Motley Fool'da şöyle bir ifade denk geldi, örneklerle desteklenmiş, burada paylaşayım dedim:

Companies with high ROIC outperform the market by a country mile and
Companies with rising ROIC outperform the market by a light-year.

The company with the higher ROIC has a lower reinvestment rate and will need to reinvest less capital to achieve the same level of earnings growth. And because the higher-ROIC business requires less capital (or reinvestment) to grow, it generates higher free cash flow (FCF), and free cash flow is what determines intrinsic value. Mathematically, companies with higher ROIC generate more FCF per dollar of earnings.

Let's all say that together: Businesses with higher ROIC generate more FCF per dollar of earnings, and growth of free cash flow is what drives growth of intrinsic value!

Because these high-ROIC businesses generate so much FCF, they can finance their growth internally rather than relying on outside capital (other people's money) to grow. This means less debt or less equity dilution for shareholders. They can invest more in fortifying their moats. They can invest in new initiatives to build new moats and new profitable growth streams over time. They can invest in taking care of stakeholders, including employees, customers, suppliers, communities, and the planet. They can set their own time frames, remain adaptable, and future-proof their businesses.