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Capital Productivity

The Dao of Capital: S&P 500 Scorecard

A two-factor ROIC and Faustmann-ratio scorecard of every S&P 500 issuer, after Mark Spitznagel's The Dao of Capital.

Capital Productivity
The Dao of Capital: S&P 500 Scorecard
Lululemon leads all 500 issuers, pairing a 70% ROIC with a Faustmann ratio of 2.3x. The mega caps rank far lower: Exxon Mobil is the best-scoring company worth more than $500 billion, at #36, while Apple and Nvidia sit near the bottom because their prices run 35x to 67x net worth. A high ROIC alone is not enough: the book's second screen demands a low price relative to operating net worth.
Methodology: Noble Growth interpretation of Mark Spitznagel's two-factor “Siegfried” screen. Filing inputs: SEC company facts, latest fiscal year available, with Yahoo Finance filling untagged debt and filers not yet in SEC company facts. Market caps as of September 23 2026. Universe: all 500 unique S&P 500 issuers held by SPY on September 22 2026; multiple share classes consolidated. Banks, insurers and other financials are retained but unscored because the book excludes them. Educational analysis, not investment advice.

Method and sources

Methodology: Noble Growth interpretation of Mark Spitznagel's two-factor “Siegfried” screen. Filing inputs: SEC company facts, latest fiscal year available, with Yahoo Finance filling untagged debt and filers not yet in SEC company facts. Market caps as of September 23 2026. Universe: all 500 unique S&P 500 issuers held by SPY on September 22 2026; multiple share classes consolidated. Banks, insurers and other financials are retained but unscored because the book excludes them. Educational analysis, not investment advice.

Values are published in /index/data.js. Curated series are updated by hand when the source publishes.

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