The return on capital employed (ROCE)measures performance without regard to capital structure.

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The return on capital employed (ROCE) is a financial ratio that measures a company's profitability and efficiency in generating profits relative to its overall capital investments. It is calculated as earnings before interest and taxes (EBIT) divided by the total capital employed. Since it uses the same denominator for all sources of capital, including debt and equity, it does not take into account the company's capital structure. Therefore, it is an indicator of operating performance rather than financial risk or leverage.

The Return on Capital Employed (ROCE)measures Performance Without Regard to Capital