HOLT Corporate Performance Insights "CFROI Reset: The Global Impact of Fully..."

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HOLT Corporate Performance Insights "CFROI Reset: The Global Impact of Fully..."

Global Research

19 May 2026ab

HOLT Corporate Performance Insights Equities

GlobalCFROI Reset: The Global Impact of Fully Capitalizing Intangibles

Tom Hillman, CFA

HOLT Specialist

This report extends prior Intangible Capital (IC) research beyond the United States, demonstrating how taking a more holistic tom.hillman@ubs.com

+1-312-525 5726

approach of capitalizing all acquired and internally generated intangibles reshapes CFROI levels across regions. The IC model

enhances the economic plausibility and comparability of acquisitive and asset-light companies within the UBS HOLT framework. Adrian Szumilo

adrian.szumilo@ubs.com

Summary +1-312-345 6120

The IC model impact is greatest in North America, where a 21% increase in gross investment drives a material decline in CFROI levels James Pheneger

and compresses dispersion. Europe sees a similar but less pronounced impact, with investment up 19%, while other regions show HOLT Specialist

limited change due to lower intangible intensity. james.q.pheneger@ubs.com

+1-312-525 5722

Despite lower levels, CFROI rankings remain largely stable as 77% of global companies remain in the same CFROI quintile.

Kevin Reher

However, the number of companies qualifying as eCaps falls by roughly half in North America and Europe, leaving a more selective HOLT Analyst

group that consistently earns high and stable returns on total invested capital. kevin.reher@ubs.com

+1-312-525 5720

The largest sectoral effects are concentrated in intangible-heavy industries, including Commercial & Professional Services, Financial Richard Curry, PhD

Services (CFROI), Food, Beverage & Tobacco, Household & Personal Products, Media & Entertainment, and Software. HOLT Specialist