• Primo Brands average return on tangible equity for 2023 was 9.02, a 43.17% decline from 2022.
• Primo Brands average return on tangible equity for 2022 was 6.3, a 22.09% increase from 2021.
• Primo Brands average return on tangible equity for 2021 was 5.16, a 48.4% 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.