• IBM average return on tangible equity for 2023 was -9.94, a 40.4% increase from 2022.
• IBM average return on tangible equity for 2022 was -7.08, a 32.05% increase from 2021.
• IBM average return on tangible equity for 2021 was -10.42, a 32.03% 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.