• Cognex average return on tangible equity for 2023 was 13.03, a 37.57% decline from 2022.
• Cognex average return on tangible equity for 2022 was 20.87, a 14.36% decline from 2021.
• Cognex average return on tangible equity for 2021 was 24.37, a 53.95% 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.