Note ABCHIX:NOTES 95 Return-on-Tangible-Asset is 6.84% as of Mar. 2026, which is 36% below its 10-year median of 10.65. GuruFocus rates CHIX:NOTES with a GF Score™ of 95/100 and a GF Value™ of kr196.78 (Modestly Undervalued). The stock has 4 warning signs investors should review. Among 2,505 Hardware companies, Note AB ranks better than 83.91% 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. Note AB's annualizedNet Income for the quarter that ended in Mar. 2026 was kr208 Mil. Note AB's average total tangible assets for the quarter that ended in Mar. 2026 was kr3,042 Mil. Therefore, Note AB's annualized Return-on-Tangible-Asset for the quarter that ended in Mar. 2026 was 6.84%.
The historical rank and industry rank for Note AB's Return-on-Tangible-Asset or its related term are showing as below:
CHIX:NOTEs'
s Return-on-Tangible-Asset Range Over the Past 10 Years
Min: 7.56 Med: 10.65 Max: 13.07
Current: 9.12
During the past 13 years, Note AB's highest Return-on-Tangible-Asset was 13.07%. The lowest was 7.56%. And the median was 10.65%.
CHIX:NOTEs's Return-on-Tangible-Asset is ranked better than 83.91% of 2505
companies
in the Hardware industry
Industry Median: 2.43
vs CHIX:NOTEs: 9.12
Note AB (CHIX:NOTEs) Return-on-Tangible-Asset Explanation
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.
Note AB Return-on-Tangible-Asset Related Terms
Note AB Return-on-Tangible-Asset Historical Data
* Premium members only.
The historical data trend for Note AB'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.
CHIX:NOTES vs APH, GLW: Return-on-Tangible-Asset Comparison
For the Electronic Components subindustry, Note AB'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.
Note AB Return-on-Tangible-Asset vs Hardware Industry
For the Hardware industry and Technology sector, Note AB's Return-on-Tangible-Asset distribution charts can be found below:
* The bar in red indicates where Note AB'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 four times the quarterly (Mar. 2026) net income data.
What does a Return-on-Tangible-Asset of 6.84% mean?
Note AB (CHIX:NOTES) has a Return-on-Tangible-Asset of 6.84% as of Mar. 2026. Return on tangible assets is the ratio of current-period net income to average two-period tangible assets. View historical data on Note AB and its competitors. This is 36% below median its historical median of 10.65. Over the past decade, Note AB's Return-on-Tangible-Asset has ranged from 7.56 to 13.07. According to the industry distribution chart, Note AB ranks #403 out of 2505 companies in the Hardware industry, placing it in the top 16.1%.
Is Note AB's Return-on-Tangible-Asset too high?
Note AB's current Return-on-Tangible-Asset of 6.84% is 36% below median its 10-year median of 10.65. Over the past 10 years, this metric has ranged from a low of 7.56 to a high of 13.07. The Hardware industry median Return-on-Tangible-Asset is 2.43. Note AB's value of 6.84% is 181.5% above this industry median. Based on the distribution chart, Note AB ranks #403 out of 2505 companies in the Hardware industry, which is in the top quartile — a strong position relative to peers. Overall, Note AB has a GF Score™ of 95/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Note AB's Return-on-Tangible-Asset compare to APH and GLW?
According to the Hardware industry distribution chart, Note AB ranks #403 out of 2505 companies for Return-on-Tangible-Asset. This places Note AB in the top 16% of its industry — outperforming the majority of peers. The industry median Return-on-Tangible-Asset is 2.43. Note AB's value of 6.84% is 181.5% above this benchmark. Historically, Note AB's own Return-on-Tangible-Asset has ranged from 7.56 to 13.07 over the past decade. While the company's 10-year median is 10.65 vs. the industry median of 2.43, Note AB 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 Hardware company?
The median Return-on-Tangible-Asset among Hardware companies is 2.43, based on 2,505 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. Note AB's current Return-on-Tangible-Asset of 6.84% is 181.5% 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 Note AB and its competitors. For the Hardware industry, the median Return-on-Tangible-Asset is 2.43 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Note AB's current Return-on-Tangible-Asset is 6.84%, which is 36% below median its own 10-year median of 10.65. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Note AB stock overvalued right now?
Based on GuruFocus' analysis, Note AB (CHIX:NOTES) is currently considered Modestly Undervalued. The stock's GF Value™ is kr196.78, compared to a current price of kr161.45 — trading 18% below its estimated fair value. The current Return-on-Tangible-Asset is 6.84%, which is 36% below median its 10-year median of 10.65 and 181.5% above the Hardware industry median of 2.43. Note AB's overall GF Score™ is 95/100 with 4 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 Note AB (CHIX:NOTES), the current Return-on-Tangible-Asset is 6.84% as of Mar. 2026. 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 Note AB (CHIX:NOTES) Overvalued in 2026?
Based on GuruFocus' analysis, Note AB stock appears to be undervalued.
The current stock price of kr161.45 is trading 18% below its estimated GF Value™ of kr196.78.
GuruFocus considers Note AB to be Modestly Undervalued.
Key valuation signals for CHIX:NOTES:
Return-on-Tangible-Asset: 6.84% (36% below median its 10-year median of 10.65)
GF Value™: kr196.78 vs. price of kr161.45 (18% below fair value)
Industry Position: 181.5% above the Hardware median (#403 of 2505)
No single metric tells the full story. See the CHIX:NOTES stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Note AB is a Swedish based EMS partner. engaged in manufacturing electronics-based products that require high technology competence and flexibility. Its business has four segments which are Industrial, Communication, Medtech and Greentech.
95GF Score
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