Return on Invested Capital

By ADAM HAYES 

Updated November 02, 2023

Reviewed by MARGARET JAMES

Fact checked by MELODY KAZEL

投入资本回报率

作者：ADAM HAYES

更新时间：2023年11月2日

审阅人：MARGARET JAMES

事实核查人：MELODY KAZEL

 

What Is Return on Invested Capital (ROIC)?

什么是投入资本回报率？

 

Return on invested capital (ROIC) assesses a company's efficiency in allocating capital to profitable investments. It is calculated by dividing net operating profit after tax (NOPAT) by invested capital.

投入资本回报率（ROIC）评估的是公司的资本投资效率，可通过将税后净营业利润（NOPAT）除以投入资本计算得到。

 

ROIC gives a sense of how well a company is using its capital to generate profits. Comparing a company's ROIC with its weighted average cost of capital (WACC) reveals whether invested capital is being used effectively.

ROIC展现的是公司使用资本创造利润的能力。将一家公司的ROIC与其加权平均资本成本（WACC）相比较能够看出投入资本是否得到了有效利用。

 

KEY TAKEAWAYS

文章要点

 

Return on invested capital (ROIC) is a calculation used to determine how well a company allocates its capital to profitable projects or investments.

投入资本回报率是一种用于判断公司运用其资本投资可盈利项目或投资的能力的计算方法。

Seen another way, ROIC is the amount of money a company makes that is above the average cost it pays for its debt and equity capital.

从另一个角度来看，投入资本回报率指的是公司赚取的、高于其就其债务和股本支付的平均成本的数额。

To calculate ROIC, you divide net operating profit after tax (NOPAT) by invested capital.

计算投入资本回报率时，需要将税后净营业利润（NOPAT）除以投入资本。

ROIC can be used as a benchmark to calculate the value of other companies.

投入资本回报率可以作为计算其他公司价值的基准。

A company is thought to be creating value if its ROIC exceeds its weighted average cost of capital (WACC).

投入资本回报率高于加权平均资本成本的，公司被视为有创造价值。

 

ROIC Formula and Calculation

投入资本回报率计算公式

 

The formula for ROIC is:

投入资本回报率的计算公式为：

 

ROIC=NOPAT/Invested Capital

投入资本回报率=NOPAT/投入资本

 

where:

NOPAT=Net operating profit after tax

其中：

NOPAT=税后净营业利润

 

Written another way, ROIC = (net income – dividends) / (debt + equity). The ROIC formula is calculated by assessing the value in the denominator, total capital, which is the sum of a company's debt and equity.

换句话说，投入资本回报率=（净收益-股息）/（负债+股权）。投入资本回报率可通过衡量分母，即总资本（公司的负债和股本之和），的价值计算得出。

 

There are several ways to calculate this value. One is to subtract cash and non-interest-bearing current liabilities (NIBCL)—including tax liabilities and accounts payable, as long as these are not subject to interest or fees—from total assets.

还有其他一些方式可以计算得出这一值。一种是从总资产中减去现金和不计息流动负债（NIBCL）——包括税务责任和应付账款（只要无需就之支付任何利息或费用）。

 

Another method of calculating invested capital is to add the book value of a company's equity to the book value of its debt and then subtract non-operating assets, including cash and cash equivalents, marketable securities, and assets of discontinued operations.

另一种计算投入资本的方法是将公司股权的账面价值和负债的账面价值相加，然后再减去非经营性资产，包括现金及现金等价物、有价证券和终止经营的资产。

 

A final way to calculate invested capital is to obtain the working capital figure by subtracting current liabilities from current assets. Next, you obtain non-cash working capital by subtracting cash from the working capital value you just calculated. Finally, non-cash working capital is added to a company's fixed assets.

计算投入资本的最后一种方法是先从流动资产中减去流动债务，得到流动资金，然后再从刚刚计算得到的流动资金中减去现金数额，得到非现金流动资金，最后再将非现金流动资金与公司的固定资产相加。

 

An ROIC higher than the cost of capital means a company is healthy and growing, while an ROIC lower than the cost of capital suggests an unsustainable business model.

高于资本成本的投入资本回报率表明公司处于健康发展状态，而低于资本成本的投入资本回报率则表明公司的商业模式是不可持续的。

 

The value in the numerator can also be calculated in several ways. The most straightforward way is to subtract dividends from a company's net income.

分子的值也可通过多种方式计算得出。最直接的方法就是从公司的净收益中减去股息。

 

On the other hand, because a company may have benefited from a one-time source of income unrelated to its core business—a windfall from foreign exchange rate fluctuations, for example—it is often preferable to look at net operating profit after taxes (NOPAT). NOPAT is calculated by adjusting the operating profit for taxes:

另一方面，由于公司可能会存在与其主营业务无关的一次性收入来源——例如，外汇汇率的波动带来的意外之财——所以，使用税后净营业利润是更受欢迎的方法。税后净营业利润可通过扣除营业利润的税费后得出：

 

NOPAT = (operating profit) x (1 – effective tax rate)

税后净营业利润=（营业利润）X（1——实际税率）

 

Many companies will report their effective tax rates for the quarter or fiscal year in their earnings releases, but not all companies do this—meaning it may be necessary to calculate the rate by dividing a company's tax expense by net income.

许多公司都会在其当季或当年的财报中公布实际税率，但并非所有的公司都会如此做——这意味着可能有必要通过将公司的税务支出除以净收益来计算税率。

 

Example of ROIC

投入资本回报率示例

 

Target Corporation (TGT) calculates its ROIC directly in its 10-K, showing the components that went into the calculation:

TGT公司在其10-K报表中计算了其投入资本回报率，在计算这一数值时采用的科目如下：

 

The ROIC calculation begins with operating income, then adds nets other income to get EBIT. Operating lease interest is then added back and income taxes subtracted to get NOPAT. Target's invested capital includes shareholder equity, long-term debt, and operating lease liabilities. Target subtracts cash and cash equivalents from the sum of those figures to get its invested capital.

投入资本回报率的计算从营业收益开始，先将其与其他净收益相加得到EBIT。然后加回经营租赁利息，再减去所得税，得到NOPAT。目标公司的已投入资本包括股东权益、长期负债、经营租赁负债。从这些数值之和中减去现金及现金等价物就可以得到其已投入资本。

 

What ROIC Can Tell You

投入资本回报率可以告诉你什么

 

ROIC is always calculated as a percentage and is usually expressed as an annualized or trailing 12-month value. It should be compared to a company's cost of capital to determine whether the company is creating value.

投入资本回报率总是以百分比计算的，且通常以年化或截至最近的连续12个月的数值表示。它应与公司的资本成本进行比较，以确定公司是否有创造价值。

 

If ROIC is greater than a firm's weighted average cost of capital (WACC)—the most commonly used cost of capital metric—value is being created and these firms will trade at a premium. A common benchmark for evidence of value creation is a return of two percentage points above the firm's cost of capital.

如果投入资本回报率高于公司的加权平均资本成本——最常用的资本成本指标——则公司有创造价值且将溢价交易。价值创造证据的另一个常见基准是比公司资本成本高两个百分点的回报率。

 

Some firms run at a zero-return level, and while they may not be destroying value, these companies have no excess capital to invest in future growth.

一些公司会以零收益的水平运营。尽管它们可能并未摧毁价值，但这些公司可能会没有多余的资本可用于投资未来的增长。

 

To get a better idea of what a decent or acceptable ROIC is, you can compare companies operating in the same sector. If a company consistently delivers higher ROIC than its peer group, it generally means it is better run and more profitable. In the case of mature, established companies, comparing current ROIC to past ROIC can also be useful.

想要更好的了解什么样的投入资本回报率是体面或可接受的，你可以对同一领域的公司进行比较。如果一家公司的投入资本回报率一直比其同行业公司高，那么这通常意味着它运营得很不错，利润更高。对于成熟的老牌公司而言，将当前的投入资本回报率和过去的投入资本回报率进行比较也是有用的。

 

ROIC can vary considerably by industry and is particularly important when looking at companies that invest capital more intensively.

投入资本回报率因行业而异，在考察资本投入更密集的公司时尤为重要。

 

ROIC Works Well Alongside Valuation Metrics

投入资本回报率与估值指标适配度很高

 

ROIC provides the necessary context for other metrics such as the price-to-earnings (P/E) ratio. Viewed in isolation, the P/E ratio might suggest a company is oversold, but the decline could be because the company is no longer generating value for shareholders at the same rate (or at all). On the other hand, companies that consistently generate high rates of return on capital invested probably deserve to trade at a premium compared to other stocks.

投入资本回报率为市盈率等其他指标提供了必要的背景信息。单独来看，市盈率可能表明一家公司存在超卖，但下降也可能是因为公司不再以同样的速度（或根本没有）为股东创造价值。另一方面，与其他股票相比，持续产生高资本回报率的公司可能应该以溢价交易。

 

Limitations of ROIC

投入资本回报率的局限性

 

ROIC is one of the most important and informative valuation metrics to calculate. However, it is more important for some sectors than others. Some companies, such as those that operate oil rigs or manufacture semiconductors, invest capital much more intensively than those that require less equipment.

投入资本回报率是最重要和信息量最大的估值指标之一。然而，它对一些领域的重要性要比对另一些领域的更高。一些公司，如那些经营石油钻塔或生产半导体设备的公司，会比那些需要较少设备的公司投入更多的资本。

 

A major downside of this metric is that it tells nothing about what segment of the business is generating value. If you make your calculation based on net income (minus dividends) instead of NOPAT, the result can be even more opaque, since the return may derive from a single, non-recurring event.

这一指标存在的一个主要缺点是，它无法说明到底是业务的哪个分部在创造价值。如果基于净收益（减去股息）而非NOPAT进行计算，结果可能会更加难懂，因为收入可能源自某一单一的非经常性事件。

 

What Is Invested Capital?

什么是投入资本？

 

Invested capital is the total amount of money raised by a company by issuing securities—which is the sum of the company's equity, debt, and capital lease obligations. Invested capital is not a line item in the company's financial statement because debt, capital leases, and stockholder’s equity are each listed separately on the balance sheet.

投入资本是公司通过发行证券筹集的资金总额——是公司股权、债务和资本租赁义务的总和。投入资本不是公司财务报表中的项目，这是因为债务、资本租赁和股东权益都是在资产负债表中单独列出的。

 

What Does Return on Invested Capital Tell You?

投入资本回报率能够告诉你什么？

 

Return on invested capital (ROIC) determines how efficiently a company puts the capital under its control toward profitable investments or projects. The ROIC ratio gives a sense of how well a company is using the money it has raised externally to generate returns. Comparing a company's return on invested capital with its weighted average cost of capital (WACC) reveals whether invested capital is being used effectively.

投入资本回报率决定的是公司将资本投入盈利投资或项目的效率。投入资本回报率能让人了解一家公司运用其外部筹集资金创造收益的能力。将一家公司的投入资本回报率和加权平均资本成本相比较，可以看出投资资本是否得到了有效利用。

 

How Do You Compute ROIC?

如何计算投入资本回报率？

 

The ROIC formula is net operating profit after tax (NOPAT) divided by invested capital. Companies with a steady or improving return on capital are unlikely to put significant amounts of new capital to work.

投入资本回报率的计算公式为税后净营业利润（NOPAT）除以投入资本。资本回报率稳定或不断提高的公司不太可能投入大量新资本。

 

The Bottom Line

关键信息

 

ROIC is a popular financial metric. It tells us how well a company uses its capital and whether it is creating value with its investments. At a minimum, a company’s ROIC should be higher than its cost of capital. If it consistently isn’t, the business model is not sustainable.

投入资本回报率是一个受欢迎的金融指标。它能够告诉我们一家公司是如何使用其资本的以及其投资是否有创造价值。一家公司的投入资本回报至少应高于其资本成本。如果一直不能达到这一点，则这一业务模式是不可持续的。

 

ROIC is particularly useful when examining companies that invest a large amount of capital. Moreover, like many metrics, it is more informative when used to compare similar companies operating in the same sector. Often, the companies in a sector with the highest ROICs will trade at a premium.

在研究存在大量资本投资的公司时，投入资本回报率特别有用。此外，和许可指标一样，当用于比较同一领域的可比公司时，投入资本回报率能提供更多信息。通常，投入资本回报率最高的行业中的公司会溢价交易。