• Alcoa average return on tangible equity for 2023 was -14.82, a 347.41% decline from 2022.
• Alcoa average return on tangible equity for 2022 was 5.99, a 21.49% decline from 2021.
• Alcoa average return on tangible equity for 2021 was 7.63, a 184.31% decline from 2020.

Return on tangible equity can be defined as the amount of net income returned as a percentage of shareholders equity, after subtracting intangible assets, goodwill and preferred equity.