• Waters average return on tangible equity for 2023 was -183.16, a 24.19% decline from 2022.
• Waters average return on tangible equity for 2022 was -241.59, a 71.52% decline from 2021.
• Waters average return on tangible equity for 2021 was -140.85, a 98.18% 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.