🦊ROCE Screen
Which large US companies earn the most on the capital they use? Return on capital employed for the S&P 500, straight from annual SEC filings.
≥ 30%20–30%10–20%0–10%< 0%· click a row for each year
How the numbers are made
- ROCE = EBIT ÷ capital employed. EBIT is reported operating income. Where a company reports none, it is pre-tax income plus interest expense (marked ᵖ in the yearly view).
- Capital employed = total assets − current liabilities, averaged over the opening and closing balance sheet. The first year of a company's record uses the closing figure only.
- Timeframe ROCE pools the years: the sum of EBIT divided by the sum of capital employed over the company's last N fiscal years. One freak year cannot dominate it. Median and worst show how steady the record is.
- Source: SEC EDGAR XBRL company facts, annual 10-K figures only, latest restatement wins. Structured XBRL data starts with filings from 2009, which carry figures back to about fiscal 2007. So no company has more than about 18 years, and the 20-year, 25-year and all-time views show every year available.
- Universe: the S&P 500 as listed on the build date, minus the Financials sector. ROCE does not describe banks and insurers, whose debt is their raw material. Today's index members are survivors, so long-run averages flatter the group.
- Read with care: acquisitions add goodwill and lower ROCE; heavy buybacks and negative equity can push it very high; one-off charges hit a single year. Click a row and check the yearly figures before drawing a conclusion.
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