• Shake Shack average return on tangible equity for 2023 was 0.37, a 108.53% increase from 2022.
• Shake Shack average return on tangible equity for 2022 was -4.34, a 9.77% decline from 2021.
• Shake Shack average return on tangible equity for 2021 was -4.81, a 36.26% 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.