• Shimano average return on tangible equity for 2023 was 16.8, a 0.12% decline from 2022.
• Shimano average return on tangible equity for 2022 was 16.82, a 12.73% decline from 2021.
• Shimano average return on tangible equity for 2021 was 14.92, a 26.33% 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.