Who earns more than their cost of capital?
FY2022 · industries and their companies
IndustryCompanyAbove the dashed line, ROIC beats WACC.
| Industry | NOPATSAR m | Invested capitalSAR m | ROIC | Cost of equity | After-tax cost of debt | WACC | Spread |
|---|---|---|---|---|---|---|---|
| 23,711 | 153,086 | 15.5% | 9.5% | 5.6% | 8.9% | +6.6% | |
| stc7010 | 19,383 | 102,010 | 19.0% | 8.2% | 5.0% | 8.0% | +11.0% |
| Mobily7020 | 2,950 | 30,661 | 9.6% | 10.4% | 4.6% | 8.5% | +1.1% |
| Zain KSA7030 | 1,380 | 20,415 | 6.8% | 9.7% | 8.6% | 9.2% | −2.5% |
| 1,035 | 7,117 | 14.5% | – | 2.2% | – | – | |
| First Milling2283 | 268 | 2,276 | 11.8% | – | 2.4% | – | – |
| Modern Mills2284 | 277 | 1,014 | 27.3% | – | 4.3% | – | – |
| Arabian Mills2285 | 298 | 2,666 | 11.2% | – | 1.0% | – | – |
| Fourth Milling2286 | 193 | 1,161 | 16.6% | – | 3.3% | – | – |
| 670 | 5,364 | 12.5% | – | 3.3% | – | – | |
| Budget Saudi4260 | 271 | 2,235 | 12.1% | 7.5% | 2.1% | 6.7% | +5.4% |
| Theeb4261 | 232 | 1,705 | 13.6% | 8.2% | 3.3% | 6.5% | +7.1% |
| Lumi4262 | 167 | 1,424 | 11.8% | – | 4.3% | – | – |
| 396 | 2,543 | 15.6% | – | 2.3% | – | – | |
| Maharah1831 | 110 | 1,236 | 8.9% | 9.2% | 1.8% | 6.7% | +2.2% |
| Al Mawarid1833 | 87 | 341 | 25.5% | – | 5.0% | – | – |
| SMASCO1834 | 143 | 695 | 20.6% | – | 8.8% | – | – |
| Tamkeen1835 | 56 | 271 | 20.8% | – | 8.7% | – | – |
| All covered industries | 25,813 | 168,109 | 15.4% | – | – | – | – |
Who earns more than their cost of capital?
FY2023 · industries and their companies
IndustryCompanyAbove the dashed line, ROIC beats WACC.
| Industry | NOPATSAR m | Invested capitalSAR m | ROIC | Cost of equity | After-tax cost of debt | WACC | Spread |
|---|---|---|---|---|---|---|---|
| 22,377 | 172,472 | 13.0% | 10.5% | 5.3% | 9.6% | +3.3% | |
| stc7010 | 17,492 | 121,286 | 14.4% | 11.2% | 4.1% | 10.4% | +4.0% |
| Mobily7020 | 3,705 | 30,410 | 12.2% | 10.7% | 6.0% | 9.6% | +2.6% |
| Zain KSA7030 | 1,184 | 20,775 | 5.7% | 9.4% | 8.0% | 8.8% | −3.1% |
| 1,033 | 6,640 | 15.6% | – | 6.8% | – | – | |
| First Milling2283 | 299 | 2,312 | 12.9% | 11.2% | 6.8% | 10.0% | +3.0% |
| Modern Mills2284 | 261 | 1,044 | 25.0% | – | 6.1% | – | – |
| Arabian Mills2285 | 313 | 2,189 | 14.3% | – | 8.9% | – | – |
| Fourth Milling2286 | 165 | 1,095 | 15.1% | – | 1.8% | – | – |
| 773 | 7,099 | 10.9% | – | 4.9% | – | – | |
| Budget Saudi4260 | 325 | 2,622 | 12.4% | 10.0% | 5.7% | 9.5% | +2.9% |
| Theeb4261 | 211 | 1,999 | 10.6% | 9.5% | 5.0% | 7.7% | +2.9% |
| Lumi4262 | 236 | 2,478 | 9.5% | 8.4% | 4.4% | 7.6% | +1.9% |
| 427 | 2,736 | 15.6% | – | 7.8% | – | – | |
| Maharah1831 | 98 | 1,254 | 7.8% | 9.9% | 7.5% | 9.5% | −1.6% |
| Al Mawarid1833 | 104 | 452 | 23.0% | 12.2% | 5.7% | 12.0% | +11.0% |
| SMASCO1834 | 169 | 699 | 24.2% | – | 17.6% | – | – |
| Tamkeen1835 | 56 | 331 | 16.9% | – | 8.9% | – | – |
| All covered industries | 24,610 | 188,947 | 13.0% | – | – | – | – |
Who earns more than their cost of capital?
FY2024 · industries and their companies
IndustryCompanyAbove the dashed line, ROIC beats WACC.
| Industry | NOPATSAR m | Invested capitalSAR m | ROIC | Cost of equity | After-tax cost of debt | WACC | Spread |
|---|---|---|---|---|---|---|---|
| 25,070 | 173,948 | 14.4% | 10.0% | 7.1% | 9.6% | +4.8% | |
| stc7010 | 19,130 | 122,667 | 15.6% | 9.8% | 7.1% | 9.6% | +6.0% |
| Mobily7020 | 4,227 | 29,776 | 14.2% | 10.5% | 6.5% | 9.8% | +4.4% |
| Zain KSA7030 | 1,717 | 21,505 | 8.0% | 9.6% | 7.6% | 8.6% | −0.6% |
| 1,105 | 6,774 | 16.3% | 7.8% | 6.5% | 7.5% | +8.8% | |
| First Milling2283 | 333 | 2,328 | 14.3% | 10.6% | 7.1% | 9.6% | +4.7% |
| Modern Mills2284 | 266 | 1,152 | 23.1% | 10.9% | 6.2% | 9.9% | +13.2% |
| Arabian Mills2285 | 308 | 2,172 | 14.2% | 8.9% | 7.4% | 8.5% | +5.7% |
| Fourth Milling2286 | 201 | 1,122 | 17.9% | 9.3% | 2.7% | 8.3% | +9.6% |
| 1,002 | 9,780 | 10.2% | 10.0% | 6.0% | 8.8% | +1.4% | |
| Budget Saudi4260 | 409 | 4,513 | 9.1% | 9.0% | 4.5% | 7.8% | +1.2% |
| Theeb4261 | 269 | 2,342 | 11.5% | 10.4% | 5.9% | 8.6% | +2.9% |
| Lumi4262 | 323 | 2,925 | 11.1% | 10.5% | 7.6% | 9.7% | +1.4% |
| 483 | 3,213 | 15.0% | 12.0% | 6.7% | 11.6% | +3.5% | |
| Maharah1831 | 158 | 1,446 | 11.0% | 12.0% | 7.6% | 11.0% | −0.1% |
| Al Mawarid1833 | 114 | 543 | 21.1% | 11.3% | 10.8% | 11.2% | +9.8% |
| SMASCO1834 | 138 | 807 | 17.1% | 13.2% | 14.4% | 13.2% | +3.9% |
| Tamkeen1835 | 72 | 418 | 17.3% | 11.3% | 8.7% | 11.3% | +6.0% |
| All covered industries | 27,659 | 193,715 | 14.3% | – | – | – | – |
Who earns more than their cost of capital?
FY2025 · industries and their companies
IndustryCompanyAbove the dashed line, ROIC beats WACC.
| Industry | NOPATSAR m | Invested capitalSAR m | ROIC | Cost of equity | After-tax cost of debt | WACC | Spread |
|---|---|---|---|---|---|---|---|
| 25,535 | 174,430 | 14.6% | 10.8% | 6.6% | 10.3% | +4.4% | |
| stc7010 | 19,197 | 118,630 | 16.2% | 9.6% | 6.4% | 9.3% | +6.9% |
| Mobily7020 | 4,545 | 32,897 | 13.8% | 11.9% | 7.2% | 11.2% | +2.6% |
| Zain KSA7030 | 1,797 | 22,903 | 7.8% | 10.8% | 6.6% | 8.6% | −0.7% |
| 1,150 | 6,896 | 16.7% | 10.8% | 5.8% | 9.4% | +7.3% | |
| First Milling2283 | 355 | 2,349 | 15.1% | 10.5% | 6.6% | 9.2% | +5.9% |
| Modern Mills2284 | 265 | 1,144 | 23.2% | 11.4% | 4.1% | 9.5% | +13.6% |
| Arabian Mills2285 | 316 | 2,217 | 14.3% | 10.8% | 7.4% | 9.7% | +4.6% |
| Fourth Milling2286 | 215 | 1,186 | 18.1% | 9.8% | 2.9% | 8.7% | +9.5% |
| 1,086 | 10,810 | 10.0% | 11.5% | 6.2% | 9.5% | +0.5% | |
| Budget Saudi4260 | 477 | 4,816 | 9.9% | 11.3% | 6.3% | 9.7% | +0.2% |
| Theeb4261 | 284 | 2,966 | 9.6% | 11.1% | 5.5% | 8.6% | +1.0% |
| Lumi4262 | 325 | 3,028 | 10.7% | 11.8% | 7.2% | 10.2% | +0.6% |
| 641 | 3,373 | 19.0% | 11.3% | 11.7% | 11.3% | +7.7% | |
| Maharah1831 | 203 | 1,374 | 14.8% | 11.2% | 14.1% | 11.5% | +3.3% |
| Al Mawarid1833 | 162 | 701 | 23.1% | 11.4% | 14.4% | 11.6% | +11.5% |
| SMASCO1834 | 181 | 860 | 21.0% | 11.6% | 14.4% | 11.7% | +9.3% |
| Tamkeen1835 | 96 | 438 | 21.8% | 11.1% | 11.3% | 11.1% | +10.8% |
| All covered industries | 28,411 | 195,509 | 14.5% | – | – | – | – |
Industry rows add company figures first, then take the ratio, so larger companies weigh more. A dash means not every company was listed at that year end, or the figure is being corrected for a share-count change (stc before FY2022, Zain KSA before FY2020).
Definitions
- NOPAT
- EBITA less cash taxes (income tax and the zakat-adjusted tax shield).
- Invested capital
- Net working capital + net PP&E + acquired intangibles + other long-term assets.
- WACC
- Cost of equity and after-tax cost of debt, weighted by the market value of equity and interest-bearing debt.
- Spread
- ROIC − WACC. Positive means the business earned more than its capital cost that year.