ROIC % measures how well a company generates cash flow relative to the capital it has invested in its business. It is also called ROC %. Substrate Artificial Inteligence's annualized return on invested capital (ROIC %) for the quarter that ended in Dec. 2025 was 2.47%.
As of today (2026-06-24), Substrate Artificial Inteligence's WACC % is 8.61%. Substrate Artificial Inteligence's ROIC % is 3.05% (calculated using TTM income statement data).
Substrate Artificial Inteligence earns returns that do not match up to its cost of capital. It will destroy value as it grows.
ROIC % measures how well a company generates cash flow relative to the capital it has invested in its business. It is also called ROC %. The reason book values of debt and equity are used is because the book values are the capital the company received when issuing the debt or receiving the equity investments.
There are four key components to this definition. The first is the use of operating income or EBIT rather than net income in the numerator. The second is the tax adjustment to this operating income or EBIT, computed as a hypothetical tax based on an effective or marginal tax rate. The third is the use of book values for invested capital, rather than market values. The final is the timing difference; the capital invested is from the end of the prior year whereas the operating income or EBIT is the current year's number.
Why is ROIC % important?
Because it costs money to raise capital. A firm that generates higher returns on investment than it costs the company to raise the capital needed for that investment is earning excess returns. A firm that expects to continue generating positive excess returns on new investments in the future will see its value increase as growth increases, whereas a firm that earns returns that do not match up to its cost of capital will destroy value as it grows.
As of today, Substrate Artificial Inteligence's WACC % is 8.61%. Substrate Artificial Inteligence's ROIC % is 3.05% (calculated using TTM income statement data).
Substrate Artificial Inteligence earns returns that do not match up to its cost of capital. It will destroy value as it grows.
Be Aware
Like ROE % and ROA %, ROIC % is calculated with only 12 months of data. Fluctuations in the company's earnings or business cycles can affect the ratio drastically. It is important to look at the ratio from a long term perspective.
Substrate Artificial Inteligence ROIC % Related Terms
Substrate Artificial Inteligence ROIC % Historical Data
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
For the Software - Infrastructure subindustry, Substrate Artificial Inteligence's ROIC %, along with its competitors' market caps and ROIC % data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Substrate Artificial Inteligence ROIC % vs Software Industry
For the Software industry and Technology sector, Substrate Artificial Inteligence's ROIC % distribution charts can be found below:
* The bar in red indicates where Substrate Artificial Inteligence's ROIC % falls into.
Note:
The Operating Income data used here is two times the semi-annual (Dec. 2025) data.
The tax rate is limited to between 0% and 100%.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Substrate Artificial Inteligence (XMAD:SAI.B) has a ROIC % of 2.47% as of Dec. 2025. Return on invested capital is the ratio of current-period net income to average two-period invested capital. View historical data on Substrate Artificial Inteligence and its competitors.
Is Substrate Artificial Inteligence's ROIC % too high?
Substrate Artificial Inteligence's current ROIC % is 2.47%. The Software industry median ROIC % is 3.12. Substrate Artificial Inteligence's value of 2.47% is 20.8% below this industry median. Overall, Substrate Artificial Inteligence has a GF Score™ of 6/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does Substrate Artificial Inteligence's ROIC % compare to MSFT and ORCL?
Substrate Artificial Inteligence's ROIC % of 2.47% can be compared against companies in the Software industry. The industry median ROIC % is 3.12. Substrate Artificial Inteligence's value of 2.47% is 20.8% below this benchmark. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good ROIC % for a Software company?
The median ROIC % among Software companies is 3.12, based on 2,828 companies in the industry. Companies in the top quartile (top 25%) have a ROIC % significantly above this median, while those in the bottom quartile fall well below. However, ROIC % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Substrate Artificial Inteligence's current ROIC % of 2.47% is 20.8% below the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high ROIC % mean?
A high ROIC % can signal that a stock is expensive relative to its fundamentals. Return on invested capital is the ratio of current-period net income to average two-period invested capital. View historical data on Substrate Artificial Inteligence and its competitors. For the Software industry, the median ROIC % is 3.12 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Substrate Artificial Inteligence's current ROIC % is 2.47%. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Substrate Artificial Inteligence stock overvalued right now?
Based on GuruFocus' analysis, Substrate Artificial Inteligence (XMAD:SAI.B) is currently considered Possible Value Trap. The stock's GF Value™ is €0.53, compared to a current price of €0.13 — trading 75.1% below its estimated fair value. The current ROIC % is 2.47% and 20.8% below the Software industry median of 3.12. Substrate Artificial Inteligence's overall GF Score™ is 6/100 with 7 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is ROIC % calculated?
ROIC % is calculated from a company's financial statements. For Substrate Artificial Inteligence (XMAD:SAI.B), the current ROIC % is 2.47% as of Dec. 2025. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Substrate Artificial Inteligence (XMAD:SAI.B) Overvalued in 2026?
Based on GuruFocus' analysis, Substrate Artificial Inteligence stock appears to be undervalued.
The current stock price of €0.13 is trading 75.1% below its estimated GF Value™ of €0.53.
GuruFocus considers Substrate Artificial Inteligence to be Possible Value Trap.
Key valuation signals for XMAD:SAI.B:
ROIC %: 2.47%
GF Value™: €0.53 vs. price of €0.13 (75.1% below fair value)
Industry Position: 20.8% below the Software median
No single metric tells the full story. See the XMAD:SAI.B stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Substrate Artificial Inteligence Business Description
Substrate Artificial Inteligence SA is an Artificial Intelligence company in Spain. Its software is applied in agritech, energy, industry, fintech, human resources, or health sectors. Its technology is easy to implement and allows it to address all the problems faced by companies in the digitization and streamlining of their processes, optimizing decision-making and generating great cost savings.
6GF Score
Get the complete analysis for XMAD:SAI.B
ROIC % is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
XMAD:SAI.B has been successfully added to your 
