Social return on investment (SROI), an evaluation method that compares monetized social value generated to costs invested, is in ascendance. Conceptually akin to cost-benefit analysis, it shares some of its challenges; however, these are heightened due to the expressed promise of using SROI to compare programs and inform philanthropic and public investment decisions. In this paper, I describe the landscape of SROI studies to date, including a review of a representative sample of SROI evaluations, which have been vetted by Social Value International. I also draw on the experience of an organization that has used SROI in earnest as a decision-making tool to provide an assessment of both the methods that underpin it and the ways in which it is applied. I conclude by offering some recommendations to consider to get the most value from this evaluation method while avoiding some potential pitfalls.