• Ashtead Group average return on tangible equity for 2023 was 66.09, a 17.56% decline from 2022.
• Ashtead Group average return on tangible equity for 2022 was 56.22, a 25.04% increase from 2021.
• Ashtead Group average return on tangible equity for 2021 was 44.96, a 12.87% 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.