How to find the Return on Invested Capital. When i searched the were i’m getting a formula ROIC = NOPAT / Invested Capital. Were NOPAT = EBIT * (1-Tax Rate); Invested Capital = Long term Debt + Short term Debt + Equity. In some websites i have seen Invested Capital = Long term Debt + Short term Debt + Equity - Cash - Goodwill. I have tried each and every formula but not getting the correct value for the ROIC. I have tried my result in Dabur India but all my numbers are wrong when i look at the Annual report of Dabur India. Please do help me out to arrive at the correct formula.