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.
MERFTSE:3168 +4.37%55 Return-on-Tangible-Asset is 17.84% as of Feb. 2026, which is 738% above its 10-year median of 2.13. GuruFocus rates TSE:3168 with a GF Score™ of 55/100 and a GF Value™ of 円575.04 (Significantly Overvalued). The stock has 4 warning signs investors should review. Among 2,669 Metals & Mining companies, MERF ranks better than 83.96% 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. MERF's annualizedNet Income for the quarter that ended in Feb. 2026 was 円5,102 Mil. MERF's average total tangible assets for the quarter that ended in Feb. 2026 was 円28,598 Mil. Therefore, MERF's annualized Return-on-Tangible-Asset for the quarter that ended in Feb. 2026 was 17.84%.
The historical rank and industry rank for MERF's Return-on-Tangible-Asset or its related term are showing as below:
TSE:3168'
s Return-on-Tangible-Asset Range Over the Past 10 Years
Min: -2.68 Med: 2.13 Max: 6.71
Current: 6.02
During the past 13 years, MERF's highest Return-on-Tangible-Asset was 6.71%. The lowest was -2.68%. And the median was 2.13%.
TSE:3168's Return-on-Tangible-Asset is ranked better than 83.96% of 2669
companies
in the Metals & Mining industry
Industry Median: -17.25
vs TSE:3168: 6.02
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.
MERF Return-on-Tangible-Asset Related Terms
MERF Return-on-Tangible-Asset Historical Data
* Premium members only.
The historical data trend for MERF'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.
For the Other Industrial Metals & Mining subindustry, MERF'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.
MERF Return-on-Tangible-Asset vs Metals & Mining Industry
For the Metals & Mining industry and Basic Materials sector, MERF's Return-on-Tangible-Asset distribution charts can be found below:
* The bar in red indicates where MERF'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 (Feb. 2026) net income data.
What does a Return-on-Tangible-Asset of 17.84% mean?
MERF (TSE:3168) has a Return-on-Tangible-Asset of 17.84% as of Feb. 2026. Return on tangible assets is the ratio of current-period net income to average two-period tangible assets. View historical data on MERF and its competitors. This is 738% above median its historical median of 2.13. According to the industry distribution chart, MERF ranks #428 out of 2669 companies in the Metals & Mining industry, placing it in the top 16%.
Is MERF's Return-on-Tangible-Asset too high?
MERF's current Return-on-Tangible-Asset of 17.84% is 738% above median its 10-year median of 2.13. Based on the distribution chart, MERF ranks #428 out of 2669 companies in the Metals & Mining industry, which is in the top quartile — a strong position relative to peers. Overall, MERF has a GF Score™ of 55/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does MERF's Return-on-Tangible-Asset compare to competitors?
According to the Metals & Mining industry distribution chart, MERF ranks #428 out of 2669 companies for Return-on-Tangible-Asset. This places MERF in the top 16% of its industry — outperforming the majority of peers. 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 a Metals & Mining company?
A good Return-on-Tangible-Asset depends on the Metals & Mining industry context. However, Return-on-Tangible-Asset should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. 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 MERF and its competitors. MERF's current Return-on-Tangible-Asset is 17.84%, which is 738% above median its own 10-year median of 2.13. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is MERF stock overvalued right now?
Based on GuruFocus' analysis, MERF (TSE:3168) is currently considered Significantly Overvalued. The stock's GF Value™ is 円575.04, compared to a current price of 円1,480.00 — trading 157.4% above its estimated fair value. The current Return-on-Tangible-Asset is 17.84%, which is 738% above median its 10-year median of 2.13. MERF's overall GF Score™ is 55/100 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 MERF (TSE:3168), the current Return-on-Tangible-Asset is 17.84% as of Feb. 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 MERF (TSE:3168) Overvalued in 2026?
Based on GuruFocus' analysis, MERF stock appears to be overvalued.
The current stock price of 円1,480.00 is trading 157.4% above its estimated GF Value™ of 円575.04.
GuruFocus considers MERF to be Significantly Overvalued.
Key valuation signals for TSE:3168:
Return-on-Tangible-Asset: 17.84% (738% above median its 10-year median of 2.13)
GF Value™: 円575.04 vs. price of 円1,480.00 (157.4% above fair value)
No single metric tells the full story. See the TSE:3168 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
MERF Inc is engaged in recycling non-ferrous metals, focusing on copper and copper alloys. Its business activities are divided into two main segments: the Ingot Business, which involves the manufacturing of copper alloy ingots, and the Metal Recycling Raw Materials Business, which is engaged in metal recycling. It is also involved in the manufacturing and selling of art and craft products segment.
55GF Score
Get the complete analysis for TSE:3168
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
TSE:3168 has been successfully added to your 
