• Makita average return on tangible equity for 2022 was 9.15, a 14.8% decline from 2021.
• Makita average return on tangible equity for 2021 was 10.74, a 7.62% decline from 2020.
• Makita average return on tangible equity for 2020 was 9.98, a 8.94% increase from 2019.

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.