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Oil & Natural GasNSE:ONGC +1.38%86 Return-on-Tangible-Asset is 5.57% as of Mar. 2026, which is 4% below its 10-year median of 5.79. GuruFocus rates NSE:ONGC with a GF Score™ of 86/100 and a GF Value™ of ₹275.76 (Modestly Undervalued). The stock has 2 warning signs investors should review. Among 1,027 Oil & Gas companies, Oil & Natural Gas ranks better than 69.62% 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. Oil & Natural Gas's annualizedNet Income for the quarter that ended in Mar. 2026 was ₹432,786 Mil. Oil & Natural Gas's average total tangible assets for the quarter that ended in Mar. 2026 was ₹7,764,753 Mil. Therefore, Oil & Natural Gas's annualized Return-on-Tangible-Asset for the quarter that ended in Mar. 2026 was 5.57%.
The historical rank and industry rank for Oil & Natural Gas's Return-on-Tangible-Asset or its related term are showing as below:
NSE:ONGC'
s Return-on-Tangible-Asset Range Over the Past 10 Years
Min: 2.29 Med: 5.79 Max: 8.42
Current: 5.43
During the past 13 years, Oil & Natural Gas's highest Return-on-Tangible-Asset was 8.42%. The lowest was 2.29%. And the median was 5.79%.
NSE:ONGC's Return-on-Tangible-Asset is ranked better than 69.62% of 1027
companies
in the Oil & Gas industry
Industry Median: 1.99
vs NSE:ONGC: 5.43
Oil & Natural Gas (NSE:ONGC) 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.
Oil & Natural Gas Return-on-Tangible-Asset Related Terms
Oil & Natural Gas Return-on-Tangible-Asset Historical Data
* Premium members only.
The historical data trend for Oil & Natural Gas'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.
NSE:ONGC vs XOM, CVX: Return-on-Tangible-Asset Comparison
For the Oil & Gas Integrated subindustry, Oil & Natural Gas'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.
Oil & Natural Gas Return-on-Tangible-Asset vs Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Oil & Natural Gas's Return-on-Tangible-Asset distribution charts can be found below:
* The bar in red indicates where Oil & Natural Gas'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 5.57% mean?
Oil & Natural Gas (NSE:ONGC) has a Return-on-Tangible-Asset of 5.57% 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 Oil & Natural Gas and its competitors. This is near median its historical median of 5.79. Over the past decade, Oil & Natural Gas' Return-on-Tangible-Asset has ranged from 2.29 to 8.42. According to the industry distribution chart, Oil & Natural Gas ranks #312 out of 1027 companies in the Oil & Gas industry, placing it in the top 30.4%.
Is Oil & Natural Gas' Return-on-Tangible-Asset too high?
Oil & Natural Gas' current Return-on-Tangible-Asset of 5.57% is near median its 10-year median of 5.79. Over the past 10 years, this metric has ranged from a low of 2.29 to a high of 8.42. The Oil & Gas industry median Return-on-Tangible-Asset is 1.99. Oil & Natural Gas' value of 5.57% is 179.9% above this industry median. Based on the distribution chart, Oil & Natural Gas ranks #312 out of 1027 companies in the Oil & Gas industry, which is above the industry midpoint. Overall, Oil & Natural Gas has a GF Score™ of 86/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Oil & Natural Gas' Return-on-Tangible-Asset compare to XOM and CVX?
According to the Oil & Gas industry distribution chart, Oil & Natural Gas ranks #312 out of 1027 companies for Return-on-Tangible-Asset. This puts Oil & Natural Gas in the upper half of its industry. The industry median Return-on-Tangible-Asset is 1.99. Oil & Natural Gas' value of 5.57% is 179.9% above this benchmark. Historically, Oil & Natural Gas' own Return-on-Tangible-Asset has ranged from 2.29 to 8.42 over the past decade. While the company's 10-year median is 5.79 vs. the industry median of 1.99, Oil & Natural Gas 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 Oil & Gas company?
The median Return-on-Tangible-Asset among Oil & Gas companies is 1.99, based on 1,027 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. Oil & Natural Gas's current Return-on-Tangible-Asset of 5.57% is 179.9% 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 Oil & Natural Gas and its competitors. For the Oil & Gas industry, the median Return-on-Tangible-Asset is 1.99 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Oil & Natural Gas's current Return-on-Tangible-Asset is 5.57%, which is near median its own 10-year median of 5.79. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Oil & Natural Gas stock overvalued right now?
Based on GuruFocus' analysis, Oil & Natural Gas (NSE:ONGC) is currently considered Modestly Undervalued. The stock's GF Value™ is ₹275.76, compared to a current price of ₹241.59 — trading 12.4% below its estimated fair value. The current Return-on-Tangible-Asset is 5.57%, which is near median its 10-year median of 5.79 and 179.9% above the Oil & Gas industry median of 1.99. Oil & Natural Gas' overall GF Score™ is 86/100 with 2 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 Oil & Natural Gas (NSE:ONGC), the current Return-on-Tangible-Asset is 5.57% 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 Oil & Natural Gas (NSE:ONGC) Overvalued in 2026?
Based on GuruFocus' analysis, Oil & Natural Gas stock appears to be undervalued.
The current stock price of ₹241.59 is trading 12.4% below its estimated GF Value™ of ₹275.76.
GuruFocus considers Oil & Natural Gas to be Modestly Undervalued.
Key valuation signals for NSE:ONGC:
Return-on-Tangible-Asset: 5.57% (near median its 10-year median of 5.79)
GF Value™: ₹275.76 vs. price of ₹241.59 (12.4% below fair value)
Industry Position: 179.9% above the Oil & Gas median (#312 of 1027)
No single metric tells the full story. See the NSE:ONGC stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Oil & Natural Gas Corp Ltd is an Indian-based company. It engaged in the exploration, development, and production of crude oil, natural gas, and value-added products. Along with its subsidiaries, the company operates in the following business segments: Refining and Marketing, which derives maximum revenue, Exploration and Production, and Petrochemicals. Geographically, the group derives maximum revenue from India, from its offshore and onshore activities, and is also involved in exploration and production activities outside India.
86GF Score
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