• Morningstar average return on tangible equity for 2023 was -7.28, a 85.07% increase from 2022.
• Morningstar average return on tangible equity for 2022 was -48.77, a 46.2% decline from 2021.
• Morningstar average return on tangible equity for 2021 was -90.65, a 22.29% 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.