Toyota Motor Corporation (TM): return on invested capital, 10 filed years
ROIC at Toyota Motor Corporation was 5.4% in FY2025, the newest filed year. Across the 8 computed years from FY2016 it ranged from 3.7% (FY2023) to 6.5% (FY2016), with a median of 5.0%.
Tonight's figure on the company page: 5.4%, recomputed 2026-10-16. 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 | 6.5% | filed 2016-06-24 |
| FY2017 | 4.5% | filed 2017-06-23 |
| FY2018 | 5.7% | filed 2018-06-25 |
| FY2019 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 | filed 2019-06-21 |
| FY2020 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 2021-06-24 |
| FY2021 | 3.9% | 20-F, filed 2021-06-24 |
| FY2022 | 4.6% | 20-F, filed 2022-06-23 |
| FY2023 | 3.7% | 20-F, filed 2023-06-30 |
| FY2024 | 6.3% | 20-F, filed 2024-06-25 |
| FY2025 | 5.4% | 20-F, filed 2025-06-18 |
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.