• 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.
• ADP average return on tangible equity for 2021 was 125.3, a 5.72% increase 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.