QualitasASX:QAL +0.95%61 Return-on-Tangible-Asset is 8.76% as of Dec. 2025, which is 170% above its 10-year median of 3.25. GuruFocus rates ASX:QAL with a GF Score™ of 61/100 and a GF Value™ of A$2.83 (Modestly Overvalued). The stock has 2 warning signs investors should review. Among 1,636 Asset Management companies, Qualitas ranks better than 66.32% on this metric.
Return-on-Tangible-Asset is calculated as Net Income divided by its average total tangible assets. Total tangible assets equals to Total Assets minus Intangible Assets. Qualitas's annualizedNet Income for the quarter that ended in Dec. 2025 was A$41.5 Mil. Qualitas's average total tangible assets for the quarter that ended in Dec. 2025 was A$473.7 Mil. Therefore, Qualitas's annualized Return-on-Tangible-Asset for the quarter that ended in Dec. 2025 was 8.76%.
The historical rank and industry rank for Qualitas's Return-on-Tangible-Asset or its related term are showing as below:
ASX:QAL'
s Return-on-Tangible-Asset Range Over the Past 10 Years
Min: 1.47 Med: 3.25 Max: 8.17
Current: 8.17
During the past 5 years, Qualitas's highest Return-on-Tangible-Asset was 8.17%. The lowest was 1.47%. And the median was 3.25%.
ASX:QAL's Return-on-Tangible-Asset is ranked better than 66.32% of 1636
companies
in the Asset Management industry
Industry Median: 4.135
vs ASX:QAL: 8.17
Return-on-Tangible-Asset measures the rate of return on the average total tangible assets (total assets minus intangible assets). Tangible means physical in nature. Intangible Assets are assets that are not physical in nature, and typically "derive their value from legal or intellectual rights." Return-on-Tangible-Asset measures a firm's efficiency at generating profits from its tangible assets. It shows how well a company uses what it has to generate earnings. Return-on-Tangible-Assets can vary drastically across industries. Therefore, Return-on-Tangible-Asset should not be used to compare companies in different industries.
Be Aware
Like ROE and ROA, Return-on-Tangible-Asset is calculated with only 12 months data. Fluctuations in the companys earnings or business cycles can affect the ratio drastically. It is important to look at the ratio from a long term perspective. Return-on-Tangible-Asset can be affected by events such as stock buyback or issuance, and by a companys tax rate and its interest payment. Return-on-Tangible-Asset may not reflect the true earning power of the assets. A more accurate measurement is ROC % (ROC).
Many analysts argue the higher return the better. Buffett states that really high Return-on-Tangible-Asset may indicate vulnerability in the durability of the competitive advantage.
Qualitas Return-on-Tangible-Asset Related Terms
Qualitas Return-on-Tangible-Asset Historical Data
* Premium members only.
The historical data trend for Qualitas's Return-on-Tangible-Asset can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
ASX:QAL vs BLK, BX, KKR: Return-on-Tangible-Asset Comparison
For the Asset Management subindustry, Qualitas's Return-on-Tangible-Asset, along with its competitors' market caps and Return-on-Tangible-Asset data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Qualitas Return-on-Tangible-Asset vs Asset Management Industry
For the Asset Management industry and Financial Services sector, Qualitas's Return-on-Tangible-Asset distribution charts can be found below:
* The bar in red indicates where Qualitas's Return-on-Tangible-Asset falls into.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
In the calculation of annual Return-on-Tangible-Asset, the net income of the last fiscal year and the average total tangible assets over the fiscal year are used. In calculating the quarterly data,
the Net Income data used here is two times the semi-annual (Dec. 2025) net income data.
What does a Return-on-Tangible-Asset of 8.76% mean?
Qualitas (ASX:QAL) has a Return-on-Tangible-Asset of 8.76% as of Dec. 2025. Return on tangible assets is the ratio of current-period net income to average two-period tangible assets. View historical data on Qualitas and its competitors. This is 170% above median its historical median of 3.25. Over the past decade, Qualitas' Return-on-Tangible-Asset has ranged from 1.47 to 8.17. According to the industry distribution chart, Qualitas ranks #551 out of 1636 companies in the Asset Management industry, placing it in the top 33.7%.
Is Qualitas' Return-on-Tangible-Asset too high?
Qualitas' current Return-on-Tangible-Asset of 8.76% is 170% above median its 10-year median of 3.25. Over the past 10 years, this metric has ranged from a low of 1.47 to a high of 8.17. The Asset Management industry median Return-on-Tangible-Asset is 4.14. Qualitas' value of 8.76% is 111.9% above this industry median. Based on the distribution chart, Qualitas ranks #551 out of 1636 companies in the Asset Management industry, which is above the industry midpoint. Overall, Qualitas has a GF Score™ of 61/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Qualitas' Return-on-Tangible-Asset compare to BLK and BX?
According to the Asset Management industry distribution chart, Qualitas ranks #551 out of 1636 companies for Return-on-Tangible-Asset. This puts Qualitas in the upper half of its industry. The industry median Return-on-Tangible-Asset is 4.14. Qualitas' value of 8.76% is 111.9% above this benchmark. Historically, Qualitas' own Return-on-Tangible-Asset has ranged from 1.47 to 8.17 over the past decade. While the company's 10-year median is 3.25 vs. the industry median of 4.14, Qualitas has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Return-on-Tangible-Asset for an Asset Management company?
The median Return-on-Tangible-Asset among Asset Management companies is 4.14, based on 1,636 companies in the industry. Companies in the top quartile (top 25%) have a Return-on-Tangible-Asset significantly above this median, while those in the bottom quartile fall well below. However, Return-on-Tangible-Asset should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Qualitas's current Return-on-Tangible-Asset of 8.76% is 111.9% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Return-on-Tangible-Asset mean?
A high Return-on-Tangible-Asset can signal that a stock is expensive relative to its fundamentals. Return on tangible assets is the ratio of current-period net income to average two-period tangible assets. View historical data on Qualitas and its competitors. For the Asset Management industry, the median Return-on-Tangible-Asset is 4.14 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Qualitas's current Return-on-Tangible-Asset is 8.76%, which is 170% above median its own 10-year median of 3.25. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Qualitas stock overvalued right now?
Based on GuruFocus' analysis, Qualitas (ASX:QAL) is currently considered Modestly Overvalued. The stock's GF Value™ is A$2.83, compared to a current price of A$3.18 — trading 12.4% above its estimated fair value. The current Return-on-Tangible-Asset is 8.76%, which is 170% above median its 10-year median of 3.25 and 111.9% above the Asset Management industry median of 4.14. Qualitas' overall GF Score™ is 61/100 with 2 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Return-on-Tangible-Asset calculated?
Return-on-Tangible-Asset is calculated from a company's financial statements. For Qualitas (ASX:QAL), the current Return-on-Tangible-Asset is 8.76% as of Dec. 2025. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Qualitas (ASX:QAL) Overvalued in 2026?
Based on GuruFocus' analysis, Qualitas stock appears to be overvalued.
The current stock price of A$3.18 is trading 12.4% above its estimated GF Value™ of A$2.83.
GuruFocus considers Qualitas to be Modestly Overvalued.
Key valuation signals for ASX:QAL:
Return-on-Tangible-Asset: 8.76% (170% above median its 10-year median of 3.25)
GF Value™: A$2.83 vs. price of A$3.18 (12.4% above fair value)
Industry Position: 111.9% above the Asset Management median (#551 of 1636)
No single metric tells the full story. See the ASX:QAL stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Qualitas Ltd is an alternative real estate investment manager focused on private credit and equity across commercial real estate sectors. The Group has identified two operating segments Funds Management and Direct Lending. Maximum revenue is generated from its Funds Management segment which includes all of its core Funds management activities and includes Funds management fees, performance fees, and other fee income. It also includes dividends and distributions from Qualitas' Investment and Direct Lending activities. The Direct Lending segment relates to the interest income and expenses relating to activities undertaken by the company's subsidiaries.
61GF Score
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