{"id":2992,"date":"2024-09-02T09:49:16","date_gmt":"2024-09-02T05:49:16","guid":{"rendered":"https:\/\/eoninvestment.com\/?p=2992"},"modified":"2026-04-15T18:21:27","modified_gmt":"2026-04-15T14:21:27","slug":"capital-light-business-roic","status":"publish","type":"post","link":"https:\/\/eoninvestment.com\/ka\/2024\/09\/02\/capital-light-business-roic\/","title":{"rendered":"<span class=\"eon-recovered-georgian-title\" data-no-translation=\"\">\u10d9\u10d0\u10de\u10d8\u10e2\u10d0\u10da \u10db\u10e1\u10e3\u10d1\u10e3\u10e5\u10d8 \u10d1\u10d8\u10d6\u10dc\u10d4\u10e1\u10d8 \u10d3\u10d0 ROIC<\/span>"},"content":{"rendered":"<p class=\"wp-block-paragraph\">Some business models inherently involve very small amounts of capital, making the use of ROIC (Return on Invested Capital) impractical for evaluation. When the scale of profit relative to the invested capital is very large, even small changes in profitability cause high volatility in ROIC. We encounter instances where ROIC is negative, making its use completely pointless.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Such business models are not only characteristic of low capital-intensive sectors like brokerage, consulting, auditing, and legal services but also possible in high capital-intensive companies that have outsourced their production capacities\u2026 for example, Nike or Apple.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In general, it is advised to be cautious with ROIC when its value exceeds 50%. In such cases, it is more convenient to use the Economic Profit calculation method. There are two formulas for calculating economic profit. It is because NOPAT-to-Revenue is more stable multiplier:<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" width=\"1105\" height=\"562\" data-attachment-id=\"3000\" data-permalink=\"https:\/\/eoninvestment.com\/ka\/2024\/09\/02\/capital-light-business-roic\/image-9\/\" data-orig-file=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/06\/image-9.png?fit=1105%2C562&amp;ssl=1\" data-orig-size=\"1105,562\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"image-9\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/06\/image-9.png?fit=1024%2C521&amp;ssl=1\" class=\"wp-image-3000\" style=\"width: 700px\" src=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/06\/image-9.png?resize=1105%2C562&#038;ssl=1\" alt=\"\"\/><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">EP = (ROIC &#8211; WACC) * Invested Capital<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">EP = NOPAT &#8211; WACC * Invested Capital<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Since economic profit is expressed in absolute numbers, its ratio to sales parameters is more stable and allows for comparisons over time as well as comparisons with competitors.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">It is important to understand that the economic profit method yields the same result as the DCF (Discounted Cash Flow) method if the model is correctly constructed.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" width=\"1130\" height=\"727\" data-attachment-id=\"3002\" data-permalink=\"https:\/\/eoninvestment.com\/ka\/2024\/09\/02\/capital-light-business-roic\/image-10\/\" data-orig-file=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/06\/image-10.png?fit=1130%2C727&amp;ssl=1\" data-orig-size=\"1130,727\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"image-10\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/06\/image-10.png?fit=1024%2C659&amp;ssl=1\" class=\"wp-image-3002\" style=\"width: 700px\" src=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/06\/image-10.png?resize=1130%2C727&#038;ssl=1\" alt=\"\"\/><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The formulas are as follows:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Value<sub>0<\/sub> = Invested Capital<sub>0<\/sub> + Invested Capital<sub>0<\/sub> * (ROIC<sub>1<\/sub>-WACC) \/ (WACC-g)<\/li>\n\n\n\n<li>Value<sub>0<\/sub> =Invested Capital<sub>0<\/sub> + Economic Profit<sub>1<\/sub>\/(WACC-g)<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/eoninvestment.com\/wp-content\/uploads\/2024\/06\/economic-profit.xlsx\">Economic Profit vs ROIC Excel Model<\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">*Valuation, Measuring and Managing the Value of Companies &#8211; by McK.&#038;Co, T. Koller, M. Goedhart, D. Wessels<\/p>","protected":false},"excerpt":{"rendered":"<p>\u10d6\u10dd\u10d2\u10d8 \u10d1\u10d8\u10d6\u10dc\u10d4\u10e1 \u10db\u10dd\u10d3\u10d4\u10da\u10d8 \u10d7\u10d0\u10d5\u10d8\u10e1 \u10d7\u10d0\u10d5\u10e8\u10d8 \u10d2\u10e3\u10da\u10d8\u10e1\u10ee\u10db\u10dd\u10d1\u10e1 \u10eb\u10d0\u10da\u10d0\u10dc \u10db\u10ea\u10d8\u10e0\u10d4 \u10dd\u10d3\u10d4\u10dc\u10dd\u10d1\u10d8\u10d7 \u10d9\u10d0\u10de\u10d8\u10e2\u10d0\u10da\u10e1, \u10e0\u10d0\u10ea \u10e8\u10d4\u10e4\u10d0\u10e1\u10d4\u10d1\u10d8\u10e1\u10d7\u10d5\u10d8\u10e1 ROIC-\u10d8\u10e1 \u10d2\u10d0\u10db\u10dd\u10e7\u10d4\u10dc\u10d4\u10d1\u10d0\u10e1 \u10e8\u10d4\u10e3\u10eb\u10da\u10d4\u10d1\u10d4\u10da\u10e1 \u10ee\u10d3\u10d8\u10e1. \u10e0\u10dd\u10ea\u10d0 \u10db\u10dd\u10d2\u10d4\u10d1\u10d8\u10e1 \u10db\u10d0\u10e1\u10e8\u10e2\u10d0\u10d1\u10d8 \u10d8\u10dc\u10d5\u10d4\u10e1\u10e2\u10d8\u10e0\u10d4\u10d1\u10e3\u10da \u10d9\u10d0\u10de\u10d8\u10e2\u10d0\u10da\u10d7\u10d0\u10dc \u10db\u10d8\u10db\u10d0\u10e0\u10d7\u10d4\u10d1\u10d0\u10e8\u10d8 \u10eb\u10d0\u10da\u10d8\u10d0\u10dc \u10d3\u10d8\u10d3\u10d8\u10d0, \u10db\u10d0\u10e8\u10d8\u10dc \u10db\u10ea\u10d8\u10e0\u10d4 \u10ea\u10d5\u10da\u10d8\u10da\u10d4\u10d1\u10d4\u10d1\u10d8 \u10db\u10dd\u10db\u10d2\u10d4\u10d1\u10d8\u10d0\u10dc\u10dd\u10d1\u10d0\u10e8\u10d8 \u10d8\u10ec\u10d5\u10d4\u10d5\u10e1 \u10eb\u10d0\u10da\u10d8\u10d0\u10dc \u10db\u10d0\u10e6\u10d0\u10da \u10ea\u10d5\u10d0\u10da\u10d4\u10d1\u10d0\u10d3\u10dd\u10d1\u10d0\u10e1 [\u2026]<\/p>","protected":false},"author":12998525,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_coblocks_attr":"","_coblocks_dimensions":"","_coblocks_responsive_height":"","_coblocks_accordion_ie_support":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_wpcom_ai_launchpad_first_post":false,"_eon_insights_quality":"","_eon_insights_decision":"","_eon_insights_destination":"","_eon_insights_merge_group":"","_eon_insights_required_changes":"","_eon_insights_start_order":0,"_eon_featured_insight":0,"_eon_insights_map_version":"","_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[31110612,774675935,772049268,4438168],"tags":[179,4269,6635,28559,8589],"eon_topic":[],"eon_learning_path":[],"eon_collection":[],"eon_level":[],"eon_content_type":[],"eon_source":[],"eon_idea":[784445696,784445691],"eon_framework":[],"class_list":["post-2992","post","type-post","status-publish","format-standard","hentry","category-excel-models","category-valuation-measuring-and-managing-the-value-of-companies-by-mck-co-t-koller-m-goedhart-d-wessels","category-other-valuation-methods","category-roic","tag-business","tag-finance","tag-investing","tag-investment","tag-stocks","eon_idea-other-valuation-methods","eon_idea-roic"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Capital Light Business &amp; ROIC - Eon Investment<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/eoninvestment.com\/ka\/2024\/09\/02\/capital-light-business-roic\/\" \/>\n<meta property=\"og:locale\" content=\"ka_GE\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Capital Light Business &amp; ROIC - Eon Investment\" \/>\n<meta property=\"og:description\" content=\"\u10d6\u10dd\u10d2\u10d8 \u10d1\u10d8\u10d6\u10dc\u10d4\u10e1 \u10db\u10dd\u10d3\u10d4\u10da\u10d8 \u10d7\u10d0\u10d5\u10d8\u10e1 \u10d7\u10d0\u10d5\u10e8\u10d8 \u10d2\u10e3\u10da\u10d8\u10e1\u10ee\u10db\u10dd\u10d1\u10e1 \u10eb\u10d0\u10da\u10d0\u10dc \u10db\u10ea\u10d8\u10e0\u10d4 \u10dd\u10d3\u10d4\u10dc\u10dd\u10d1\u10d8\u10d7 \u10d9\u10d0\u10de\u10d8\u10e2\u10d0\u10da\u10e1, \u10e0\u10d0\u10ea \u10e8\u10d4\u10e4\u10d0\u10e1\u10d4\u10d1\u10d8\u10e1\u10d7\u10d5\u10d8\u10e1 ROIC-\u10d8\u10e1 \u10d2\u10d0\u10db\u10dd\u10e7\u10d4\u10dc\u10d4\u10d1\u10d0\u10e1 \u10e8\u10d4\u10e3\u10eb\u10da\u10d4\u10d1\u10d4\u10da\u10e1 \u10ee\u10d3\u10d8\u10e1. \u10e0\u10dd\u10ea\u10d0 \u10db\u10dd\u10d2\u10d4\u10d1\u10d8\u10e1 \u10db\u10d0\u10e1\u10e8\u10e2\u10d0\u10d1\u10d8 \u10d8\u10dc\u10d5\u10d4\u10e1\u10e2\u10d8\u10e0\u10d4\u10d1\u10e3\u10da \u10d9\u10d0\u10de\u10d8\u10e2\u10d0\u10da\u10d7\u10d0\u10dc \u10db\u10d8\u10db\u10d0\u10e0\u10d7\u10d4\u10d1\u10d0\u10e8\u10d8 \u10eb\u10d0\u10da\u10d8\u10d0\u10dc \u10d3\u10d8\u10d3\u10d8\u10d0, \u10db\u10d0\u10e8\u10d8\u10dc \u10db\u10ea\u10d8\u10e0\u10d4 \u10ea\u10d5\u10da\u10d8\u10da\u10d4\u10d1\u10d4\u10d1\u10d8 \u10db\u10dd\u10db\u10d2\u10d4\u10d1\u10d8\u10d0\u10dc\u10dd\u10d1\u10d0\u10e8\u10d8 \u10d8\u10ec\u10d5\u10d4\u10d5\u10e1 \u10eb\u10d0\u10da\u10d8\u10d0\u10dc \u10db\u10d0\u10e6\u10d0\u10da \u10ea\u10d5\u10d0\u10da\u10d4\u10d1\u10d0\u10d3\u10dd\u10d1\u10d0\u10e1 [\u2026]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/eoninvestment.com\/ka\/2024\/09\/02\/capital-light-business-roic\/\" \/>\n<meta property=\"og:site_name\" content=\"Eon Investment\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/facebook.com\/eoninvestment\" \/>\n<meta property=\"article:published_time\" content=\"2024-09-02T05:49:16+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-04-15T14:21:27+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/eoninvestment.com\/wp-content\/uploads\/2024\/06\/image-9.png\" \/>\n<meta name=\"author\" content=\"neoinsight\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"neoinsight\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 \u10ec\u10e3\u10d7\u10d8\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/eoninvestment.com\\\/ka\\\/wp-json\\\/wp\\\/v2\\\/posts\\\/2992\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/eoninvestment.com\\\/ka\\\/#website\"},\"author\":{\"name\":\"neoinsight\",\"@id\":\"https:\\\/\\\/eoninvestment.com\\\/ka\\\/#\\\/schema\\\/person\\\/9bb6a82e15a5231535d10233395afa89\"},\"headline\":\"\u10d9\u10d0\u10de\u10d8\u10e2\u10d0\u10da \u10db\u10e1\u10e3\u10d1\u10e3\u10e5\u10d8 \u10d1\u10d8\u10d6\u10dc\u10d4\u10e1\u10d8 \u10d3\u10d0 ROIC\",\"datePublished\":\"2024-09-02T05:49:16+00:00\",\"dateModified\":\"2026-04-15T14:21:27+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/eoninvestment.com\\\/2024\\\/09\\\/02\\\/capital-light-business-roic\\\/\"},\"wordCount\":251,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/eoninvestment.com\\\/ka\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/eoninvestment.com\\\/2024\\\/09\\\/02\\\/capital-light-business-roic\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/eoninvestment.com\\\/wp-content\\\/uploads\\\/2024\\\/06\\\/image-9.png\",\"keywords\":[\"business\",\"finance\",\"investing\",\"investment\",\"stocks\"],\"articleSection\":[\"Excel Models\",\"Valuation, Measuring and Managing the Value of Companies - by McK.&amp;Co, T. 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