iCFO Finsights – The Industries Built to Win Q1 2026

Benchmarking often surfaces something that surprises clients: within the same industry, the most successful firms don’t just outperform the median — they generate dramatically more earnings power, often by a factor of three, five, or more. 

The metric that makes this visible is Return on Asset Investment (ROAI), developed by Dr. Robert W. Pricer of the University of Wisconsin–Madison School of Business and co-founder of FINTEL. ROAI measures operational earning power by dividing EBIT by Permanent Capital — removing distortions from taxes and financing structures to show how effectively a business turns invested assets into earnings. 

Read more about ROAI and why it outperforms traditional profitability metrics → 

Across thousands of firms in iCFO’s database, four industries stand out for the size of the gap between median and top-quartile performance. 

#1   Commercial & Institutional Construction (NAICS 236220) 

  • Median ROAI: 31.8% 
  • Top quartile ROAI: 139.9% 

Construction firms often operate in the same markets with similar project types, yet profitability varies sharply. Top performers tend to excel in project selection, cost control, and asset utilization — generating returns on invested capital that are more than four times the median. 

#2   Computer Systems Design Services (NAICS 541512) 

  • Median ROAI: 25.7% 
  • Top quartile ROAI: 80.5% 

Technology services are highly scalable. Firms that productize their offerings, focus on higher-value engagements, or leverage specialized expertise can dramatically increase earnings relative to their asset base. 

#3   Custom Computer Programming Services (NAICS 541511) 

  • Median ROAI: 21.8% 
  • Top quartile ROAI: 68.3% 

In software and programming, the gap often comes down to pricing power and intellectual capital. Businesses with proprietary solutions or specialized capabilities consistently produce stronger returns than generalist competitors. 

#4   Petroleum Distribution & Wholesale (NAICS 424710 / 424720) 

  • Median ROAI: 17–18% 
  • Top quartile ROAI: 250–340% 

Wholesale petroleum distribution can produce extraordinary ROAI for top performers. High transaction volumes combined with modest asset bases — particularly when logistics, storage, and purchasing are managed efficiently — create the conditions for outsized returns. 

What this means for advisors 

Industry conditions matter, but the data consistently show that operating model and management decisions matter more. Firms in the same industry, serving similar customers in similar markets, often achieve several times the earning power of their peers. 

That’s why benchmarking against industry averages alone isn’t enough. Comparing a client to top-quartile performance — not just the median — is where real improvement opportunities become visible. 

iCFO surfaces both benchmarks across 2,500+ industries, so advisors can show clients not just where they stand, but how far they have to go. 

Explore ROAI Benchmarks at iCFO.pro 

Source: FINTEL, LLC — analysis of 1M+ U.S. companies using firm-level financial data. 

This analysis is part of the iCFO Finsights series, an ongoing benchmark initiative for advisors.