Pengana International Equities LimitedASX:PIA +1.14%40 Return-on-Tangible-Equity is 2.62% as of Dec. 2025, which is 70% below its 10-year median of 8.85. GuruFocus rates ASX:PIA with a GF Score™ of 40/100 and a GF Value™ of A$0.34 (Significantly Overvalued). The stock has 7 warning signs investors should review. Among 1,589 Asset Management companies, Pengana International Equities Limited ranks worse than 64.51% on this metric.
ASX:PIA'
s Return-on-Tangible-Equity Range Over the Past 10 Years
Min: -18.99 Med: 8.85 Max: 17.69
Current: 3.24
During the past 13 years, Pengana International Equities Limited's highest Return-on-Tangible-Equity was 17.69%. The lowest was -18.99%. And the median was 8.85%.
ASX:PIA's Return-on-Tangible-Equity is ranked worse than 64.51% of 1589
companies
in the Asset Management industry
Industry Median: 7.21
vs ASX:PIA: 3.24
Pengana International Equities Limited (ASX:PIA) Return-on-Tangible-Equity Explanation
Return-on-Tangible-Equity measures the rate of return on the ownership interest (shareholder's tangible equity) of the common stock owners. It measures a firm's efficiency at generating profits from every unit of shareholders' tangible equity (shareholders equity minus intangibles). Return-on-Tangible-Equity shows how well a company uses investment funds to generate earnings growth. Return-on-Tangible-Equitys between 15% and 20% are considered desirable.
Be Aware
Net Income is used.
Because a company can increase its Return-on-Tangible-Equity by having more financial leverage, it is important to watch the leverage ratio when investing in high Return-on-Tangible-Equity companies. Like Return-on-Tangible-Asset, Return-on-Tangible-Equity is calculated with only 12 months data. Fluctuations in company's earnings or business cycles can affect the ratio drastically. It is important to look at the ratio from a long term perspective.
Asset light businesses require very few assets to generate very high earnings. Their Return-on-Tangible-Equitys can be extremely high.
Pengana International Equities Limited Return-on-Tangible-Equity Related Terms
Pengana International Equities Limited Return-on-Tangible-Equity 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.
Pengana International Equities Limited Return-on-Tangible-Equity Chart
Pengana International Equities Limited Annual Data
ASX:PIA vs BLK, BX, KKR: Return-on-Tangible-Equity Comparison
For the Asset Management subindustry, Pengana International Equities Limited's Return-on-Tangible-Equity, along with its competitors' market caps and Return-on-Tangible-Equity 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.
Pengana International Equities Limited Return-on-Tangible-Equity vs Asset Management Industry
For the Asset Management industry and Financial Services sector, Pengana International Equities Limited's Return-on-Tangible-Equity distribution charts can be found below:
* The bar in red indicates where Pengana International Equities Limited's Return-on-Tangible-Equity 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-Equity, the net income of the last fiscal year and the average total shareholder tangible equity 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.
Return-on-Tangible-Equity is displayed in the 10-year financial page.
What does a Return-on-Tangible-Equity of 2.62% mean?
Pengana International Equities Limited (ASX:PIA) has a Return-on-Tangible-Equity of 2.62% as of Dec. 2025. Return on tangible equity is the ratio of current-period net income to average two-period tangible equity. View historical data on Pengana International Equities Limited and its competitors. This is 70% below median its historical median of 8.85. According to the industry distribution chart, Pengana International Equities Limited ranks #1025 out of 1589 companies in the Asset Management industry, placing it in the top 64.5%.
Is Pengana International Equities Limited's Return-on-Tangible-Equity too high?
Pengana International Equities Limited's current Return-on-Tangible-Equity of 2.62% is 70% below median its 10-year median of 8.85. The Asset Management industry median Return-on-Tangible-Equity is 7.21. Pengana International Equities Limited's value of 2.62% is 63.7% below this industry median. Based on the distribution chart, Pengana International Equities Limited ranks #1025 out of 1589 companies in the Asset Management industry, which is below the industry midpoint. Overall, Pengana International Equities Limited has a GF Score™ of 40/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Pengana International Equities Limited's Return-on-Tangible-Equity compare to BLK and BX?
According to the Asset Management industry distribution chart, Pengana International Equities Limited ranks #1025 out of 1589 companies for Return-on-Tangible-Equity. This places Pengana International Equities Limited in the lower half of its industry. The industry median Return-on-Tangible-Equity is 7.21. Pengana International Equities Limited's value of 2.62% is 63.7% below this benchmark. While the company's 10-year median is 8.85 vs. the industry median of 7.21, Pengana International Equities Limited 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-Equity for an Asset Management company?
The median Return-on-Tangible-Equity among Asset Management companies is 7.21, based on 1,589 companies in the industry. Companies in the top quartile (top 25%) have a Return-on-Tangible-Equity significantly above this median, while those in the bottom quartile fall well below. However, Return-on-Tangible-Equity should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Pengana International Equities Limited's current Return-on-Tangible-Equity of 2.62% is 63.7% 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-Equity mean?
A high Return-on-Tangible-Equity can signal that a stock is expensive relative to its fundamentals. Return on tangible equity is the ratio of current-period net income to average two-period tangible equity. View historical data on Pengana International Equities Limited and its competitors. For the Asset Management industry, the median Return-on-Tangible-Equity is 7.21 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Pengana International Equities Limited's current Return-on-Tangible-Equity is 2.62%, which is 70% below median its own 10-year median of 8.85. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Pengana International Equities Limited stock overvalued right now?
Based on GuruFocus' analysis, Pengana International Equities Limited (ASX:PIA) is currently considered Significantly Overvalued. The stock's GF Value™ is A$0.34, compared to a current price of A$1.33 — trading 291.2% above its estimated fair value. The current Return-on-Tangible-Equity is 2.62%, which is 70% below median its 10-year median of 8.85 and 63.7% below the Asset Management industry median of 7.21. Pengana International Equities Limited's overall GF Score™ is 40/100 with 7 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Return-on-Tangible-Equity calculated?
Return-on-Tangible-Equity is calculated from a company's financial statements. For Pengana International Equities Limited (ASX:PIA), the current Return-on-Tangible-Equity is 2.62% 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 Pengana International Equities Limited (ASX:PIA) Overvalued in 2026?
Based on GuruFocus' analysis, Pengana International Equities Limited stock appears to be overvalued.
The current stock price of A$1.33 is trading 291.2% above its estimated GF Value™ of A$0.34.
GuruFocus considers Pengana International Equities Limited to be Significantly Overvalued.
Key valuation signals for ASX:PIA:
Return-on-Tangible-Equity: 2.62% (70% below median its 10-year median of 8.85)
GF Value™: A$0.34 vs. price of A$1.33 (291.2% above fair value)
Industry Position: 63.7% below the Asset Management median (#1025 of 1589)
No single metric tells the full story. See the ASX:PIA stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Pengana International Equities Limited Business Description
Pengana International Equities Limited is an Australian-listed investment company whose operating activity involves investing its Australian capital into businesses operating globally. Its investment objective is to provide shareholders with regular, reliable, and fully franked dividends as well as capital growth. The company invests in high-quality, ethically screened, growing businesses at reasonable prices, focusing on superior risk-adjusted returns over the long term. It operates in one business segment, being investment in securities.
40GF Score
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