• Stifel Financial average return on tangible equity for 2023 was 14.3, a 28.28% decline from 2022.
• Stifel Financial average return on tangible equity for 2022 was 19.94, a 10.02% decline from 2021.
• Stifel Financial average return on tangible equity for 2021 was 22.16, a 22.57% 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.