The Financial ROI
Email return is measured as revenue per email sent and email's share of total revenue, because those two numbers show whether the channel is compounding.
Revenue per send is attributed revenue divided by emails delivered, reported separately for flows and campaigns. Flow revenue is the compounding part: once built, it costs nothing extra to run, so its share of total revenue is the clearest measure of the system's value.
Deliverability has its own financial line. A list that lands in the inbox at a higher rate produces more revenue from the same content, so bounce, complaint and placement rates are tracked as inputs to revenue rather than as vanity metrics. List growth is reported net of unsubscribes.
Because email spend is mostly platform fees and production time, return on the channel is typically the highest in the marketing mix once site traffic exists. Client figures are shared on request.