Which of the following calculations does NOT relate to capital budgeting?

The correct choice is based on understanding the context of capital budgeting and what each of the calculations signifies.

Capital budgeting refers to the process of evaluating and selecting long-term investments that are in line with the goal of a company's financial management. Key calculations involved in capital budgeting include the Net Present Value (NPV) and the Internal Rate of Return (IRR), both of which help assess the profitability and viability of potential investments. These metrics focus on the cash flows expected from a project, considering the time value of money.

The Weighted Average Cost of Capital (WACC) is also pertinent to capital budgeting as it represents the average rate that a company is expected to pay to finance its assets, and it is often used as a discount rate in the NPV calculation.

Return on Assets (ROA), on the other hand, is a performance metric that measures the efficiency of a company in using its assets to generate earnings. While it provides insight into how profitably a firm is using its assets, it does not specifically relate to the evaluation of future investment projects or long-term capital allocation like the other options do.

Thus, ROA is not a tool or calculation that directly informs capital budgeting decisions, making it the correct answer in the context of this question