ROAS needs a completed sale to calculate against, but a Leads campaign's job ends the moment someone submits their contact information. Whether that lead turns into revenue depends on what happens after the ad, a sales call, a quote, a follow-up email, not on anything Meta can see or optimize for. Asking ‘what's the ROAS on this Leads campaign’ is really asking a question about your sales process, not your ad account.
Ask your agency this instead
Of the leads this campaign brings in, how many turn into actual paying customers?
Do we have a way to track a lead all the way from this ad to a closed sale?
Want the metrics that actually matter for a Leads campaign? Open the tool and pick one.
Adamigo provided the cleanest full Leads-objective breakdown (CTR, CPC, CPM, CPL, conversion rate), cross-checked against Hawky and theedigital, which agreed closely on CTR, CPC, and CPL. CPM bands are synthesized from Adamigo's stated range with the below-average threshold set a bit lower for a more usable spread.