The best replacement for payback period is npv.

The best alternatives to payback period are rated as following:
★★★★★  npv
★★★★  roi
★★★  discounted payback period
★★★  break even point
★★  net present value
★★  payback period
★  internal rate of return
★  break even
  accounting rate of return

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payback period
npv
roi