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Firstly, lets try to define both these terms: 1) ROCE: Return on Capital employed - This ratio simply tries to give the rate of return a business is making on the total capital employed in the business. Total capital will include all sources of funding (shareholders funds + debt). ROCE = EBIT / (shareholders funds + debt) To be consistent with numerator and denominator, the return should be taken prior to interest (the return to lenders) and tax (EBIT) 2) ROIC - Return on Invested Capital - Though ROIC is very similar to ROCE, its a more purist measure of the business return. It tries to calculate the returns from the capital thats been invested and is working towards generating generating returns. ROIC = NOPAT / (A - C - X + W) NOPAT = Operating Income x (1 - Tax Rate) A - Total Assets C - Cash & Cash Equivalents X - Non-interest bearing current liabilities W - Cost of Assets that has been written-off Explanation for the adjustments: Cash & Cash Equivalents (C) are excluded as it is not invested in the business. So should be excluded when determining the invested capital for the business Non-interest bearing current liabilities (X) are excluded as they are free sources of funds for the company. So the company is funding a part of its assets by borrowing at no cost (often from trade creditors) creditors) which h elps in higher return for the sh areholders, therefore should get reflected. Cost of Assets that has been written-off (W) is added to the invested capital as it was part of the capital that has been invested in the company but was taken off as a writeoff. However, this adjustment is difficult as one needs to determine how long one has to go back and what so how much to include. So, IMO ROIC is a more purist measure of returns better analyzing returns of the business if you are checking if the company is making higher returns than its WACC.
Let me take a shot at these sill y acronyms: ROIC is Return on invested capital. This ratio i s commonly used to assess the quality of company returns. There are two ways of calculating ROIC 1. The percentage of net operating profit after taxes (NOPAT) to t otal operating assets. 2. (Net income - Dividends) / Total capital The latter is more commonly used, while the former is used when companies receive their income from other sources. ROCE: Return on Capital E mployed It is a rati o that indicates the efficiency and profitability of a company's capital i nvestments. Calculated as: EBIT / (Total Assets - Current Liabilities) ROCE should always be higher than the rate that the company borrows at, otherwise any increase in borrowings wi ll reduce shareholders' earnings. A variation of this rati o is return on average capital employed (ROACE), which takes the average of opening and closing capital employed for the time period
