• ADP average return on tangible equity for 2024 was 669.39, a 14.7% decline from 2023.
• ADP average return on tangible equity for 2023 was 784.77, a 64.22% decline from 2022.
• ADP average return on tangible equity for 2022 was 477.89, a 281.4% increase from 2021.

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.