Invested Capital Average (Historical)
Returns the historical average invested capital for a company. Using average invested capital helps normalize ROIC calculations.
Formula
Average Invested Capital = (Beginning Invested Capital + Ending Invested Capital) / 2
Parameters
| Parameter | Required | Description |
|---|---|---|
| Symbol | Yes | Stock ticker symbol |
| Year | Yes | Fiscal year or period code |
| Quarter | No | Quarter 1-4 |
| TTM | No | "TTM" for trailing twelve months |
Syntax
=hf_Invested_Capital_Average(Symbol, Year, [Quarter], [TTM])Parameters
symbolstringRequired
Stock ticker symbol
yearstringRequired
Fiscal year or period code
quarterstring
Calendar quarter (1-4)
TTMstring
Set to 'TTM' for trailing twelve months
Returns
number
Average invested capital in USD
Examples
=hf_Invested_Capital_Average("AAPL", 2023, 4)=hf_Invested_Capital_Average("MSFT", "ly")=hf_Invested_Capital_Average("GOOGL", 2023, , "TTM")When to Use
- Proper ROIC calculations
- Capital efficiency trending
- Normalizing for capital changes
- Multi-period analysis
When NOT to Use
| Scenario | Use Instead |
|---|---|
| Point-in-time capital | hf_Invested_Capital() |
| ROIC directly | hf_Retun_on_Invested_Capital() |
| Working capital | hf_Working_Capital() |
Common Issues & FAQ
When should I use average vs point-in-time?
Use average for ratio calculations (ROIC) to better match flow metrics with stock metrics.
How is the average calculated?
(Beginning period + Ending period) / 2.
Related Formulas
More MarketXLS Historical Fundamentals formulas you can use in the same worksheet:
Get Access to 1 Billion Usable Market data points IN YOUR EXCEL SHEETS WITH EASY TO USE EXCEL FUNCTIONS
Get started today
▶
How does MarketXLS work?