• Graco average return on tangible equity for 2023 was 34.12, a 9.59% decline from 2022.
• Graco average return on tangible equity for 2022 was 37.74, a 22.71% decline from 2021.
• Graco average return on tangible equity for 2021 was 48.83, a 10.49% 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.