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Smart Capital SpAMIL:SMCAP 9 Return-on-Tangible-Asset is 22.49% as of Dec. 2025, which is 628% above its 10-year median of 3.09. GuruFocus rates MIL:SMCAP with a GF Score™ of 9/100. The stock has 4 warning signs investors should review. Among 1,633 Asset Management companies, Smart Capital SpA ranks better than 74.83% 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. Smart Capital SpA's annualizedNet Income for the quarter that ended in Dec. 2025 was €17.57 Mil. Smart Capital SpA's average total tangible assets for the quarter that ended in Dec. 2025 was €78.12 Mil. Therefore, Smart Capital SpA's annualized Return-on-Tangible-Asset for the quarter that ended in Dec. 2025 was 22.49%.
The historical rank and industry rank for Smart Capital SpA's Return-on-Tangible-Asset or its related term are showing as below:
MIL:SMCAP'
s Return-on-Tangible-Asset Range Over the Past 10 Years
Min: 1.76 Med: 3.09 Max: 12.09
Current: 12.09
During the past 4 years, Smart Capital SpA's highest Return-on-Tangible-Asset was 12.09%. The lowest was 1.76%. And the median was 3.09%.
MIL:SMCAP's Return-on-Tangible-Asset is ranked better than 74.83% of 1633
companies
in the Asset Management industry
Industry Median: 4.25
vs MIL:SMCAP: 12.09
Smart Capital SpA (MIL:SMCAP) 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.
Smart Capital SpA Return-on-Tangible-Asset Related Terms
Smart Capital SpA Return-on-Tangible-Asset Historical Data
* Premium members only.
The historical data trend for Smart Capital SpA'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.
MIL:SMCAP vs BLK, BX, KKR: Return-on-Tangible-Asset Comparison
For the Asset Management subindustry, Smart Capital SpA'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.
Smart Capital SpA Return-on-Tangible-Asset vs Asset Management Industry
For the Asset Management industry and Financial Services sector, Smart Capital SpA's Return-on-Tangible-Asset distribution charts can be found below:
* The bar in red indicates where Smart Capital SpA'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 22.49% mean?
Smart Capital SpA (MIL:SMCAP) has a Return-on-Tangible-Asset of 22.49% 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 Smart Capital SpA and its competitors. This is 628% above median its historical median of 3.09. Over the past decade, Smart Capital SpA's Return-on-Tangible-Asset has ranged from 1.76 to 12.09. According to the industry distribution chart, Smart Capital SpA ranks #411 out of 1633 companies in the Asset Management industry, placing it in the top 25.2%.
Is Smart Capital SpA's Return-on-Tangible-Asset too high?
Smart Capital SpA's current Return-on-Tangible-Asset of 22.49% is 628% above median its 10-year median of 3.09. Over the past 10 years, this metric has ranged from a low of 1.76 to a high of 12.09. The Asset Management industry median Return-on-Tangible-Asset is 4.25. Smart Capital SpA's value of 22.49% is 429.2% above this industry median. Based on the distribution chart, Smart Capital SpA ranks #411 out of 1633 companies in the Asset Management industry, which is above the industry midpoint. Overall, Smart Capital SpA has a GF Score™ of 9/100, reflecting its overall financial health beyond just this single metric.
How does Smart Capital SpA's Return-on-Tangible-Asset compare to BLK and BX?
According to the Asset Management industry distribution chart, Smart Capital SpA ranks #411 out of 1633 companies for Return-on-Tangible-Asset. This puts Smart Capital SpA in the upper half of its industry. The industry median Return-on-Tangible-Asset is 4.25. Smart Capital SpA's value of 22.49% is 429.2% above this benchmark. Historically, Smart Capital SpA's own Return-on-Tangible-Asset has ranged from 1.76 to 12.09 over the past decade. While the company's 10-year median is 3.09 vs. the industry median of 4.25, Smart Capital SpA 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 4.25, 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. Smart Capital SpA's current Return-on-Tangible-Asset of 22.49% is 429.2% 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 Smart Capital SpA 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. Smart Capital SpA's current Return-on-Tangible-Asset is 22.49%, which is 628% above median its own 10-year median of 3.09. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Smart Capital SpA stock overvalued right now?
Smart Capital SpA (MIL:SMCAP) has a current Return-on-Tangible-Asset of 22.49%. The current Return-on-Tangible-Asset is 22.49%, which is 628% above median its 10-year median of 3.09 and 429.2% above the Asset Management industry median of 4.25. Smart Capital SpA's overall GF Score™ is 9/100 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 Smart Capital SpA (MIL:SMCAP), the current Return-on-Tangible-Asset is 22.49% 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.
Smart Capital SpA is a permanent capital industrial holding company specializing in private investments in public equity (PIPE) and private equity, focusing on small and medium-sized Italian companies, listed, unlisted or in the pre-IPO phase, operating both in Italy and abroad. It is characterized, also in its investment approach, by an entrepreneurial and longterm DNA. The company's main activity consists of acquiring shares and other financial instruments that allow the purchase or subscription of shares, including in the context of capital increases, at the time of listing or subsequently (such as the PIPE), reserved placements, public subscription and sale offers.
9GF Score
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