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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.
Thor ExplorationsTSXV:THX -4.39%44 Return-on-Tangible-Asset is 43.83% as of Mar. 2026. GuruFocus rates TSXV:THX with a GF Score™ of 44/100 and a GF Value™ of C$0.71 (Significantly Overvalued). The stock has 1 warning sign investors should review. Among 2,665 Metals & Mining companies, Thor Explorations ranks better than 98.24% 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. Thor Explorations's annualizedNet Income for the quarter that ended in Mar. 2026 was C$256.7 Mil. Thor Explorations's average total tangible assets for the quarter that ended in Mar. 2026 was C$585.5 Mil. Therefore, Thor Explorations's annualized Return-on-Tangible-Asset for the quarter that ended in Mar. 2026 was 43.83%.
The historical rank and industry rank for Thor Explorations's Return-on-Tangible-Asset or its related term are showing as below:
TSXV:THX'
s Return-on-Tangible-Asset Range Over the Past 10 Years
Min: -10.18 Med: -2.42 Max: 61.89
Current: 61.89
During the past 13 years, Thor Explorations's highest Return-on-Tangible-Asset was 61.89%. The lowest was -10.18%. And the median was -2.42%.
TSXV:THX's Return-on-Tangible-Asset is ranked better than 98.24% of 2665
companies
in the Metals & Mining industry
Industry Median: -17.41
vs TSXV:THX: 61.89
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.
Thor Explorations Return-on-Tangible-Asset Related Terms
Thor Explorations Return-on-Tangible-Asset Historical Data
* Premium members only.
The historical data trend for Thor Explorations'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.
TSXV:THX vs NEM, AU: Return-on-Tangible-Asset Comparison
For the Gold subindustry, Thor Explorations'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.
Thor Explorations Return-on-Tangible-Asset vs Metals & Mining Industry
For the Metals & Mining industry and Basic Materials sector, Thor Explorations's Return-on-Tangible-Asset distribution charts can be found below:
* The bar in red indicates where Thor Explorations'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 43.83% mean?
Thor Explorations (TSXV:THX) has a Return-on-Tangible-Asset of 43.83% 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 Thor Explorations and its competitors. According to the industry distribution chart, Thor Explorations ranks #47 out of 2665 companies in the Metals & Mining industry, placing it in the top 1.8%.
Is Thor Explorations' Return-on-Tangible-Asset too high?
Thor Explorations' current Return-on-Tangible-Asset is 43.83%. Based on the distribution chart, Thor Explorations ranks #47 out of 2665 companies in the Metals & Mining industry, which is in the top quartile — a strong position relative to peers. Overall, Thor Explorations has a GF Score™ of 44/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Thor Explorations' Return-on-Tangible-Asset compare to NEM and AU?
According to the Metals & Mining industry distribution chart, Thor Explorations ranks #47 out of 2665 companies for Return-on-Tangible-Asset. This places Thor Explorations in the top 2% 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 Thor Explorations and its competitors. Thor Explorations's current Return-on-Tangible-Asset is 43.83%. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Thor Explorations stock overvalued right now?
Based on GuruFocus' analysis, Thor Explorations (TSXV:THX) is currently considered Significantly Overvalued. The stock's GF Value™ is C$0.71, compared to a current price of C$1.09 — trading 53.5% above its estimated fair value. The current Return-on-Tangible-Asset is 43.83%. Thor Explorations' overall GF Score™ is 44/100 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 Thor Explorations (TSXV:THX), the current Return-on-Tangible-Asset is 43.83% 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 Thor Explorations (TSXV:THX) Overvalued in 2026?
Based on GuruFocus' analysis, Thor Explorations stock appears to be overvalued.
The current stock price of C$1.09 is trading 53.5% above its estimated GF Value™ of C$0.71.
GuruFocus considers Thor Explorations to be Significantly Overvalued.
Key valuation signals for TSXV:THX:
Return-on-Tangible-Asset: 43.83%
GF Value™: C$0.71 vs. price of C$1.09 (53.5% above fair value)
No single metric tells the full story. See the TSXV:THX stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Thor Explorations Ltd is a Canadian mineral exploration company engaged in the acquisition, exploration, development, and production of mineral properties located in Nigeria, Senegal, and Cote d'Ivoire. Its project portfolio includes the Segilola Gold Project located in Osun State, Nigeria; the Douta Gold Project located in south-eastern Senegal; and the Guitry Gold Project Cote d'Ivoire. Additionally, the company has entered into two further option agreements to earn the majority interest in the Marahui and Boundiali Exploration licences. Thor Explorations derives revenue mainly from the sale of gold and silver, of which substantial revenue is generated from gold. The company's operations comprise three reportable segments: the Segilola Mine Project, Exploration Projects, and Corporate.
44GF Score
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