Baldwin, Carliss Y. "Return on Invested Capital (ROIC)." In The Palgrave Encyclopedia of Strategic Management. Continuously updated edition, edited by Mie Augier and David J. Teece. Palgrave Macmillan ...

The formula looks like this: ROIC = Net Operating Profits After Tax (NOPAT) / Invested Capital At first glance, the formula looks simple. But in the complex financial statements published by ...