• Terumo average return on tangible equity for 2023 was 18.85, a 20.63% decline from 2022.
• Terumo average return on tangible equity for 2022 was 23.75, a 22.31% decline from 2021.
• Terumo average return on tangible equity for 2021 was 30.57, a 20.72% 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.