• West Japan Railway average return on tangible equity for 2023 was -3.65, a 97.3% decline from 2022.
• West Japan Railway average return on tangible equity for 2022 was -1.85, a 31.73% increase from 2021.
• West Japan Railway average return on tangible equity for 2021 was -2.71, a 179.24% 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.