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Japan ExcellentFRA:81L 64 Return-on-Tangible-Asset is 2.86% as of Dec. 2025, which is 6% above its 10-year median of 2.71. GuruFocus rates FRA:81L with a GF Score™ of 64/100 and a GF Value™ of €662.41. The stock has 9 warning signs investors should review. Among 926 REITs companies, Japan Excellent ranks worse than 54% 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. Japan Excellent's annualizedNet Income for the quarter that ended in Dec. 2025 was €47.7 Mil. Japan Excellent's average total tangible assets for the quarter that ended in Dec. 2025 was €1,665.7 Mil. Therefore, Japan Excellent's annualized Return-on-Tangible-Asset for the quarter that ended in Dec. 2025 was 2.86%.
The historical rank and industry rank for Japan Excellent's Return-on-Tangible-Asset or its related term are showing as below:
FRA:81L'
s Return-on-Tangible-Asset Range Over the Past 10 Years
Min: 2.14 Med: 2.71 Max: 3.51
Current: 3.03
During the past 13 years, Japan Excellent's highest Return-on-Tangible-Asset was 3.51%. The lowest was 2.14%. And the median was 2.71%.
FRA:81L's Return-on-Tangible-Asset is ranked worse than 54% of 926
companies
in the REITs industry
Industry Median: 3.295
vs FRA:81L: 3.03
Japan Excellent (FRA:81L) 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.
Japan Excellent Return-on-Tangible-Asset Related Terms
Japan Excellent Return-on-Tangible-Asset Historical Data
* Premium members only.
The historical data trend for Japan Excellent'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.
FRA:81L vs BXP, ARE, VNO: Return-on-Tangible-Asset Comparison
For the REIT - Office subindustry, Japan Excellent'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.
Japan Excellent Return-on-Tangible-Asset vs REITs Industry
For the REITs industry and Real Estate sector, Japan Excellent's Return-on-Tangible-Asset distribution charts can be found below:
* The bar in red indicates where Japan Excellent'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 2.86% mean?
Japan Excellent (FRA:81L) has a Return-on-Tangible-Asset of 2.86% 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 Japan Excellent and its competitors. This is near median its historical median of 2.71. Over the past decade, Japan Excellent's Return-on-Tangible-Asset has ranged from 2.14 to 3.51. According to the industry distribution chart, Japan Excellent ranks #500 out of 926 companies in the REITs industry, placing it in the top 54%.
Is Japan Excellent's Return-on-Tangible-Asset too high?
Japan Excellent's current Return-on-Tangible-Asset of 2.86% is near median its 10-year median of 2.71. Over the past 10 years, this metric has ranged from a low of 2.14 to a high of 3.51. The REITs industry median Return-on-Tangible-Asset is 3.30. Japan Excellent's value of 2.86% is 13.2% below this industry median. Based on the distribution chart, Japan Excellent ranks #500 out of 926 companies in the REITs industry, which is below the industry midpoint. Overall, Japan Excellent has a GF Score™ of 64/100, reflecting its overall financial health beyond just this single metric.
How does Japan Excellent's Return-on-Tangible-Asset compare to BXP and ARE?
According to the REITs industry distribution chart, Japan Excellent ranks #500 out of 926 companies for Return-on-Tangible-Asset. This places Japan Excellent in the lower half of its industry. The industry median Return-on-Tangible-Asset is 3.30. Japan Excellent's value of 2.86% is 13.2% below this benchmark. Historically, Japan Excellent's own Return-on-Tangible-Asset has ranged from 2.14 to 3.51 over the past decade. While the company's 10-year median is 2.71 vs. the industry median of 3.30, Japan Excellent has consistently been below 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 REITs company?
The median Return-on-Tangible-Asset among REITs companies is 3.30, based on 926 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. Japan Excellent's current Return-on-Tangible-Asset of 2.86% is 13.2% below 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 Japan Excellent and its competitors. For the REITs industry, the median Return-on-Tangible-Asset is 3.30 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Japan Excellent's current Return-on-Tangible-Asset is 2.86%, which is near median its own 10-year median of 2.71. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Japan Excellent stock overvalued right now?
Japan Excellent (FRA:81L) has a current Return-on-Tangible-Asset of 2.86%. The stock's GF Value™ is €662.41, compared to a current price of €755.00 — trading 14% above its estimated fair value. The current Return-on-Tangible-Asset is 2.86%, which is near median its 10-year median of 2.71 and 13.2% below the REITs industry median of 3.30. Japan Excellent's overall GF Score™ is 64/100 with 9 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 Japan Excellent (FRA:81L), the current Return-on-Tangible-Asset is 2.86% 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 Japan Excellent (FRA:81L) Overvalued in 2026?
Based on GuruFocus' analysis, Japan Excellent stock appears to be overvalued.
The current stock price of €755.00 is trading 14% above its estimated GF Value™ of €662.41.
Key valuation signals for FRA:81L:
Return-on-Tangible-Asset: 2.86% (near median its 10-year median of 2.71)
GF Value™: €662.41 vs. price of €755.00 (14% above fair value)
Industry Position: 13.2% below the REITs median (#500 of 926)
No single metric tells the full story. See the FRA:81L stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Japan Excellent Inc is a real estate investment trust. It mainly invests in office buildings located in major metropolitan areas and pursues to create a portfolio that produces stable growth of income by acquiring properties. The company's portfolio of assets is managed by Japan Excellent Asset Management Co., Ltd.
64GF Score
Get the complete analysis for FRA:81L
Return-on-Tangible-Asset is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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