Return on capital employed

$$\frac{\text{EBIT}}{\text{Avg(assets}-\text{current liabilities)}}$$

Return on capital employed. EBIT-based variant of ROIC; widely used in European reporting.

Direction: Higher better Category: returns

Inputs (XBRL fallback chains):

• assets: Assets
• current_liabilities: LiabilitiesCurrent
• operating_income: OperatingIncomeLoss

Returns None when: Returns None when EBIT, average assets, or average current liabilities are missing.

Source code

Implementation: roce in src/eqtytrk/metrics/ratios.py (or valuation.py for multiples).