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Stock markets compared on return on capital and what prices imply

Data as of .

The cockpit's Countries board puts every market on one row. This view compares them on return on capital and what prices imply; each figure is cap-weighted across the market's companies at the default liquidity gate.

Data as of 6 Nov 2026.
MarketROIC−WACCROICWACCReq gHurdleEV/EBITDABurns
United States+7.1 pp29.5%10.3%18.1%+1.1 pp18.1×24%
China-1.8 pp14.4%8.3%6.2%-11.9 pp32.1×36%
Japan-0.3 pp17.0%7.9%13.5%+2.9 pp11.6×40%
Hong Kong+2.2 pp11.6%8.2%13.4%-2.3 pp13.5×35%
India+9.9 pp18.9%13.0%25.5%+8.2 pp20.4×53%
Canada+3.8 pp14.3%7.7%11.3%-5.0 pp14.3×27%
Taiwan+17.4 pp41.7%8.6%13.9%-5.8 pp14.8×9%
United Kingdom+4.1 pp13.7%8.7%8.4%+0.8 pp11.6×17%
France+2.0 pp15.8%9.0%13.5%+3.1 pp12.8×18%
South Korea+36.1 pp56.2%10.2%35.6%+21.3 pp45.5×19%
Germany-0.9 pp14.3%7.4%13.5%+6.6 pp12.9×43%
Switzerland+11.0 pp16.0%5.4%5.9%+3.4 pp19.0×3%
Australia+10.4 pp15.2%8.2%1.4%-5.1 pp7.0×19%
Spain—23.9%7.5%———40%
Netherlands+5.8 pp61.0%11.0%24.7%+9.9 pp26.1×16%
Italy-3.4 pp13.1%7.9%16.8%+11.8 pp16.9×17%
Sweden+6.5 pp16.7%7.6%13.4%+2.1 pp17.3×0%
Singapore—10.5%5.9%———79%
Denmark—31.2%8.4%———0%
Norway—53.2%9.1%———0%
Finland—11.1%8.5%———100%
Poland—15.4%12.2%———0%

One measure at a time, by sector too: ROIC minus WACC · ROIC · growth the price implies (Req g) · growth hurdle · cost of capital (WACC) · EV/EBITDA · share of companies burning cash.