MOIC (multiple of invested capital) is a cash-on-cash return measure: the total value returned divided by the capital invested, expressed as a multiple such as 3×. It captures how many times the investment was returned, but it takes no account of how long that took.
MOIC is the complement to IRR, which is time-weighted. Because MOIC ignores time, the same multiple can represent very different outcomes: a 3× over three years is a far stronger result than a 3× over eight, though both report "3×." Reading MOIC and IRR together — magnitude and speed — is necessary to judge a return properly.