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.
Pioneer Floating Rate Trust Return-on-Tangible-Asset Related Terms
Pioneer Floating Rate Trust Return-on-Tangible-Asset Historical Data
* 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.
PHD vs DEFG, PIAC, SVVC: Return-on-Tangible-Asset Comparison
For the Asset Management subindustry, Pioneer Floating Rate Trust'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.
Pioneer Floating Rate Trust Return-on-Tangible-Asset vs Asset Management Industry
For the Asset Management industry and Financial Services sector, Pioneer Floating Rate Trust's Return-on-Tangible-Asset distribution charts can be found below:
* The bar in red indicates where Pioneer Floating Rate Trust'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 (May. 2025) net income data.
What does a Return-on-Tangible-Asset of 2.00% mean?
Pioneer Floating Rate Trust (PHD) has a Return-on-Tangible-Asset of 2.00% as of May. 2025. Return on tangible assets is the ratio of current-period net income to average two-period tangible assets. View historical data on Pioneer Floating Rate Trust and its competitors. This is 36% below median its historical median of 3.13.
Is Pioneer Floating Rate Trust's Return-on-Tangible-Asset too high?
Pioneer Floating Rate Trust's current Return-on-Tangible-Asset of 2.00% is 36% below median its 10-year median of 3.13. The Asset Management industry median Return-on-Tangible-Asset is 4.16. Pioneer Floating Rate Trust's value of 2.00% is 51.9% below this industry median. Overall, Pioneer Floating Rate Trust has a GF Score™ of 12/100, reflecting its overall financial health beyond just this single metric.
How does Pioneer Floating Rate Trust's Return-on-Tangible-Asset compare to DEFG and PIAC?
Pioneer Floating Rate Trust's Return-on-Tangible-Asset of 2.00% can be compared against companies in the Asset Management industry. The industry median Return-on-Tangible-Asset is 4.16. Pioneer Floating Rate Trust's value of 2.00% is 51.9% below this benchmark. While the company's 10-year median is 3.13 vs. the industry median of 4.16, Pioneer Floating Rate Trust 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 4.16, based on 1,634 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. Pioneer Floating Rate Trust's current Return-on-Tangible-Asset of 2.00% is 51.9% 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 Pioneer Floating Rate Trust and its competitors. For the Asset Management industry, the median Return-on-Tangible-Asset is 4.16 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Pioneer Floating Rate Trust's current Return-on-Tangible-Asset is 2.00%, which is 36% below median its own 10-year median of 3.13. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Pioneer Floating Rate Trust stock overvalued right now?
Pioneer Floating Rate Trust (PHD) has a current Return-on-Tangible-Asset of 2.00%. The current Return-on-Tangible-Asset is 2.00%, which is 36% below median its 10-year median of 3.13 and 51.9% below the Asset Management industry median of 4.16. Pioneer Floating Rate Trust's overall GF Score™ is 12/100 with 1 warning sign 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 Pioneer Floating Rate Trust (PHD), the current Return-on-Tangible-Asset is 2.00% as of May. 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.
Pioneer Floating Rate Trust is a diversified, closed-end fund. It invests in the fixed income markets of the United States. The fund basically invests in senior secured floating-rate loans. It benchmarks the performance of its portfolio against the other High Yield Loans Index banks.
12GF Score
Get the complete analysis for PHD
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
PHD has been successfully added to your 
