• Watsco average return on tangible equity for 2023 was 29.51, a 13.23% decline from 2022.
• Watsco average return on tangible equity for 2022 was 34.01, a 29.81% decline from 2021.
• Watsco average return on tangible equity for 2021 was 26.2, a 31.26% 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.