• Nippon Paint Holdings average return on tangible equity for 2023 was 109.91, a 162.14% increase from 2022.
• Nippon Paint Holdings average return on tangible equity for 2022 was -176.87, a 74.08% decline from 2021.
• Nippon Paint Holdings average return on tangible equity for 2021 was -682.48, a 800.77% 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.