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Bunuel
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We are speaking of combination, so A - SVA error.
B - their? no antecedant
C - is it happening now?
D - is it no more valid?

IMO E.

Please elaborate on reasons why C,D are wrong...
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The combination of growth and return on invested capital (ROIC) relative to its cost are what drive value.

A. The combination of growth and return on invested capital (ROIC) relative to its cost are what drive value
"The combination" is singular hence takes singular verb. S-V Number agreement error.
B. The combination of growth and return on invested capital (ROIC) relative to their cost is what drives value
The combination is singular hence there is no plural antecedent for "their. S-V number agreement corrected through
C. The combination of growth and return on invested capital (ROIC) relative to its cost is what is driving value
By looking the original sentence it seems it is a general fact so simple present form is preferred.
D. The combination of growth as well as return on invested capital (ROIC) relative to its cost was what drove value
By looking the original sentence it seems it is a general fact so simple present form is preferred.
The Combination of ..X.. as well as ... Y is wrong idiom usage

E. The combination of growth and return on invested capital (ROIC) relative to its cost is what drives value
This option corrected the S-V number agreement. and correct Idiom use
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