What does return on invested capital mean?

Net operating profit after tax (operating income taxed at the effective rate) divided by average invested capital (debt plus equity minus cash). Measures the after-tax return on all capital put to work in the business, independent of capital structure.

Bread Financial Holdings BFH Return on invested capital

Return on invested capital at other companies

Capital One FinancialCOF

24.3%-4.8pp

Synchrony FinancialSYF

55%-0.5pp

PayPal Holdings, Inc.PYPL

35.9%+12.6pp

Affirm Holdings, Inc.AFRM

4.4%+2.9pp

Enova InternationalENVA

10.8%-0.1pp

Banner CorporationBANR

4.9%-0.2pp

Other financials

Income statement

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Revenue$1.0B+4.9%

Gross profit$361.8M—

Operating income$382.8M—

Net income$181.0M+31.2%

EPS (diluted)$4.15+49.3%

Balance sheet

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Cash & equivalents$4.0B-6.6%

Total debt$85.0M-98.5%

Total equity$3.3B+8.4%

Total assets$22.3B-0.3%

Cash flow

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Operating cash flow$487.0M+23.9%

CapEx$15.0M-40.0%

Free cash flow$482.0M+55.5%

Valuation

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Market cap$4.24B+31.3%

Profitability

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Gross margin52%—

Operating margin45.9%—

Net margin14.4%+7.1pp

FCF margin46.5%+1.9pp

Returns & leverage

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Return on equity17.6%+8.4pp

Debt / equity0×-1.8×

Current ratio1.5×—

Where this comes from

Calculated from Bread Financial Holdings’s reported figures.

nopat/invested capital=38.5%

Based on trailing twelve months.

The official record: Bread Financial Holdings’s 10-Q, filed October 28, 2025, on SEC EDGAR. View the filing →

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Questions, answered.

What is Bread Financial Holdings's return on invested capital?: Bread Financial Holdings (BFH) reported return on invested capital of 38.5% in Q3 2025.
What does return on invested capital mean?: Net operating profit after tax (operating income taxed at the effective rate) divided by average invested capital (debt plus equity minus cash). Measures the after-tax return on all capital put to work in the business, independent of capital structure.