• UPS average return on tangible equity for 2023 was 74.22, a 40.57% decline from 2022.
• UPS average return on tangible equity for 2022 was 124.89, a 75.61% decline from 2021.
• UPS average return on tangible equity for 2021 was 511.96, a 362.44% 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.