ASXASXFF 80 Return-on-Tangible-Asset is 3.80% as of Dec. 2025, which is 8% above its 10-year median of 3.52. GuruFocus rates ASXFF with a GF Score™ of 80/100 and a GF Value™ of $57.49 (Possible Value Trap). The stock has 5 warning signs investors should review. Among 818 Capital Markets companies, ASX ranks better than 67.6% 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. ASX's annualizedNet Income for the quarter that ended in Dec. 2025 was $350.3 Mil. ASX's average total tangible assets for the quarter that ended in Dec. 2025 was $9,218.9 Mil. Therefore, ASX's annualized Return-on-Tangible-Asset for the quarter that ended in Dec. 2025 was 3.80%.
The historical rank and industry rank for ASX's Return-on-Tangible-Asset or its related term are showing as below:
ASXFF'
s Return-on-Tangible-Asset Range Over the Past 10 Years
Min: 2.12 Med: 3.52 Max: 6.22
Current: 3.74
During the past 13 years, ASX's highest Return-on-Tangible-Asset was 6.22%. The lowest was 2.12%. And the median was 3.52%.
ASXFF's Return-on-Tangible-Asset is ranked better than 67.6% of 818
companies
in the Capital Markets industry
Industry Median: 1.505
vs ASXFF: 3.74
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.
ASX Return-on-Tangible-Asset Related Terms
ASX Return-on-Tangible-Asset Historical Data
* Premium members only.
The historical data trend for ASX'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.
ASXFF vs SPGI, CME, MCO: Return-on-Tangible-Asset Comparison
For the Financial Data & Stock Exchanges subindustry, ASX'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.
ASX Return-on-Tangible-Asset vs Capital Markets Industry
For the Capital Markets industry and Financial Services sector, ASX's Return-on-Tangible-Asset distribution charts can be found below:
* The bar in red indicates where ASX'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 3.80% mean?
ASX (ASXFF) has a Return-on-Tangible-Asset of 3.80% 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 ASX and its competitors. This is near median its historical median of 3.52. Over the past decade, ASX's Return-on-Tangible-Asset has ranged from 2.12 to 6.22. According to the industry distribution chart, ASX ranks #265 out of 818 companies in the Capital Markets industry, placing it in the top 32.4%.
Is ASX's Return-on-Tangible-Asset too high?
ASX's current Return-on-Tangible-Asset of 3.80% is near median its 10-year median of 3.52. Over the past 10 years, this metric has ranged from a low of 2.12 to a high of 6.22. The Capital Markets industry median Return-on-Tangible-Asset is 1.51. ASX's value of 3.80% is 152.5% above this industry median. Based on the distribution chart, ASX ranks #265 out of 818 companies in the Capital Markets industry, which is above the industry midpoint. Overall, ASX has a GF Score™ of 80/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does ASX's Return-on-Tangible-Asset compare to SPGI and CME?
According to the Capital Markets industry distribution chart, ASX ranks #265 out of 818 companies for Return-on-Tangible-Asset. This puts ASX in the upper half of its industry. The industry median Return-on-Tangible-Asset is 1.51. ASX's value of 3.80% is 152.5% above this benchmark. Historically, ASX's own Return-on-Tangible-Asset has ranged from 2.12 to 6.22 over the past decade. While the company's 10-year median is 3.52 vs. the industry median of 1.51, ASX 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 a Capital Markets company?
The median Return-on-Tangible-Asset among Capital Markets companies is 1.51, based on 818 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. ASX's current Return-on-Tangible-Asset of 3.80% is 152.5% 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 ASX and its competitors. For the Capital Markets industry, the median Return-on-Tangible-Asset is 1.51 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. ASX's current Return-on-Tangible-Asset is 3.80%, which is near median its own 10-year median of 3.52. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is ASX stock overvalued right now?
Based on GuruFocus' analysis, ASX (ASXFF) is currently considered Possible Value Trap. The stock's GF Value™ is $57.49, compared to a current price of $39.15 — trading 31.9% below its estimated fair value. The current Return-on-Tangible-Asset is 3.80%, which is near median its 10-year median of 3.52 and 152.5% above the Capital Markets industry median of 1.51. ASX's overall GF Score™ is 80/100 with 5 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 ASX (ASXFF), the current Return-on-Tangible-Asset is 3.80% 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 ASX (ASXFF) Overvalued in 2026?
Based on GuruFocus' analysis, ASX stock appears to be undervalued.
The current stock price of $39.15 is trading 31.9% below its estimated GF Value™ of $57.49.
GuruFocus considers ASX to be Possible Value Trap.
Key valuation signals for ASXFF:
Return-on-Tangible-Asset: 3.80% (near median its 10-year median of 3.52)
GF Value™: $57.49 vs. price of $39.15 (31.9% below fair value)
Industry Position: 152.5% above the Capital Markets median (#265 of 818)
No single metric tells the full story. See the ASXFF stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Australian Securities Exchange is a vertically integrated securities exchange business offering listing, data, trading, clearing, and settlement services across equities, debt, and derivatives. ASX benefits from various effective monopolies across its business and a disproportionately large listings business from Australia's outsize natural resources sector.
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