iCFO Finsights: Where ROA Is Strongest Across Industries
CPAs and business advisors are often asked a deceptively simple question:
“Is this ROA good?”
The challenge is that ROA norms vary widely by industry and business model. Without the right peer context, even technically correct ratios can lead to misleading conclusions.
That’s why we recently launched iCFO Finsights, an ongoing insight series for business advisors built on firm-level financial data from over 1 million U.S. businesses.
Where ROA Is Strongest Across Industries (Median Benchmarks)
Below is a snapshot of industries with the strongest typical ROA, based on median values and minimum firm-count thresholds.
| NAICS | Industry (6-digit) | Median ROA |
| 541213 | Tax Preparation Services | 28.5% |
| 213114 | Support Activities for Metal Mining | 27.1% |
| 235210 | Roofing Contractors | 22.8% |
| 541840 | Media Representatives | 20.8% |
| 541191 | Title Abstract and Settlement Offices | 19.9% |
| 541219 | Other Accounting Services | 19.8% |
| 235510 | Framing Contractors | 19.2% |
| 213111 | Drilling Oil and Gas Wells | 18.1% |
| 541211 | Offices of CPAs | 17.1% |
| 561492 | Court Reporting and Stenotype Services | 17.0% |
Based on median ROA; averages are not used.
What this highlights for advisors
- Asset-light professional services naturally exhibit higher ROA norms
- Capital-intensive industries operate with structurally lower ROA
- Cross-industry comparisons often explain “underperformance” that isn’t operational
The takeaway is simple:
ROA only becomes meaningful when evaluated against the right industry context.
Explore this for any industry (free)
You can generate a free 1-year Industry Metrics report and see ROA and other benchmarks for any industry, broken out by size group.
👉 Create a free industry report here:
https://secure.icfo.pro/industry-metrics/build-free-industry-report/1-year
No subscription required — just practical benchmarks you can use in client conversations.
More Finsights are coming soon, covering liquidity norms, growth dynamics, and size-driven performance differences.