ROIC is the measure most closely tied to value creation, because it is directly comparable with wacc. A company earning ROIC above its cost of capital creates value by growing; one earning below it destroys value faster the more it grows.
Unlike return-on-equity, ROIC cannot be manufactured with debt, which is why it survives comparisons across capital structures. It is dragged down by acquisitions, which is exactly the point.
Example: Northwind Tools earns $120M of EBIT taxed at 24%, so $91M, on $1,081M of invested capital: 8.4% ROIC against an estimated 8.1% WACC. Excluding goodwill it is 12.4%.
Related: invested-capital, wacc, economic-profit, return-on-capital-employed, return-on-equity