Rankings · Quality

Highest return on capital

Graded A or B, ranked by operating profit as a share of the equity and debt the business runs on. Banks, insurers and companies with negative equity are left out, where the measure means nothing.

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Size
Any sizeOver $10B$1B to $10B
Sector
All sectorsHealthcareFinancialsTechnologyIndustrialsEnergyCommunication ServicesConsumer StaplesMaterialsConsumer DiscretionaryReal EstateUtilities

26 companies meet this test

Figures as of October 1, 2026

#CompanyGradeReturn on capitalNet marginMarket value
1CEGCONSTELLATION ENERGY CORPORATIONB9.6%11.1%$93.7B
2EIXEDISON INTERNATIONALB8.8%18.1%$20.6B
3AWRAMERICAN STATES WATER COA8.7%20.5%$3.2B
4NRGNRG Energy, IncB7.6%2.6%$20.4B
5VSTVistra Operations Company LLCB+7.3%11.2%$47.3B
6NJRNEW JERSEY RESOURCES CORPORATIONA+6.5%24.0%$5.2B
7PEGPublic Service Enterprise Group IncorporatedB6.4%16.0%$33.7B
8OGEOGE ENERGY CORP.B+6.3%14.0%$9.4B
9ESEVERSOURCE ENERGYA6.1%10.4%$24.1B
10DTEDTE ENERGY COB5.7%2,179.3%$25.5B
11CEPUCentral Puerto S.A.B+5.7%31.6%$1.8B
12MSEXMIDDLESEX WATER COMPANYB5.6%23.3%$1B
13EXCEXELON CORPORATIONB5.5%11.2%$41.6B
14SRSpire Inc.B5.2%13.9%$4.5B
15CMSCMS ENERGY CORPORATIONB5.0%11.6%$19.9B
16NGGNATIONAL GRID PLCB+4.9%18.3%$77.9B
17HTOH2O AMERICAA+4.6%12.7%$2.6B
18EDCONSOLIDATED EDISON INCB4.6%12.4%$38.1B
19CWTCALIFORNIA WATER SERVICE GROUPA+4.5%13.3%$2.8B
20NEENEXTERA ENERGY INCA+4.3%31.5%$158.3B
21ORAORMAT TECHNOLOGIES, INC.B4.2%10.7%$5.6B
22AQNAlgonquin Power & Utilities Corp.B2.9%6.1%$3.9B
23CWENClearway Energy, Inc.A0.7%6.4%$1B
24KENKENON HOLDINGS LTD.A0.7%3.7%$3.4B
25TLNTalen Energy CorporationB--0.9%-4.6%$15.1B

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A ranking orders companies by one stated measure. It is not a recommendation, and it says nothing about whether any share price is reasonable.