Research · refreshed nightly · August 17, 2026
The Highest-ROIC Companies in the World (October 2026)
The highest returns on invested capital.
Return on invested capital is the quality metric with the least room to argue, and the highest-ROIC companies in the world are not software. Lundin Gold posts a perfect 100% ROIC at an $18B cap; Daily Journal follows at 98%, tiny Exasol at 96%, and Innodata matches it while growing revenue 32% a year.
A gold miner leading a returns ranking invites the right question: is the number structural or cyclical? ROIC this high can reflect a moat, or simply a commodity price the company does not control. The median of 68% still marks an elite group; Booking Holdings at 83% with 20% growth is the classic compounder case. Click any name for the citation-backed answer.
50companies qualify
74.5%median ROIC
59median MGI
10joined this week
The ranking
Sorted by ROIC
1
Sandisk CorporationSNDK🇺🇸
ROIC 99% · revenue +51%/yr · asset light
G 37V 24O 23Cap $249.0B
MGI
37
MVI
24
MTI
62
MOI
23
Cap
$249.0B
Growth
+251%2
Games Workshop Group PLCGAW.GB🇬🇧
ROIC 98% · revenue +10%/yr · asset light
G 60V 51O 61Cap $8.7B
MGI
60
MVI
51
MTI
38
MOI
61
Cap
$8.7B
Growth
+18%3
Fountaine Pajot S.A.ALFPC.FR🇫🇷
ROIC 96% · revenue +14%/yr · asset light
G 58V 85O 70Cap $184.2M
MGI
58
MVI
85
MTI
42
MOI
70
Cap
$184.2M
Growth
-8%4
Powell Industries, Inc.POWL🇺🇸
ROIC 96% · revenue +20%/yr · scale economics
G 59V 51O 59Cap $9.1B
MGI
59
MVI
51
MTI
50
MOI
59
Cap
$9.1B
Growth
+9%5
Rigel Pharmaceuticals, Inc.RIGL🇺🇸
ROIC 96% · revenue +13%/yr · asset light
G 61V 72O 67Cap $759.1M
MGI
61
MVI
72
MTI
43
MOI
67
Cap
$759.1M
Growth
-23%6
MeiraGTx Holdings plcMGTX🇺🇸
ROIC 95% · revenue +60%/yr · asset light
G 41V 56O 42Cap $1.3B
MGI
41
MVI
56
MTI
42
MOI
42
Cap
$1.3B
Growth
-85%7
Making Science Group, S.A.MAKS.ES🇪🇸
ROIC 94% · revenue +28%/yr · scale economics
G 20V 68O 21Cap $75.5M
MGI
20
MVI
68
MTI
63
MOI
21
Cap
$75.5M
Growth
+28%8
Monument Mining LimitedMMY.CA🇨🇦
ROIC 94% · revenue +57%/yr · asset light
G 36V 68O 38Cap $222.3M
MGI
36
MVI
68
MTI
55
MOI
38
Cap
$222.3M
Growth
+138%9
BQE Water Inc.BQE.CA🇨🇦
ROIC 94% · revenue +34%/yr · scale economics
G 64V 73O 71Cap $64.7M
MGI
64
MVI
73
MTI
38
MOI
71
Cap
$64.7M
Growth
-35%10
SN
Synektik S.A.SNT.PL🇵🇱
ROIC 93% · revenue +48%/yr · scale economics
G 73V 60O 76Cap $764M
MGI
73
MVI
60
MTI
46
MOI
76
Cap
$764M
Growth
+48%11
Lundin Gold Inc.LUG.CA🇨🇦
ROIC 92% · revenue +22%/yr · asset light
G 40V 52O 40Cap $17.1B
MGI
40
MVI
52
MTI
60
MOI
40
Cap
$17.1B
Growth
+66%12
Booking Holdings Inc.BKNG🇺🇸
ROIC 91% · revenue +21%/yr · asset light
G 60V 62O 67Cap $147.2B
MGI
60
MVI
62
MTI
48
MOI
67
Cap
$147.2B
Growth
+16%13
Daily Journal CorporationDJCO🇺🇸
ROIC 90% · revenue +14%/yr · asset light
G 53V 52O 53Cap $829.8M
MGI
53
MVI
52
MTI
47
MOI
53
Cap
$829.8M
Growth
+25%14
vTv Therapeutics Inc.VTVT🇺🇸
ROIC 90% · revenue +56%/yr · asset light
G 19V 64O 20Cap $133.5M
MGI
19
MVI
64
MTI
58
MOI
20
Cap
$133.5M
Growth
+56%15
Toast, Inc.TOST🇺🇸
ROIC 84% · revenue +32%/yr · scale economics
G 68V 61O 73Cap $18.1B
MGI
68
MVI
61
MTI
45
MOI
73
Cap
$18.1B
Growth
+22%16
D-BOX Technologies Inc.DBO.CA🇨🇦
ROIC 83% · revenue +27%/yr · asset light
G 62V 63O 66Cap $194.2M
MGI
62
MVI
63
MTI
45
MOI
66
Cap
$194.2M
Growth
+70%17
Manhattan Associates, Inc.MANH🇺🇸
ROIC 83% · revenue +11%/yr · asset light
G 52V 51O 52Cap $11.5B
MGI
52
MVI
51
MTI
28
MOI
52
Cap
$11.5B
Growth
+9%18
Planisware SAPLNW.FR🇫🇷
ROIC 83% · revenue +14%/yr · asset light
G 66V 55O 68Cap $2.1B
MGI
66
MVI
55
MTI
42
MOI
68
Cap
$2.1B
Growth
+8%19
PA
Passus S.A.PAS.PL🇵🇱
ROIC 81% · revenue +28%/yr · asset light
G 61V 83O 71Cap $55.8M
MGI
61
MVI
83
MTI
44
MOI
71
Cap
$55.8M
Growth
+28%20
Atour Lifestyle Holdings LtdATAT🇨🇳
ROIC 81% · revenue +38%/yr · scale economics
G 72V 66O 79Cap $4.7B
MGI
72
MVI
66
MTI
42
MOI
79
Cap
$4.7B
Growth
+48%21
Dave Inc.DAVE🇺🇸
ROIC 80% · revenue +33%/yr · asset light
G 61V 66O 66Cap $4.5B
MGI
61
MVI
66
MTI
62
MOI
66
Cap
$4.5B
Growth
+30%22
Catalyst Pharmaceuticals, Inc.CPRX🇺🇸
ROIC 79% · revenue +33%/yr · asset light
G 23V 52O 23Cap $3.4B
MGI
23
MVI
52
MTI
46
MOI
23
Cap
$3.4B
Growth
+33%23
AT
Atrem S.A.ATR.PL🇵🇱
ROIC 77% · revenue +24%/yr · scale economics
G 57V 66O 61Cap $119.2M
MGI
57
MVI
66
MTI
45
MOI
61
Cap
$119.2M
Growth
+24%24
Credo Technology Group Holding LtdCRDO🇺🇸
ROIC 77% · revenue +80%/yr · asset light
G 75V 46O 73Cap $48.5B
MGI
75
MVI
46
MTI
57
MOI
73
Cap
$48.5B
Growth
+157%25
GDEV Inc.GDEV🇨🇾
ROIC 76% · revenue +9%/yr · asset light
G 44V 70O 48Cap $246.4M
MGI
44
MVI
70
MTI
60
MOI
48
Cap
$246.4M
Growth
-4%26
Incyte CorporationINCY🇺🇸
ROIC 73% · revenue +14%/yr · asset light
G 51V 54O 52Cap $23.6B
MGI
51
MVI
54
MTI
55
MOI
52
Cap
$23.6B
Growth
+38%27
Dar Global PLCDAR.AE🇦🇪
ROIC 73% · revenue +89%/yr · scale economics
G 64V 66O 69Cap $1.4B
MGI
64
MVI
66
MTI
52
MOI
69
Cap
$1.4B
Growth
+124%28
The Vita Coco Company, Inc.COCO🇺🇸
ROIC 73% · revenue +13%/yr · scale economics
G 63V 55O 65Cap $3.8B
MGI
63
MVI
55
MTI
44
MOI
65
Cap
$3.8B
Growth
+37%29
Tatton Asset Management plcTAM.GB🇬🇧
ROIC 70% · revenue +14%/yr · scale economics
G 69V 65O 74Cap $527.6M
MGI
69
MVI
65
MTI
37
MOI
74
Cap
$527.6M
Growth
+20%30
Caris Life Sciences, Inc.CAI🇺🇸
ROIC 69% · revenue +48%/yr · asset light
G 72V 58O 75Cap $5.6B
MGI
72
MVI
58
MTI
45
MOI
75
Cap
$5.6B
Growth
+45%31
Indivior Pharmaceuticals, Inc.INDV🇺🇸
ROIC 69% · revenue +11%/yr · asset light
G 42V 58O 47Cap $4.6B
MGI
42
MVI
58
MTI
60
MOI
47
Cap
$4.6B
Growth
+19%32
Campine NVCAMB.BE🇧🇪
ROIC 69% · revenue +36%/yr · scale economics
G 42V 50O 42Cap $355.7M
MGI
42
MVI
50
MTI
65
MOI
42
Cap
$355.7M
Growth
+110%33
LP
LPP SALPP.PL🇵🇱
ROIC 68% · revenue +18%/yr · asset light
G 35V 81O 40Cap $1.9B
MGI
35
MVI
81
MTI
55
MOI
40
Cap
$1.9B
Growth
+18%34
Micron Technology, Inc.MU🇺🇸
ROIC 66% · revenue +25%/yr · asset light
G 34V 56O 36Cap $1.07T
MGI
34
MVI
56
MTI
52
MOI
36
Cap
$1.07T
Growth
+346%35
Sezzle Inc.SEZL🇺🇸
ROIC 66% · revenue +36%/yr · asset light
G 62V 56O 64Cap $5.1B
MGI
62
MVI
56
MTI
54
MOI
64
Cap
$5.1B
Growth
+36%36
Moury Construct S.A.MOUR.BE🇧🇪
ROIC 64% · revenue +14%/yr · scale economics
G 55V 65O 59Cap $298.7M
MGI
55
MVI
65
MTI
38
MOI
59
Cap
$298.7M
Growth
+34%37
Intercede Group plcIGP.GB🇬🇧
ROIC 64% · revenue +10%/yr · asset light
G 56V 55O 57Cap $95.9M
MGI
56
MVI
55
MTI
47
MOI
57
Cap
$95.9M
Growth
-11%38
Fresnillo plcFRES.MX🇲🇽
ROIC 64% · revenue +17%/yr · asset light
G 42V 42O 39Cap $28.3B
MGI
42
MVI
42
MTI
55
MOI
39
Cap
$28.3B
Growth
+31%39
Astera Labs, Inc.ALAB🇺🇸
ROIC 63% · revenue +118%/yr · asset light
G 73V 39O 68Cap $55.8B
MGI
73
MVI
39
MTI
55
MOI
68
Cap
$55.8B
Growth
+105%40
NG Energy International Corp.GASX.CA🇨🇦
ROIC 63% · revenue +54%/yr · scale economics
G 38V 61O 40Cap $274.7M
MGI
38
MVI
61
MTI
57
MOI
40
Cap
$274.7M
Growth
+48%41
Protagonist Therapeutics, Inc.PTGX🇺🇸
ROIC 63% · revenue +59%/yr · asset light
G 63V 43O 61Cap $9.0B
MGI
63
MVI
43
MTI
44
MOI
61
Cap
$9.0B
Growth
+3749%42
Remitly Global, Inc.RELY🇺🇸
ROIC 62% · revenue +32%/yr · asset light
G 60V 64O 65Cap $5.1B
MGI
60
MVI
64
MTI
52
MOI
65
Cap
$5.1B
Growth
+20%43
Protalix BioTherapeutics, Inc.PLX🇮🇱
ROIC 62% · revenue +16%/yr · asset light
G 45V 65O 48Cap $182.6M
MGI
45
MVI
65
MTI
57
MOI
48
Cap
$182.6M
Growth
+234%44
Auxly Cannabis Group Inc.XLY.CA🇨🇦
ROIC 62% · revenue +15%/yr · asset light
G 51V 70O 56Cap $199.8M
MGI
51
MVI
70
MTI
57
MOI
56
Cap
$199.8M
Growth
+22%45
RENK Group AGR3NK.DE🇩🇪
ROIC 62% · revenue +15%/yr · asset light
G 68V 59O 72Cap $5.4B
MGI
68
MVI
59
MTI
34
MOI
72
Cap
$5.4B
Growth
+4%46
R&S Group Holding AGRSGN.CH🇨🇭
ROIC 62% · revenue +38%/yr · scale economics
G 56V 65O 60Cap $816.2M
MGI
56
MVI
65
MTI
43
MOI
60
Cap
$816.2M
Growth
+47%47
IES Holdings, Inc.IESC🇺🇸
ROIC 61% · revenue +19%/yr · scale economics
G 64V 53O 65Cap $14.9B
MGI
64
MVI
53
MTI
45
MOI
65
Cap
$14.9B
Growth
+40%48
Duolingo, Inc.DUOL🇺🇸
ROIC 60% · revenue +35%/yr · asset light
G 68V 63O 73Cap $5.8B
MGI
68
MVI
63
MTI
45
MOI
73
Cap
$5.8B
Growth
+18%
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