• Denso average return on tangible equity for 2023 was 2.91, a 9.81% increase from 2022.
• Denso average return on tangible equity for 2022 was 2.65, a 25.56% increase from 2021.
• Denso average return on tangible equity for 2021 was 3.56, a 6.59% 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.