• Telefonica SA average return on tangible equity for 2023 was 243.51, a 597.67% decline from 2022.
• Telefonica SA average return on tangible equity for 2022 was -48.93, a 71.14% decline from 2021.
• Telefonica SA average return on tangible equity for 2021 was -28.59, a 1315.35% 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.