I've googled and read many articles about "ROIC" and "Invested Capital", but I'm still confused about how to calculate them. The best explanation I've seen so far is: Invested Capital (from CFI) Invested Capital Formula (from EDUCBA) Invested Capital Formula (from WallStreetMojo) There are at least two ways to calculate "Invested Capital": financing approach: InvestedCapital=TotalDebt&Leases+TotalEquity&EquityEquivalents+NonOperatingCash&InvestmentsInvested Capital = Total Debt \& Leases + Total Equity \& Equity Equivalents + NonOperating Cash \& Investments operating approach: InvestedCapital=NetWorkingCapital+PP&E+Goodwill&IntangiblesInvested Capital = Net Working Capital + PP\&E + Goodwill \& Intangibles I've tried to apply those approaches to AAPL's 2022 fiscal report (SEC Form 10-K) . Financial approach: A) Commercial paper: 9,982 B) Term debt (Current liabilities): 11,128 C) Term debt (Non-current liabilities): 98,959 D) Total shareholders’ equity: 50,672 E) Cash used in investing activities: (22,354) F) Cash used in financing activities: (110,749)

Invested Capital = A+B+C+D+E+F = 37,638 operating approach: A) Total current assets: 135,405 B) Total current liabilities: 153,982 C) Property, plant and equipment, net: 42,117 D) Goodwill & Intangibles: N/A

Invested Capital = A-B+C+D = 23,540 The results from the two approaches are not equal. Questions Did I calculate them wrong? Are the results from the two approaches always equal to each other? If false, how to choose which approach is for ROIC? Can I apply the financial approach to all companies with just those 6 values/facts, and calculate and compare the ROIC for different companies?