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.
Nippon Active Value FundLSE:NAVF 71 Return-on-Tangible-Asset is 17.78% as of Dec. 2025, which is 18% above its 10-year median of 15.09. GuruFocus rates LSE:NAVF with a GF Score™ of 71/100 and a GF Value™ of £2.52 (Modestly Undervalued). The stock has 4 warning signs investors should review. Among 1,631 Asset Management companies, Nippon Active Value Fund ranks better than 80.56% 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. Nippon Active Value Fund's annualizedNet Income for the quarter that ended in Dec. 2025 was £73.08 Mil. Nippon Active Value Fund's average total tangible assets for the quarter that ended in Dec. 2025 was £411.12 Mil. Therefore, Nippon Active Value Fund's annualized Return-on-Tangible-Asset for the quarter that ended in Dec. 2025 was 17.78%.
The historical rank and industry rank for Nippon Active Value Fund's Return-on-Tangible-Asset or its related term are showing as below:
LSE:NAVF'
s Return-on-Tangible-Asset Range Over the Past 10 Years
Min: 3.23 Med: 15.09 Max: 19.83
Current: 16.17
During the past 6 years, Nippon Active Value Fund's highest Return-on-Tangible-Asset was 19.83%. The lowest was 3.23%. And the median was 15.09%.
LSE:NAVF's Return-on-Tangible-Asset is ranked better than 80.56% of 1631
companies
in the Asset Management industry
Industry Median: 4.67
vs LSE:NAVF: 16.17
Nippon Active Value Fund (LSE:NAVF) 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.
Nippon Active Value Fund Return-on-Tangible-Asset Related Terms
Nippon Active Value Fund Return-on-Tangible-Asset Historical Data
* Premium members only.
The historical data trend for Nippon Active Value Fund'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.
Nippon Active Value Fund Return-on-Tangible-Asset Chart
LSE:NAVF vs BLK, BX, KKR: Return-on-Tangible-Asset Comparison
For the Asset Management subindustry, Nippon Active Value Fund'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.
Nippon Active Value Fund Return-on-Tangible-Asset vs Asset Management Industry
For the Asset Management industry and Financial Services sector, Nippon Active Value Fund's Return-on-Tangible-Asset distribution charts can be found below:
* The bar in red indicates where Nippon Active Value Fund'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 17.78% mean?
Nippon Active Value Fund (LSE:NAVF) has a Return-on-Tangible-Asset of 17.78% 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 Nippon Active Value Fund and its competitors. This is 18% above median its historical median of 15.09. Over the past decade, Nippon Active Value Fund's Return-on-Tangible-Asset has ranged from 3.23 to 19.83. According to the industry distribution chart, Nippon Active Value Fund ranks #317 out of 1631 companies in the Asset Management industry, placing it in the top 19.4%.
Is Nippon Active Value Fund's Return-on-Tangible-Asset too high?
Nippon Active Value Fund's current Return-on-Tangible-Asset of 17.78% is 18% above median its 10-year median of 15.09. Over the past 10 years, this metric has ranged from a low of 3.23 to a high of 19.83. The Asset Management industry median Return-on-Tangible-Asset is 4.67. Nippon Active Value Fund's value of 17.78% is 280.7% above this industry median. Based on the distribution chart, Nippon Active Value Fund ranks #317 out of 1631 companies in the Asset Management industry, which is in the top quartile — a strong position relative to peers. Overall, Nippon Active Value Fund has a GF Score™ of 71/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Nippon Active Value Fund's Return-on-Tangible-Asset compare to BLK and BX?
According to the Asset Management industry distribution chart, Nippon Active Value Fund ranks #317 out of 1631 companies for Return-on-Tangible-Asset. This places Nippon Active Value Fund in the top 19% of its industry — outperforming the majority of peers. The industry median Return-on-Tangible-Asset is 4.67. Nippon Active Value Fund's value of 17.78% is 280.7% above this benchmark. Historically, Nippon Active Value Fund's own Return-on-Tangible-Asset has ranged from 3.23 to 19.83 over the past decade. While the company's 10-year median is 15.09 vs. the industry median of 4.67, Nippon Active Value Fund 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 4.67, based on 1,631 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. Nippon Active Value Fund's current Return-on-Tangible-Asset of 17.78% is 280.7% 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 Nippon Active Value Fund and its competitors. For the Asset Management industry, the median Return-on-Tangible-Asset is 4.67 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Nippon Active Value Fund's current Return-on-Tangible-Asset is 17.78%, which is 18% above median its own 10-year median of 15.09. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Nippon Active Value Fund stock overvalued right now?
Based on GuruFocus' analysis, Nippon Active Value Fund (LSE:NAVF) is currently considered Modestly Undervalued. The stock's GF Value™ is £2.52, compared to a current price of £2.28 — trading 9.5% below its estimated fair value. The current Return-on-Tangible-Asset is 17.78%, which is 18% above median its 10-year median of 15.09 and 280.7% above the Asset Management industry median of 4.67. Nippon Active Value Fund's overall GF Score™ is 71/100 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 Nippon Active Value Fund (LSE:NAVF), the current Return-on-Tangible-Asset is 17.78% 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 Nippon Active Value Fund (LSE:NAVF) Overvalued in 2026?
Based on GuruFocus' analysis, Nippon Active Value Fund stock appears to be undervalued.
The current stock price of £2.28 is trading 9.5% below its estimated GF Value™ of £2.52.
GuruFocus considers Nippon Active Value Fund to be Modestly Undervalued.
Key valuation signals for LSE:NAVF:
Return-on-Tangible-Asset: 17.78% (18% above median its 10-year median of 15.09)
GF Value™: £2.52 vs. price of £2.28 (9.5% below fair value)
Industry Position: 280.7% above the Asset Management median (#317 of 1631)
No single metric tells the full story. See the LSE:NAVF stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Nippon Active Value Fund PLC is a closed-ended investment company. The investment objective of the company is to provide shareholders with attractive capital growth through the active management of a focused portfolio of quoted companies which have the majority of their operations in, or revenue derived from, Japan.
71GF Score
Get the complete analysis for LSE:NAVF
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
LSE:NAVF has been successfully added to your 
