• Shin-Etsu Chemical average return on tangible equity for 2023 was 14.8, a 2.99% increase from 2022.
• Shin-Etsu Chemical average return on tangible equity for 2022 was 14.37, a 18.76% increase from 2021.
• Shin-Etsu Chemical average return on tangible equity for 2021 was 12.1, a 6.14% 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.