Return on capital > Return on equity (ROE) > Normalised (3yr)
Use this calculator to estimate a normalised return on equity (ROE) for a firm's operating assets.
This version of normalised ROE only looks at the equity capital invested in operating assets.
It will include capitalised intangibles, but take out cash, other investments, and goodwill.

Enter inputs below and click the Calculate button.
Make sure your units are consistent (millions, billions, etc.)

Inputs Trailing 12-months 1 year ago 2 years ago
Equity, total, book value
Cash and cash equivalents
Investments, non-operating
Intangible assets capitalised
Intangible net CapEx
EBIT, excluding non-underlying items
Interest expense
Marginal tax rate, %

Outputs Value
Invested equity, operating assets
Return on equity (ROE), normalised, %