• Toyota average return on tangible equity for 2023 was 11.93, a 18.71% increase from 2022.
• Toyota average return on tangible equity for 2022 was 10.05, a 19.54% increase from 2021.
• Toyota average return on tangible equity for 2021 was 12.49, a 56.52% 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.