Return on Invested Capital

This chart plots the historical trend in Return on Invested Capital (ROIC).

ROIC is used to evaluate the ability of the company to create value for all its stakeholders, debt and equity.

ROIC = NOPAT / Average Invested Capital

where NOPAT is defined as Net Operating Profit After Tax and Average Invested Capital is the average of the starting and ending Debt + Equity over the same time-period.