Below is Required Homework There is a single widely accepted ROIC calculation. Our definition of ROIC treats Noncurrent Liabilities as an investment in operations. When companies have significant interest-bearing Noncurrent Liabilities, these are viewed as a source of Invested Capital. Including Cash and Cash Equivalents stockpiles in Current Assets distorts the value of current assets required to operate the business. The core operating business has a significantly different return profile than large Cash stockpiles and Intangible Assets. ROA rises with high levels of Intangible Assets. Long-term Marketable Securities are not as liquid as Short-term Marketable Securities and needs to be segregated. ROE is increased with Debt levels. ROE measures NOPAT/Equity.