As per title. I hadn't really made use of it before, but a friend lent me a book from the guy who runs Fundsmith in the UK and he kept talking about ROCE.
Or is it only useful for stable or large companies that have been around a long time, rather than the growth stories?
I've been plugging in afew annual results and assuming no lazy effort or misunderstandings on my part in using the formula (though I'm happy to be corrected) I got (of the ones I had an initial go at).

PX1: 7%
HGH: 14%
ATM: 47%
GXH: 11%
QEX: 10%
OCA: -4% (this seems to be because they made a loss before tax)

For it to be truly effective it would have to be over more than one result though...
Looking at the above ATM looks really impressive (but looks abit like a falling knife at the moment), however I look at OCA which is one i see as a great long term play but the ROCE is less than flattering (and the previous year around 5% isn't that hot either).

If you're not a fan of ROCE, what's your favourite measures for assessing a company from their annual results?