• Novozymes average return on tangible equity for 2022 was 43.08, a 7.78% decline from 2021.
• Novozymes average return on tangible equity for 2021 was 39.97, a 15.55% increase from 2020.
• Novozymes average return on tangible equity for 2020 was 34.59, a 0.03% 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.