Return On Capital Employed - a measure of the historic performance of a company's capital investments â€“ not to be confused with the future measure, ROI. It is calculated by dividing the ongoing profitability of a business by it's net assets (assets minus liabilities).
Spouted and proffered by people who don't know a more precise definition for the financial measure they really want. Simply, it's the return from an investment against the cost of that investment - but that isn't really precise enough. What counts as return? What counts as cost? And what interest rates apply? Get specific...please.