ROIC Deep Cuts Part I:
Invested Capital, Decomposition & Real Returns

  • Author:
    Geoff Robinson
  • Level: 
    Intermediate to advanced
  • Study time:
    1-2 hours
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Course overview
Part I builds a practical ROIC toolkit. You start with invested capital—what belongs in the denominator and why the format matters. Then we decompose ROIC into margin, turnover, and reinvestment to see where returns really come from, using Nike as a concrete case. Next, we tackle intangibles: how expensed R&D, brand spend, and other hidden assets can understate invested capital and overstate ROIC. We finish by applying the framework to streaming, where subscriber metrics and content economics can mislead on profitability. By the end, you’ll be able to rebuild ROIC from financial statements and operating KPIs, and compare companies on like-for-like returns.

What's included?

  • 4 videos
  • Stop quoting ROIC—start rebuilding it from the economics underneath.
  • Insights from a #1 ranked data-driven analyst

Who should watch this playlist? 

Equity and credit analysts, PMs, and finance students who want to move beyond headline ROIC figures. If you build DCFs, compare peers, or assess capital allocation, this playlist helps you rebuild invested capital, adjust for intangibles, and interpret ROIC using real operating drivers. Ideal if you cover consumer, media, or platform businesses.

Why TheInvestmentAnalyst.com?

We are the only training house that is able to bring top-ranked analyst experience into your classroom. We buck the trend. Most training businesses recruit junior ex-bankers to become their trainer. Our instructors cut their teeth teaching and then gain senior experience with investment banks.

We believe, you could not be in better hands.

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Geoff Robinson
FCA FMVA MFM

Thought leader, instructor, writer, financial influencer, Former UBS Managing Director and 8x #1 ranked analysts EMEA Institutional Investor Survey
ABOUT Geoff
Geoff has had a varied career. He was a Managing Director within UBS Equity Research, leading their Global Fundamental Analytics franchise. During this time, he was #1, ranked 10x in the EMEA Institutional Investor Survey. Before UBS, he was a material equity investor and LBO co-investor in two market exited training consultancies. Geoff has a passion for learning and is well-known for his ability to break down complex subject matter and distil it to an audience in a digestible and engaging manner. He brings this passion to TheInvestmentAnalyst.com. 
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