According to Compounding Quality on Twitter, some investors refine Return on Invested Capital (ROIC) calculations by subtracting goodwill and excess cash from invested capital, using the formula ROIC = NOPAT / (Invested Capital - Goodwill - Cash). This adjustment aims to more accurately assess a company's ability to generate returns from its core operations, excluding elements not required for organic growth. For traders, this approach can reveal a truer picture of operational efficiency and help identify undervalued stocks. Given the close correlation between traditional stock fundamentals and crypto market sentiment, especially during periods of macroeconomic uncertainty, such analytical methods can influence capital flows into both equities and digital assets (source: Compounding Quality, Twitter, May 20, 2025).