What ROIC and WACC mean, and how to read “Returns above the cost of capital”.
1:48 · with sound
Find companies earning above their cost of capital
Lenders and shareholders expect a return on the money they provide: the cost of capital. A company earning more than that is creating value.
Whole company
ROIC − WACC
Does the business earn more than the cost of all its capital, including debt?
PBR
Filter below 1
Among companies trading below book value, find those earning above their cost of capital.
ROIC versus WACC
Showing 24 of 3,649 · Largest spread first
Retrieved:
About the figures on this page
- Note: costs of capital (WACC and cost of equity) are estimates based on stated assumptions. Ordering by spread does not indicate investment priority.
- ROIC = after-tax operating profit ÷ invested capital (interest-bearing debt + net assets including non-controlling interests, average of opening and closing), so both sides cover the whole group. WACC weights the cost of debt and cost of equity by the capital mix. Cost of equity uses CAPM (10-year JGB as the risk-free rate, Damodaran’s Japan market risk premium, adjusted beta). Financials and companies whose financing business cannot be separated are excluded.
- Chiyoda Corporation6366 · Construction
Spread
+54.75 pt
- ROIC
- 61.36%
- WACC
- 6.62%
- PBR
- 4.62x
2022-03ROIC 10.3%Current WACC 6.6%Spread +3.6pt2023-03ROIC 22.5%Current WACC 6.6%Spread +15.9pt2024-03ROIC -25.9%Current WACC 6.6%Spread -32.5pt2025-03ROIC 43.4%Current WACC 6.6%Spread +36.8pt2026-03ROIC 61.4%Current WACC 6.6%Spread +54.7pt2223242526Above WACC in 4 of 5 years
Dashed line: current WACC 6.6%
- ANYCOLOR Inc.5032 · Information & Communication
Spread
+51.26 pt
- ROIC
- 57.66%
- WACC
- 6.40%
- PBR
- 6.75x
2022-04ROIC 42.7%Current WACC 6.4%Spread +36.3pt2023-04ROIC 64.4%Current WACC 6.4%Spread +58.0pt2024-04ROIC 51.7%Current WACC 6.4%Spread +45.3pt2025-04ROIC 54.4%Current WACC 6.4%Spread +48.0pt2026-04ROIC 57.7%Current WACC 6.4%Spread +51.3pt2223242526Above WACC in 5 of 5 years
Dashed line: current WACC 6.4%
- RAKUS Co.,Ltd.3923 · Information & Communication
Spread
+42.43 pt
- ROIC
- 50.35%
- WACC
- 7.92%
- PBR
- 10.54x
2022-03ROIC 13.4%Current WACC 7.9%Spread +5.5pt2023-03ROIC 12.7%Current WACC 7.9%Spread +4.8pt2024-03ROIC 32.6%Current WACC 7.9%Spread +24.6pt2025-03ROIC 39.1%Current WACC 7.9%Spread +31.2pt2026-03ROIC 50.4%Current WACC 7.9%Spread +42.4pt2223242526Above WACC in 5 of 5 years
Dashed line: current WACC 7.9%
- Reiwa Accounting Holdings Co.,Ltd.296A · Services
Spread
+42.09 pt
- ROIC
- 47.77%
- WACC
- 5.68%
- PBR
- 20.24x
2022Not listed2023Not listed2024Not listed2025-03ROIC 33.4%Current WACC 5.7%Spread +27.7pt2026-03ROIC 47.8%Current WACC 5.7%Spread +42.1pt2223242526Above WACC in 2 of 2 years
Dashed line: current WACC 5.7%
- Cybozu,Inc.4776 · Information & Communication
Spread
+41.26 pt
- ROIC
- 47.96%
- WACC
- 6.70%
- PBR
- 8.43x
2021-12ROIC 13.5%Current WACC 6.7%Spread +6.8pt2022-12ROIC 4.8%Current WACC 6.7%Spread -1.9pt2023-12ROIC 23.1%Current WACC 6.7%Spread +16.4pt2024-12ROIC 29.9%Current WACC 6.7%Spread +23.2pt2025-12ROIC 48.0%Current WACC 6.7%Spread +41.3pt2122232425Above WACC in 4 of 5 years
Dashed line: current WACC 6.7%
- ADVANTEST CORPORATION6857 · Electric Appliances
Spread
+40.09 pt
- ROIC
- 49.35%
- WACC
- 9.26%
- PBR
- 23.92x
2022-03ROIC 25.5%Current WACC 9.3%Spread +16.2pt2023-03ROIC 31.0%Current WACC 9.3%Spread +21.7pt2024-03ROIC 12.1%Current WACC 9.3%Spread +2.8pt2025-03ROIC 28.4%Current WACC 9.3%Spread +19.1pt2026-03ROIC 49.3%Current WACC 9.3%Spread +40.1pt2223242526Above WACC in 5 of 5 years
Dashed line: current WACC 9.3%
- TENTIAL Inc.325A · Textiles & Apparels
Spread
+39.78 pt
- ROIC
- 47.32%
- WACC
- 7.53%
- PBR
- 4.99x
2022Not listed2023Not listed2024Not listed2025-08Unavailable2026-08ROIC 47.3%Current WACC 7.5%Spread +39.8pt2223242526Above WACC in 1 of 1 years
Dashed line: current WACC 7.5%
- ROBOT PAYMENT INC.4374 · Information & Communication
Spread
+38.39 pt
- ROIC
- 45.00%
- WACC
- 6.61%
- PBR
- 5.68x
2021-12ROIC 21.3%Current WACC 6.6%Spread +14.7pt2022-12ROIC -6.6%Current WACC 6.6%Spread -13.2pt2023-12ROIC 23.4%Current WACC 6.6%Spread +16.8pt2024-12ROIC 35.1%Current WACC 6.6%Spread +28.5pt2025-12ROIC 45.0%Current WACC 6.6%Spread +38.4pt2122232425Above WACC in 4 of 5 years
Dashed line: current WACC 6.6%
- CELSYS,Inc.3663 · Information & Communication
Spread
+36.78 pt
- ROIC
- 43.18%
- WACC
- 6.40%
- PBR
- 10.25x
2021-12ROIC 18.3%Current WACC 6.4%Spread +11.9pt2022-12ROIC 14.0%Current WACC 6.4%Spread +7.6pt2023-12ROIC 12.9%Current WACC 6.4%Spread +6.5pt2024-12ROIC 25.2%Current WACC 6.4%Spread +18.8pt2025-12ROIC 43.2%Current WACC 6.4%Spread +36.8pt2122232425Above WACC in 5 of 5 years
Dashed line: current WACC 6.4%
- Quants Research Institute Holdings,Inc.9552 · Services
Spread
+36.09 pt
- ROIC
- 44.91%
- WACC
- 8.82%
- PBR
- 14.97x
2021Not listed2022-09ROIC 48.0%Current WACC 8.8%Spread +39.2pt2023-09ROIC 73.1%Current WACC 8.8%Spread +64.3pt2024-09ROIC 79.7%Current WACC 8.8%Spread +70.9pt2025-09ROIC 44.9%Current WACC 8.8%Spread +36.1pt2122232425Above WACC in 4 of 4 years
Dashed line: current WACC 8.8%
- ChatPlus Co., Ltd.598A · Sector unavailable
Spread
+34.84 pt
- ROIC
- 46.72%
- WACC
- 11.88%
- PBR
- 6.54x
2022Not listed2023Not listed2024Not listed2025Not listed2026-06ROIC 46.7%Current WACC 11.9%Spread +34.8pt2223242526Above WACC in 1 of 1 years
Dashed line: current WACC 11.9%
- ZOZO,Inc.3092 · Retail Trade
Spread
+34.59 pt
- ROIC
- 39.56%
- WACC
- 4.96%
- PBR
- 10.92x
2022-03ROIC 46.1%Current WACC 5.0%Spread +41.1pt2023-03ROIC 45.8%Current WACC 5.0%Spread +40.9pt2024-03ROIC 41.7%Current WACC 5.0%Spread +36.7pt2025-03ROIC 40.6%Current WACC 5.0%Spread +35.6pt2026-03ROIC 39.6%Current WACC 5.0%Spread +34.6pt2223242526Above WACC in 5 of 5 years
Dashed line: current WACC 5.0%
- JAC Recruitment Co.,Ltd.2124 · Services
Spread
+34.55 pt
- ROIC
- 40.45%
- WACC
- 5.89%
- PBR
- 8.18x
2021-12ROIC 29.5%Current WACC 5.9%Spread +23.6pt2022-12ROIC 34.1%Current WACC 5.9%Spread +28.2pt2023-12ROIC 35.1%Current WACC 5.9%Spread +29.2pt2024-12ROIC 36.0%Current WACC 5.9%Spread +30.1pt2025-12ROIC 40.4%Current WACC 5.9%Spread +34.6pt2122232425Above WACC in 5 of 5 years
Dashed line: current WACC 5.9%
- GMO internet,Inc.4784 · Services
Spread
+34.49 pt
- ROIC
- 41.19%
- WACC
- 6.70%
- PBR
- 4.59x
2021-12ROIC 6.5%Current WACC 6.7%Spread -0.2pt2022-12ROIC 9.4%Current WACC 6.7%Spread +2.7pt2023-12ROIC -0.3%Current WACC 6.7%Spread -7.0pt2024-12ROIC 1.9%Current WACC 6.7%Spread -4.8pt2025-12ROIC 41.2%Current WACC 6.7%Spread +34.5pt2122232425Above WACC in 2 of 5 years
Dashed line: current WACC 6.7%
- Globe-ing Inc.277A · Services
Spread
+31.91 pt
- ROIC
- 37.89%
- WACC
- 5.98%
- PBR
- 6.88x
2022Not listed2023Not listed2024Not listed2025-05ROIC 33.4%Current WACC 6.0%Spread +27.4pt2026-05ROIC 37.9%Current WACC 6.0%Spread +31.9pt2223242526Above WACC in 2 of 2 years
Dashed line: current WACC 6.0%
- PROGRIT Inc.9560 · Services
Spread
+31.43 pt
- ROIC
- 36.81%
- WACC
- 5.37%
- PBR
- 5.80x
2022-08ROIC 34.7%Current WACC 5.4%Spread +29.4pt2023-08ROIC 36.3%Current WACC 5.4%Spread +31.0pt2024-08ROIC 36.1%Current WACC 5.4%Spread +30.7pt2025-08ROIC 37.8%Current WACC 5.4%Spread +32.5pt2026-08ROIC 36.8%Current WACC 5.4%Spread +31.4pt2223242526Above WACC in 5 of 5 years
Dashed line: current WACC 5.4%
- HENNGE K.K.4475 · Information & Communication
Spread
+31.32 pt
- ROIC
- 36.97%
- WACC
- 5.65%
- PBR
- 14.46x
2021-09ROIC 14.5%Current WACC 5.6%Spread +8.9pt2022-09ROIC 16.4%Current WACC 5.6%Spread +10.8pt2023-09ROIC 22.1%Current WACC 5.6%Spread +16.4pt2024-09ROIC 26.7%Current WACC 5.6%Spread +21.0pt2025-09ROIC 37.0%Current WACC 5.6%Spread +31.3pt2122232425Above WACC in 5 of 5 years
Dashed line: current WACC 5.6%
- Ascentech K.K.3565 · Wholesale Trade
Spread
+31.03 pt
- ROIC
- 38.22%
- WACC
- 7.19%
- PBR
- 3.54x
2022-01ROIC 22.3%Current WACC 7.2%Spread +15.1pt2023-01ROIC 17.0%Current WACC 7.2%Spread +9.8pt2024-01ROIC 14.8%Current WACC 7.2%Spread +7.6pt2025-01ROIC 16.6%Current WACC 7.2%Spread +9.4pt2026-01ROIC 38.2%Current WACC 7.2%Spread +31.0pt2223242526Above WACC in 5 of 5 years
Dashed line: current WACC 7.2%
- Reskill Corp.291A · Services
Spread
+30.50 pt
- ROIC
- 38.17%
- WACC
- 7.67%
- PBR
- 1.80x
2022Not listed2023Not listed2024Not listed2025-03ROIC 33.9%Current WACC 7.7%Spread +26.2pt2026-03ROIC 38.2%Current WACC 7.7%Spread +30.5pt2223242526Above WACC in 2 of 2 years
Dashed line: current WACC 7.7%
- WILLs Inc.4482 · Information & Communication
Spread
+30.36 pt
- ROIC
- 35.80%
- WACC
- 5.45%
- PBR
- 4.72x
2021-12ROIC 25.0%Current WACC 5.4%Spread +19.5pt2022-12ROIC 26.3%Current WACC 5.4%Spread +20.8pt2023-12ROIC 30.5%Current WACC 5.4%Spread +25.0pt2024-12ROIC 31.0%Current WACC 5.4%Spread +25.6pt2025-12ROIC 35.8%Current WACC 5.4%Spread +30.4pt2122232425Above WACC in 5 of 5 years
Dashed line: current WACC 5.4%
- Insource Co.,Ltd.6200 · Services
Spread
+30.33 pt
- ROIC
- 37.33%
- WACC
- 7.00%
- PBR
- 4.38x
2021-09ROIC 45.6%Current WACC 7.0%Spread +38.6pt2022-09ROIC 44.4%Current WACC 7.0%Spread +37.4pt2023-09ROIC 39.3%Current WACC 7.0%Spread +32.3pt2024-09ROIC 38.7%Current WACC 7.0%Spread +31.7pt2025-09ROIC 37.3%Current WACC 7.0%Spread +30.3pt2122232425Above WACC in 5 of 5 years
Dashed line: current WACC 7.0%
- m-up holdings,Inc.3661 · Information & Communication
Spread
+29.93 pt
- ROIC
- 35.56%
- WACC
- 5.62%
- PBR
- 7.25x
2022-03ROIC 24.0%Current WACC 5.6%Spread +18.4pt2023-03ROIC 24.2%Current WACC 5.6%Spread +18.6pt2024-03ROIC 28.8%Current WACC 5.6%Spread +23.2pt2025-03ROIC 35.9%Current WACC 5.6%Spread +30.2pt2026-03ROIC 35.6%Current WACC 5.6%Spread +29.9pt2223242526Above WACC in 5 of 5 years
Dashed line: current WACC 5.6%
- eWeLL Co.,Ltd.5038 · Information & Communication
Spread
+29.54 pt
- ROIC
- 37.21%
- WACC
- 7.67%
- PBR
- 9.90x
2021Not listed2022-12ROIC 40.4%Current WACC 7.7%Spread +32.7pt2023-12ROIC 42.7%Current WACC 7.7%Spread +35.0pt2024-12ROIC 37.9%Current WACC 7.7%Spread +30.3pt2025-12ROIC 37.2%Current WACC 7.7%Spread +29.5pt2122232425Above WACC in 4 of 4 years
Dashed line: current WACC 7.7%
- ERI HOLDINGS CO.,LTD.6083 · Services
Spread
+29.17 pt
- ROIC
- 34.77%
- WACC
- 5.60%
- PBR
- 3.60x
2022-05ROIC 29.5%Current WACC 5.6%Spread +23.9pt2023-05ROIC 25.9%Current WACC 5.6%Spread +20.4pt2024-05ROIC 18.0%Current WACC 5.6%Spread +12.4pt2025-05ROIC 16.9%Current WACC 5.6%Spread +11.3pt2026-05ROIC 34.8%Current WACC 5.6%Spread +29.2pt2223242526Above WACC in 5 of 5 years
Dashed line: current WACC 5.6%
Company / sector
ROIC
WACC
Spread
ROIC, 5 years
PBR
Review
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Reading the spread
- A positive spread means the company earns more than its cost of capital; a negative one means it falls short.
- Capital intensity differs by industry, so compare within a sector first.
- Don’t judge on one year: check in the trends whether ROIC and ROE stay high.
Coverage and cautions
Up to 24 Japanese companies with a computable spread are shown. Costs of capital are estimates that change with beta and interest-rate assumptions, so use them to compare companies under the same assumptions rather than as absolute values. Missing values are shown as —, never replaced with zero.
Definitions and assumptions are explained in the ROIC guide and WACC guide.
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Companies shown are examples. Past figures and company policies do not guarantee future results. Not investment advice.