• NewMarket average return on tangible equity for 2023 was 51.37, a 48.13% increase from 2022.
• NewMarket average return on tangible equity for 2022 was 34.68, a 7.72% increase from 2021.
• NewMarket average return on tangible equity for 2021 was 37.58, a 22.53% 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.