21%	-30.25%
Benchmarks
Economic Spread Ratio, Competitors⁴
Amazon.com Inc.	-5.25%	-10.78%	-21.73%	-1.96%	—	—
Home Depot Inc.	12.92%	16.99%	21.43%	12.28%	—	—
Lowe’s Cos. Inc.	18.71%	13.71%	21.69%	9.24%	—	—
TJX Cos. Inc.	7.28%	4.34%	4.36%	-12.50%	—	—

Based on: 10-K (reporting date: 2024-02-03), 10-K (reporting date: 2023-01-28), 10-K (reporting date: 2022-01-29), 10-K (reporting date: 2021-01-30), 10-K (reporting date: 2020-02-01), 10-K (reporting date: 2019-02-02).

¹ Economic profit. See details »

² Invested capital. See details »

³ 2024 Calculation
Economic spread ratio = 100 × Economic profit ÷ Invested capital
= 100 × -144,556 ÷ 1,857,700 = -7.78%

⁴ Click competitor name to see calculations.

The analysis of economic value metrics indicates a consistent failure to generate positive economic profit over the six-year period ending February 3, 2024. While the organization has remained in a state of value destruction, there is a discernible trend toward recovery, characterized by a narrowing of the economic spread and a reduction in the magnitude of economic losses.

Economic Profit Trends: Economic profit remained negative throughout the entire period, signifying that operating returns were insufficient to cover the cost of invested capital. A significant improvement was noted between 2019 and 2021, with losses narrowing from US$ 906.03 million to US$ 136.59 million. Although a reversal occurred in 2022, where losses widened to US$ 406.72 million, a subsequent downward trend in losses is observed through February 2024, ending at US$ 144.56 million.
Invested Capital Dynamics: Invested capital exhibited substantial volatility. A contraction phase occurred between 2019 and 2021, with capital decreasing from US$ 2.99 billion to US$ 1.66 billion. A sharp increase followed in 2022, peaking at US$ 2.44 billion, before stabilizing and gradually declining to US$ 1.86 billion by February 2024. This suggests a period of capital reallocation or restructuring during the mid-cycle.
Economic Spread Ratio Performance: The economic spread ratio, which measures the difference between the return on invested capital and the cost of capital, remained negative, confirming that the cost of financing exceeded the returns generated. However, the ratio improved from a low of -30.25% in 2019 to -7.78% in 2024. This upward trajectory, despite the 2022 dip to -16.67%, indicates an increasing efficiency in capital utilization and a reduction in the gap between actual returns and the required rate of return.

In summary, the data reveals a volatile but improving financial position. The convergence of the economic spread ratio toward zero and the reduction in economic losses suggest a gradual movement toward achieving economic break-even, although positive value creation has not yet been attained.

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GameStop Corp., economic profit margin calculation, comparison to benchmarks

	Feb 3, 2024	Jan 28, 2023	Jan 29, 2022	Jan 30, 2021	Feb 1, 2020	Feb 2, 2019
Selected Financial Data (US$ in thousands)
Economic profit¹	(144,556)	(288,219)	(406,715)	(136,587)	(427,793)	(906,032)

Net sales	5,272,800)	5,927,200)	6,010,700)	5,089,800)	6,466,000)	8,285,300)
Add: Increase (decrease) in deferred revenue	(83,300)	69,600)	22,400)	3,400)	(7,700)	(8,200)
Adjusted net sales	5,189,500)	5,996,800)	6,033,100)	5,093,200)	6,458,300)	8,277,100)
Performance Ratio
Economic profit margin²	-2.79%	-4.81%	-6.74%	-2.68%	-6.62%	-10.95%
Benchmarks
Economic Profit Margin, Competitors³
Amazon.com Inc.	-3.07%	-6.08%	-11.34%	-0.84%	—	—
Home Depot Inc.	4.74%	5.97%	6.81%	4.62%	—	—
Lowe’s Cos. Inc.	5.63%	3.50%	5.90%	2.93%	—	—
TJX Cos. Inc.	2.83%	1.77%	1.77%	-8.70%	—	—

Based on: 10-K (reporting date: 2024-02-03), 10-K (reporting date: 2023-01-28), 10-K (reporting date: 2022-01-29), 10-K (reporting date: 2021-01-30), 10-K (reporting date: 2020-02-01), 10-K (reporting date: 2019-02-02).

¹ Economic profit. See details »

² 2024 Calculation
Economic profit margin = 100 × Economic profit ÷ Adjusted net sales
= 100 × -144,556 ÷ 5,189,500 = -2.79%

³ Click competitor name to see calculations.

The analyzed period is characterized by a consistent failure to generate positive economic value, as evidenced by negative economic profit and economic profit margins across all six fiscal years. Despite the persistent deficit, there is a general trend toward the reduction of economic losses and an improvement in margin efficiency, although this progress has been non-linear.

Economic Profit Trajectory: Economic profit remained negative throughout the period, starting at a significant deficit of -906,032 thousand USD in 2019. A substantial recovery phase occurred between 2019 and 2021, with losses narrowing to -136,587 thousand USD. However, this trend reversed in 2022, where economic profit declined again to -406,715 thousand USD, before resuming a gradual improvement to -144,556 thousand USD by February 2024.
Adjusted Net Sales Performance: Adjusted net sales exhibited considerable volatility and an overall downward trajectory from the 2019 peak of 8,277,100 thousand USD. Sales reached a period low of 5,093,200 thousand USD in 2021, followed by a temporary recovery in 2022 and 2023, and a subsequent decline to 5,189,500 thousand USD in 2024. The lack of stable revenue growth has complicated the effort to achieve a positive economic profit.
Economic Profit Margin Analysis: The economic profit margin mirrors the volatility of the absolute profit figures. The margin improved from -10.95% in 2019 to a peak of -2.68% in 2021. A sharp deterioration occurred in 2022, with the margin dropping to -6.74%, suggesting that the increase in adjusted net sales during that year was not sufficient to offset a rise in the cost of capital or operating inefficiencies. By February 2024, the margin recovered to -2.79%, nearly returning to the high point observed in 2021.

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GameStop Corp. (NYSE:GME)

Economic Value Added (EVA)

Economic Profit

Net Operating Profit after Taxes (NOPAT)

Cash Operating Taxes

Invested Capital

Cost of Capital

Economic Spread Ratio

Economic Profit Margin