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Return on Capital Employed

A measurement of return on the investment needed for a business to function, otherwise known as capital employed, expressed as a dollar amount or a percentage. It is used to show a business' health, specifically by showing how efficiently its investments are used to create a profit. A good ROCE is one that is greater than the rate at which the company borrows.

Because capital employed has no set definition, there are different ways to calculate ROCE. Two common ways are:

ROCE = (Operating Profit Before Tax) / (Total Assets - Current Liabilities) and ROCE = ((Profit before Tax) / (Capital Employed)) * 100.

One limitation to ROCE is the fact that it does not account for depreciation of the capital employed. Because capital employed is in the denominator, a company with depreciated assets may find its ROCE increases without an actual increase in profit. It also neglects inflation, which might depress ROCE unnecessarily. See also: Return on Average Capital Employed (ROACE), Required return.


References in periodicals archive ?
You were supposed to go to school and later, be independent,' Roces said.
Regardless of the WHO conclusions, Alvarez-Buylla Roces called on Mexican health authorities to conduct their own studies to determine what, if any, health problems Mexicans would face from the presence of glyphosates in the Mexican diet.
In Part 2, Roces looks at ways the cultural practices of Filipino feminism, in the worlds of print culture and media, theatre, and fashion, introduced counter-hegemonic discourses about women during the 1980s.
For his part, Roces says he wants is to see films "that will be a credit to Filipinos and an instrument in nation building.
A major value proposition of The Beacon is its location at the corner of Don Chino Roces and Arnaiz Avenue in Makati City.
If Poe were alive today, "he would thank President Aquino for confirming him as a National Artist," said Roces.
Once, while performing at a concert, Roces brought the house down by making a playful sexual gesture toward a man.
Prior to becoming Walmart's senior vice president of its small format division, Roces held a variety of leadership positions at Walmart including senior vice president of new business development and customer experience, president & CEO of Walmart Korea, and chief merchandising officer of Walmart Argentina.
Poe and Roces thanked the public for remembering FPJ even years after his death.
Representing the media were Brian Afuang, Aris Ilagan, James Deakin, Jeff Reyes, IAaAaAeA~igo Roces and Botchi Santo All 12 participants underwent extensive high-performance driving tutelage from multi-awarded racecar driver JP Tuason of the Tuason Racing School.
Drivers of motorcycles and tricycles offered overpriced rides on Monday to passengers stranded at the Mantrade area on Chino Roces Avenue (Pasong Tamo) near Edsa in Makati.
Also in the cast are Rosanna Roces and John Rendez, who will play the parents of a gay man.