• Universal Health Services average return on tangible equity for 2023 was 32.59, a 10.05% increase from 2022.
• Universal Health Services average return on tangible equity for 2022 was 36.23, a 12.78% decline from 2021.
• Universal Health Services average return on tangible equity for 2021 was 41.54, a 7.01% 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.