• VALE S.A average return on tangible equity for 2023 was 39.86, a 45.58% decline from 2022.
• VALE S.A average return on tangible equity for 2022 was 73.25, a 18.22% decline from 2021.
• VALE S.A average return on tangible equity for 2021 was 61.96, a 833.13% 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.