{
  "reviewed": "2026-10-19",
  "publisher": "Aswath Damodaran, NYU Stern",
  "geography": "US",
  "units": "ROIC and WACC as decimal fractions; spread = ROIC minus WACC",
  "requested_window": "1975–2026",
  "requested_window_available": false,
  "historical_window": {
    "first": 2015,
    "last": 2026,
    "observations": 12,
    "method": "Unweighted arithmetic mean of the 12 published annual industry ratios and the same 12 WACC snapshots. Each annual ROIC is already based on aggregate sector earnings/capital; the mean is not a pooled 12-year earnings/capital ratio, company-weighted mean, time-series investment return, or risk-free benchmark.",
    "limitation": "Industry membership and data providers can change across snapshots. This is an average of published sector snapshots under the same explicit return column, not a fixed-company panel. Each vintage generally uses available TTM accounting data from the preceding year."
  },
  "timing": "January 2026 dataset, primarily latest available trailing 12-month accounting data through Q3 2025, with prior year-end market values. This is not full-year 2026 profitability.",
  "roic_definition": "Aggregated operating profits adjusted for leases treated as debt and R&D as capital expense, after effective taxes, divided by aggregate book invested capital.",
  "wacc_definition": "Cost of equity × E/(D+E) + pre-tax cost of debt × (1-marginal tax rate) × D/(D+E), using aggregate market equity and debt including leases.",
  "aggregation": "Ratio of aggregate sector operating earnings to aggregate sector invested capital, not the simple average of company ROICs.",
  "exclusions": [
    "Bank (Money Center)",
    "Banks (Regional)",
    "Brokerage & Investment Banking",
    "Financial Svcs. (Non-bank & Insurance)",
    "Insurance (General)",
    "Insurance (Life)",
    "Insurance (Prop/Cas.)",
    "Investments & Asset Management",
    "Reinsurance"
  ],
  "missing_common_categories": [
    "Publishing & Newspapers",
    "Retail (REITs)"
  ],
  "sources": [
    {
      "file": "roc14.xls",
      "url": "https://pages.stern.nyu.edu/~adamodar/pc/archives/roc14.xls",
      "sha256": "70b6745bd1e30b29829dd2873940ec4fbaf1a834f4189392df9ffe82bc64e209",
      "internal_date": "2015-01-05"
    },
    {
      "file": "roc15.xls",
      "url": "https://pages.stern.nyu.edu/~adamodar/pc/archives/roc15.xls",
      "sha256": "c2fb249dd7e5a0f2ecfcdc4563b6b20683e59f4b26c45527f3cb8b7f334bc1fb",
      "internal_date": "2016-01-05"
    },
    {
      "file": "roc16.xls",
      "url": "https://pages.stern.nyu.edu/~adamodar/pc/archives/roc16.xls",
      "sha256": "2f5d3f7141ac4a2ec32c1542592a99f75627d9cac4277eb61c274350fcd7f5f2",
      "internal_date": "2017-01-05"
    },
    {
      "file": "roc17.xls",
      "url": "https://pages.stern.nyu.edu/~adamodar/pc/archives/roc17.xls",
      "sha256": "9fe9aab4f6fde5946884678d372f0aac63b7cb8a45f2227ce33f839483b07023",
      "internal_date": "2018-01-05"
    },
    {
      "file": "roc18.xls",
      "url": "https://pages.stern.nyu.edu/~adamodar/pc/archives/roc18.xls",
      "sha256": "ba973263835f111f243a8e368c9d747ca22c59c777b2ff7e9a5015dced40f0ba",
      "internal_date": "2019-01-05"
    },
    {
      "file": "roc19.xls",
      "url": "https://pages.stern.nyu.edu/~adamodar/pc/archives/roc19.xls",
      "sha256": "c25377e20418ce46e3349fd1fdeacec74bdd3c52aa68cdb4ea7a762342400de6",
      "internal_date": "2020-01-05"
    },
    {
      "file": "roc20.xls",
      "url": "https://pages.stern.nyu.edu/~adamodar/pc/archives/roc20.xls",
      "sha256": "009f8331366fc2f217560fd54f8433be0b8157ef9014b12b32d203149171fc9c",
      "internal_date": "2021-01-05"
    },
    {
      "file": "roc21.xls",
      "url": "https://pages.stern.nyu.edu/~adamodar/pc/archives/roc21.xls",
      "sha256": "7561d97bfd3e53441a0b9707f4b96010287967708b49172d139e22f1904b962a",
      "internal_date": "2022-01-05"
    },
    {
      "file": "roc22.xls",
      "url": "https://pages.stern.nyu.edu/~adamodar/pc/archives/roc22.xls",
      "sha256": "2a3b42beec398da69c8c7bd516caff6fb56fe547765f4a4053ba3258abc306ff",
      "internal_date": "2023-01-05"
    },
    {
      "file": "roc23.xls",
      "url": "https://pages.stern.nyu.edu/~adamodar/pc/archives/roc23.xls",
      "sha256": "87d7f48a52fd9ffa9b550115f49eebd36389cd440a60285c9628319f99e80d1e",
      "internal_date": "2024-01-05"
    },
    {
      "file": "roc24.xls",
      "url": "https://pages.stern.nyu.edu/~adamodar/pc/archives/roc24.xls",
      "sha256": "108cb356eaf84b3a04510c0c9ed834ff4fd509a4101b1593a4001ca6456aa3e9",
      "internal_date": "2025-01-05"
    },
    {
      "file": "wacc14.xls",
      "url": "https://pages.stern.nyu.edu/~adamodar/pc/archives/wacc14.xls",
      "sha256": "eb38e563ef66deca0c2392e2de97c4a40bcb1ca7b0b3c90ea7b0b85f88749f1e",
      "internal_date": "2015-01-05"
    },
    {
      "file": "wacc15.xls",
      "url": "https://pages.stern.nyu.edu/~adamodar/pc/archives/wacc15.xls",
      "sha256": "5974f606e12bd1cb8e2a6c7cb1d9a2cd3fd79ed97d5e840221c08a136f1fdd22",
      "internal_date": "2016-01-05"
    },
    {
      "file": "wacc16.xls",
      "url": "https://pages.stern.nyu.edu/~adamodar/pc/archives/wacc16.xls",
      "sha256": "9606e3f072171e17dd9c0dc00776c21b3b9d713249dc4b64ee8b5c36f27bdfde",
      "internal_date": "2017-01-05"
    },
    {
      "file": "wacc17.xls",
      "url": "https://pages.stern.nyu.edu/~adamodar/pc/archives/wacc17.xls",
      "sha256": "63847d210598940f649f9ad58dd08a20bf7bec009bbf1680b50fabd1fc41a96c",
      "internal_date": "2018-01-05"
    },
    {
      "file": "wacc18.xls",
      "url": "https://pages.stern.nyu.edu/~adamodar/pc/archives/wacc18.xls",
      "sha256": "eccf799b2619d020680f9b20b146964cf544a1df2029ba929ff01fc38545a31f",
      "internal_date": "2019-01-05"
    },
    {
      "file": "wacc19.xls",
      "url": "https://pages.stern.nyu.edu/~adamodar/pc/archives/wacc19.xls",
      "sha256": "345f80f7a5f35c63c8e309cb5bc130932c1d64721b6adf45c52173fd2d69c227",
      "internal_date": "2020-01-05"
    },
    {
      "file": "wacc20.xls",
      "url": "https://pages.stern.nyu.edu/~adamodar/pc/archives/wacc20.xls",
      "sha256": "21ad1f8dbdb15c5347ab0939100a323e9f16bd41690e75148eafc14b74d4e4da",
      "internal_date": "2021-01-05"
    },
    {
      "file": "wacc21.xls",
      "url": "https://pages.stern.nyu.edu/~adamodar/pc/archives/wacc21.xls",
      "sha256": "bd22c3ca13a91b7c525d99eeb93230fd0c108de595c6f3088de6edaec657b912",
      "internal_date": "2022-01-05"
    },
    {
      "file": "wacc22.xls",
      "url": "https://pages.stern.nyu.edu/~adamodar/pc/archives/wacc22.xls",
      "sha256": "d5a414ec7d32a58a9ddd6462b3881dad7bf58e58c2907eaabc382fafe2e522a8",
      "internal_date": "2023-01-05"
    },
    {
      "file": "wacc23.xls",
      "url": "https://pages.stern.nyu.edu/~adamodar/pc/archives/wacc23.xls",
      "sha256": "c90415a00ef016f0f6632320b34d3fb43ec3d84a5901c7560bc457317c8eef4e",
      "internal_date": "2024-01-05"
    },
    {
      "file": "wacc24.xls",
      "url": "https://pages.stern.nyu.edu/~adamodar/pc/archives/wacc24.xls",
      "sha256": "812345650229c0a1c50921f5bab7ea3198dd5f48f05e7956d175cb349a508dea",
      "internal_date": "2025-01-05"
    },
    {
      "file": "roc.xls",
      "url": "https://pages.stern.nyu.edu/~adamodar/pc/datasets/roc.xls",
      "sha256": "8f9b081f5dbb70657a7ce702125705bea2b68f4808725ace4f50601407704bc2",
      "internal_date": "2026-01-05"
    },
    {
      "file": "wacc.xls",
      "url": "https://pages.stern.nyu.edu/~adamodar/pc/datasets/wacc.xls",
      "sha256": "d38b149c731bba6847d077ef67c9a4bfa0a54f947ba480b2f9ea89f5451d39a6",
      "internal_date": "2026-01-05"
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  ],
  "source_links": {
    "roc": "https://pages.stern.nyu.edu/~adamodar/New_Home_Page/datafile/roc.html",
    "eva": "https://pages.stern.nyu.edu/~adamodar/New_Home_Page/datafile/EVA.html",
    "wacc": "https://pages.stern.nyu.edu/~adamodar/New_Home_Page/datafile/wacc.html",
    "timing": "https://pages.stern.nyu.edu/~adamodar/New_Home_Page/datacurrent.html",
    "definitions": "https://pages.stern.nyu.edu/~adamodar/New_Home_Page/datafile/variable.htm",
    "background": "https://pages.stern.nyu.edu/~adamodar/New_Home_Page/datahistory.html",
    "archive_index": "https://pages.stern.nyu.edu/~adamodar/New_Home_Page/dataarchived.html",
    "earliest_listed_eva": "https://pages.stern.nyu.edu/~adamodar/pc/archives/EVA98.xls",
    "earliest_listed_wacc": "https://pages.stern.nyu.edu/~adamodar/pc/archives/wacc98.xls",
    "2014_roc": "https://pages.stern.nyu.edu/~adamodar/pc/archives/roc13.xls",
    "2015_roc": "https://pages.stern.nyu.edu/~adamodar/pc/archives/roc14.xls",
    "2015_wacc": "https://pages.stern.nyu.edu/~adamodar/pc/archives/wacc14.xls",
    "current_roc": "https://pages.stern.nyu.edu/~adamodar/pc/datasets/roc.xls",
    "current_wacc": "https://pages.stern.nyu.edu/~adamodar/pc/datasets/wacc.xls"
  },
  "source_caveat": "Utility (Water) uses the dedicated ROC workbook; the EVA workbook contains a mismatching ROC for that row. The ROC HTML footer has a stale 2025 date; the analysis header and workbooks are dated January 2026.",
  "history": [
    {
      "industry": "Tobacco",
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      "wacc": 0.08214230067562596,
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        {
          "year": 2015,
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  "company_comparisons": {
    "location": "Shown on the Session 3 page only, each row credited and linked to its GuruFocus source. Provider company figures are not included in this download.",
    "terms": "https://www.gurufocus.com/term-of-use"
  }
}
