Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.
KBC AncoraFRA:KB9 +0.12%65 Return-on-Tangible-Asset is 4.06% as of Dec. 2025, which is 52% below its 10-year median of 8.46. GuruFocus rates FRA:KB9 with a GF Score™ of 65/100 and a GF Value™ of €56.96 (Significantly Overvalued). The stock has 8 warning signs investors should review. Among 1,633 Asset Management companies, KBC Ancora ranks better than 67.61% 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. KBC Ancora's annualizedNet Income for the quarter that ended in Dec. 2025 was €148.7 Mil. KBC Ancora's average total tangible assets for the quarter that ended in Dec. 2025 was €3,667.5 Mil. Therefore, KBC Ancora's annualized Return-on-Tangible-Asset for the quarter that ended in Dec. 2025 was 4.06%.
The historical rank and industry rank for KBC Ancora's Return-on-Tangible-Asset or its related term are showing as below:
FRA:KB9'
s Return-on-Tangible-Asset Range Over the Past 10 Years
Min: -0.86 Med: 8.46 Max: 30.44
Current: 8.62
During the past 13 years, KBC Ancora's highest Return-on-Tangible-Asset was 30.44%. The lowest was -0.86%. And the median was 8.46%.
FRA:KB9's Return-on-Tangible-Asset is ranked better than 67.61% of 1633
companies
in the Asset Management industry
Industry Median: 4.25
vs FRA:KB9: 8.62
KBC Ancora (FRA:KB9) 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.
KBC Ancora Return-on-Tangible-Asset Related Terms
KBC Ancora Return-on-Tangible-Asset Historical Data
* Premium members only.
The historical data trend for KBC Ancora'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:KB9 vs BLK, BX, KKR: Return-on-Tangible-Asset Comparison
For the Asset Management subindustry, KBC Ancora'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.
KBC Ancora Return-on-Tangible-Asset vs Asset Management Industry
For the Asset Management industry and Financial Services sector, KBC Ancora's Return-on-Tangible-Asset distribution charts can be found below:
* The bar in red indicates where KBC Ancora'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 4.06% mean?
KBC Ancora (FRA:KB9) has a Return-on-Tangible-Asset of 4.06% 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 KBC Ancora and its competitors. This is 52% below median its historical median of 8.46. According to the industry distribution chart, KBC Ancora ranks #529 out of 1633 companies in the Asset Management industry, placing it in the top 32.4%.
Is KBC Ancora's Return-on-Tangible-Asset too high?
KBC Ancora's current Return-on-Tangible-Asset of 4.06% is 52% below median its 10-year median of 8.46. The Asset Management industry median Return-on-Tangible-Asset is 4.25. KBC Ancora's value of 4.06% is 4.5% below this industry median. Based on the distribution chart, KBC Ancora ranks #529 out of 1633 companies in the Asset Management industry, which is above the industry midpoint. Overall, KBC Ancora has a GF Score™ of 65/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does KBC Ancora's Return-on-Tangible-Asset compare to BLK and BX?
According to the Asset Management industry distribution chart, KBC Ancora ranks #529 out of 1633 companies for Return-on-Tangible-Asset. This puts KBC Ancora in the upper half of its industry. The industry median Return-on-Tangible-Asset is 4.25. KBC Ancora's value of 4.06% is 4.5% below this benchmark. While the company's 10-year median is 8.46 vs. the industry median of 4.25, KBC Ancora 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 an Asset Management company?
The median Return-on-Tangible-Asset among Asset Management companies is 4.25, based on 1,633 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. KBC Ancora's current Return-on-Tangible-Asset of 4.06% is 4.5% 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 KBC Ancora and its competitors. For the Asset Management industry, the median Return-on-Tangible-Asset is 4.25 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. KBC Ancora's current Return-on-Tangible-Asset is 4.06%, which is 52% below median its own 10-year median of 8.46. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is KBC Ancora stock overvalued right now?
Based on GuruFocus' analysis, KBC Ancora (FRA:KB9) is currently considered Significantly Overvalued. The stock's GF Value™ is €56.96, compared to a current price of €83.30 — trading 46.2% above its estimated fair value. The current Return-on-Tangible-Asset is 4.06%, which is 52% below median its 10-year median of 8.46 and 4.5% below the Asset Management industry median of 4.25. KBC Ancora's overall GF Score™ is 65/100 with 8 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 KBC Ancora (FRA:KB9), the current Return-on-Tangible-Asset is 4.06% 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 KBC Ancora (FRA:KB9) Overvalued in 2026?
Based on GuruFocus' analysis, KBC Ancora stock appears to be overvalued.
The current stock price of €83.30 is trading 46.2% above its estimated GF Value™ of €56.96.
GuruFocus considers KBC Ancora to be Significantly Overvalued.
Key valuation signals for FRA:KB9:
Return-on-Tangible-Asset: 4.06% (52% below median its 10-year median of 8.46)
GF Value™: €56.96 vs. price of €83.30 (46.2% above fair value)
Industry Position: 4.5% below the Asset Management median (#529 of 1633)
No single metric tells the full story. See the FRA:KB9 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
KBC Ancora SA is a financial services holding company whose sole asset is a substantial participating interest in KBC Group. Its operational activities are fairly limited. The group engages in retail banking, insurance, and asset management services, deriving the vast majority of its profits from activities in Belgium. Other profit-driving markets include the Czech Republic, Bulgaria, and Ireland. Revenue is reported through net interest income, insurance premiums, and fees and commissions, reflecting a diverse range of services.
65GF Score
Get the complete analysis for FRA:KB9
Return-on-Tangible-Asset is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
FRA:KB9 has been successfully added to your 
