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.
Ermenegildo Zegna NVZGN -0.94%82 Return-on-Tangible-Asset is 5.02% as of Dec. 2025, which is 146% above its 10-year median of 2.04. GuruFocus rates ZGN with a GF Score™ of 82/100 and a GF Value™ of $11.43 (Modestly Overvalued). The stock has 8 warning signs investors should review. Among 1,068 Manufacturing - Apparel & Accessories companies, Ermenegildo Zegna NV ranks better than 69.48% 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. Ermenegildo Zegna NV's annualizedNet Income for the quarter that ended in Dec. 2025 was $130 Mil. Ermenegildo Zegna NV's average total tangible assets for the quarter that ended in Dec. 2025 was $2,590 Mil. Therefore, Ermenegildo Zegna NV's annualized Return-on-Tangible-Asset for the quarter that ended in Dec. 2025 was 5.02%.
The historical rank and industry rank for Ermenegildo Zegna NV's Return-on-Tangible-Asset or its related term are showing as below:
ZGN'
s Return-on-Tangible-Asset Range Over the Past 10 Years
Min: -6.45 Med: 2.04 Max: 5.91
Current: 4.59
During the past 8 years, Ermenegildo Zegna NV's highest Return-on-Tangible-Asset was 5.91%. The lowest was -6.45%. And the median was 2.04%.
ZGN's Return-on-Tangible-Asset is ranked better than 69.48% of 1068
companies
in the Manufacturing - Apparel & Accessories industry
Industry Median: 2.02
vs ZGN: 4.59
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.
Ermenegildo Zegna NV Return-on-Tangible-Asset Related Terms
Ermenegildo Zegna NV Return-on-Tangible-Asset Historical Data
* Premium members only.
The historical data trend for Ermenegildo Zegna NV'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.
ZGN vs PVH, COLM, KTB: Return-on-Tangible-Asset Comparison
For the Apparel Manufacturing subindustry, Ermenegildo Zegna NV'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.
Ermenegildo Zegna NV Return-on-Tangible-Asset vs Manufacturing - Apparel & Accessories Industry
For the Manufacturing - Apparel & Accessories industry and Consumer Cyclical sector, Ermenegildo Zegna NV's Return-on-Tangible-Asset distribution charts can be found below:
* The bar in red indicates where Ermenegildo Zegna NV'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 5.02% mean?
Ermenegildo Zegna NV (ZGN) has a Return-on-Tangible-Asset of 5.02% 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 Ermenegildo Zegna NV and its competitors. This is 146% above median its historical median of 2.04. According to the industry distribution chart, Ermenegildo Zegna NV ranks #326 out of 1068 companies in the Manufacturing - Apparel & Accessories industry, placing it in the top 30.5%.
Is Ermenegildo Zegna NV's Return-on-Tangible-Asset too high?
Ermenegildo Zegna NV's current Return-on-Tangible-Asset of 5.02% is 146% above median its 10-year median of 2.04. The Manufacturing - Apparel & Accessories industry median Return-on-Tangible-Asset is 2.02. Ermenegildo Zegna NV's value of 5.02% is 148.5% above this industry median. Based on the distribution chart, Ermenegildo Zegna NV ranks #326 out of 1068 companies in the Manufacturing - Apparel & Accessories industry, which is above the industry midpoint. Overall, Ermenegildo Zegna NV has a GF Score™ of 82/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Ermenegildo Zegna NV's Return-on-Tangible-Asset compare to PVH and COLM?
According to the Manufacturing - Apparel & Accessories industry distribution chart, Ermenegildo Zegna NV ranks #326 out of 1068 companies for Return-on-Tangible-Asset. This puts Ermenegildo Zegna NV in the upper half of its industry. The industry median Return-on-Tangible-Asset is 2.02. Ermenegildo Zegna NV's value of 5.02% is 148.5% above this benchmark. While the company's 10-year median is 2.04 vs. the industry median of 2.02, Ermenegildo Zegna NV 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 a Manufacturing - Apparel & Accessories company?
The median Return-on-Tangible-Asset among Manufacturing - Apparel & Accessories companies is 2.02, based on 1,068 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. Ermenegildo Zegna NV's current Return-on-Tangible-Asset of 5.02% is 148.5% 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 Ermenegildo Zegna NV and its competitors. For the Manufacturing - Apparel & Accessories industry, the median Return-on-Tangible-Asset is 2.02 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Ermenegildo Zegna NV's current Return-on-Tangible-Asset is 5.02%, which is 146% above median its own 10-year median of 2.04. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Ermenegildo Zegna NV stock overvalued right now?
Based on GuruFocus' analysis, Ermenegildo Zegna NV (ZGN) is currently considered Modestly Overvalued. The stock's GF Value™ is $11.43, compared to a current price of $14.71 — trading 28.7% above its estimated fair value. The current Return-on-Tangible-Asset is 5.02%, which is 146% above median its 10-year median of 2.04 and 148.5% above the Manufacturing - Apparel & Accessories industry median of 2.02. Ermenegildo Zegna NV's overall GF Score™ is 82/100 with 8 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 Ermenegildo Zegna NV (ZGN), the current Return-on-Tangible-Asset is 5.02% 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.
Is Ermenegildo Zegna NV (ZGN) Overvalued in 2026?
Based on GuruFocus' analysis, Ermenegildo Zegna NV stock appears to be overvalued.
The current stock price of $14.71 is trading 28.7% above its estimated GF Value™ of $11.43.
GuruFocus considers Ermenegildo Zegna NV to be Modestly Overvalued.
Key valuation signals for ZGN:
Return-on-Tangible-Asset: 5.02% (146% above median its 10-year median of 2.04)
GF Value™: $11.43 vs. price of $14.71 (28.7% above fair value)
Industry Position: 148.5% above the Manufacturing - Apparel & Accessories median (#326 of 1068)
No single metric tells the full story. See the ZGN stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Ermenegildo Zegna NV designs creates, and distributes luxury menswear and accessories under the Zegna brand, as well as womenswear, menswear, and accessories under the Thom Browne brand. The company operates in three segments: the Zegna segment (comprising three product lines: Zegna Branded Products, Textile, and Third Party Brands); the Thom Browne segment, and the Tom Ford Fashion segment. The company generates the majority of revenue from the Zegna segment.
82GF Score
Get the complete analysis for ZGN
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
ZGN has been successfully added to your 
