• Shiseido average return on tangible equity for 2023 was 3.48, a 70.41% decline from 2022.
• Shiseido average return on tangible equity for 2022 was 11.76, a 44.58% decline from 2021.
• Shiseido average return on tangible equity for 2021 was 21.22, a 27.8% 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.