Novartis AG (NVS): return on invested capital, 10 filed years
ROIC at Novartis AG was 23.1% in FY2025, the newest filed year. Across the 8 computed years from FY2018 it ranged from 8.2% (FY2018) to 23.1% (FY2025), with a median of 11.0%.
Tonight's figure on the company page: 23.1%, recomputed 2026-10-15. The table is each filed year on its own terms, with the formula below; the current figure may use trailing twelve months or, where the explainer says so, a different denominator.
Year by year
| Fiscal year | ROIC | Read from |
|---|---|---|
| FY2016 The filed borrowings do not add up to a total we can stand behind: the filer's own liability subtotals leave room for debt we did not read. | n/a | 20-F, filed 2019-01-30 |
| FY2017 The filed borrowings do not add up to a total we can stand behind: the filer's own liability subtotals leave room for debt we did not read. | n/a | 20-F, filed 2019-01-30 |
| FY2018 | 8.2% | 20-F, filed 2019-01-30 |
| FY2019 | 10.6% | 20-F, filed 2020-01-29 |
| FY2020 | 10.7% | 20-F, filed 2021-01-26 |
| FY2021 | 11.4% | 20-F, filed 2022-02-02 |
| FY2022 | 8.8% | 20-F, filed 2023-02-01 |
| FY2023 | 16.5% | 20-F, filed 2024-01-31 |
| FY2024 | 21.5% | 20-F, filed 2025-01-31 |
| FY2025 | 23.1% | 20-F, filed 2026-02-04 |
How each year is computed
Operating income x (1 - effective tax rate) / (equity + total debt - cash) x 100
Each year is a ratio of lines in that year's filed annual report, with the nightly recompute's own rules for what counts as a filed line. Nothing is estimated, smoothed or filled in: a year that cannot be computed says why.
Read further
A computation on accounts filed with the SEC, not a recommendation and not advice. Past filings do not indicate future results. Risk disclaimer.