• Japan Airlines average return on tangible equity for 2023 was -19.75, a 10.03% decline from 2022.
• Japan Airlines average return on tangible equity for 2022 was -17.95, a 41.56% increase from 2021.
• Japan Airlines average return on tangible equity for 2021 was -12.68, a 161.98% 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.