• Nitto Denko average return on tangible equity for 2023 was 10.1, a 3.17% increase from 2022.
• Nitto Denko average return on tangible equity for 2022 was 9.79, a 8.18% increase from 2021.
• Nitto Denko average return on tangible equity for 2021 was 9.05, a 1.31% 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.