Telephone and Data Systems' ROCE Trend: A Multi-Bagger's Path?

Telephone and Data Systems (NYSE:TDS) has a low return on capital employed (ROCE) of 2.1%, underperforming the Wireless Telecom industry average of 13%. The company's ROCE has been flat over the last five years, while the amount of capital employed has fallen 27%. Despite this, the stock has delivered a 160% gain to shareholders over the past five years.