Return on Capital for Mature & Young Companies

Hi Monkeys,

For ROIC and ROA etc. measures, how does it change across time usually for companies? Is it true that ROIC tends to decline to a certain level as a company becomes mature and stay at that level for a long period of time? Also, if I am building an operating model for a company bottom-up and seeing the ROIC is indeed declining? What does it mean? Should I play with the numbers to make the ROIC at same level in previous years if it can maintain its competitive advantages? Any comments are appreciated. Thanks.

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