QualitasASX:QAL +6.23%62 Return-on-Tangible-Equity is 10.95% as of Dec. 2025, which is 61% above its 10-year median of 6.81. GuruFocus rates ASX:QAL with a GF Score™ of 62/100 and a GF Value™ of A$2.81 (Fairly Valued). The stock has 2 warning signs investors should review. Among 1,588 Asset Management companies, Qualitas ranks better than 60.71% on this metric.
Return-on-Tangible-Equity is calculated as Net Income divided by its average total shareholder tangible equity. Total shareholder tangible equity equals to Total Stockholders Equity minus Intangible Assets. Qualitas's annualized net income for the quarter that ended in Dec. 2025 was A$41.5 Mil. Qualitas's average shareholder tangible equity for the quarter that ended in Dec. 2025 was A$378.7 Mil. Therefore, Qualitas's annualized Return-on-Tangible-Equity for the quarter that ended in Dec. 2025 was 10.95%.
The historical rank and industry rank for Qualitas's Return-on-Tangible-Equity or its related term are showing as below:
ASX:QAL'
s Return-on-Tangible-Equity Range Over the Past 10 Years
Min: 3.55 Med: 6.81 Max: 10.14
Current: 10.14
During the past 5 years, Qualitas's highest Return-on-Tangible-Equity was 10.14%. The lowest was 3.55%. And the median was 6.81%.
ASX:QAL's Return-on-Tangible-Equity is ranked better than 60.71% of 1588
companies
in the Asset Management industry
Industry Median: 7.19
vs ASX:QAL: 10.14
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.
Qualitas Return-on-Tangible-Equity Related Terms
Qualitas Return-on-Tangible-Equity Historical Data
* Premium members only.
The historical data trend for Qualitas's Return-on-Tangible-Equity 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.
ASX:QAL vs BLK, BX, KKR: Return-on-Tangible-Equity Comparison
For the Asset Management subindustry, Qualitas'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.
Qualitas Return-on-Tangible-Equity vs Asset Management Industry
For the Asset Management industry and Financial Services sector, Qualitas's Return-on-Tangible-Equity distribution charts can be found below:
* The bar in red indicates where Qualitas'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 10.95% mean?
Qualitas (ASX:QAL) has a Return-on-Tangible-Equity of 10.95% 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 Qualitas and its competitors. This is 61% above median its historical median of 6.81. Over the past decade, Qualitas' Return-on-Tangible-Equity has ranged from 3.55 to 10.14. According to the industry distribution chart, Qualitas ranks #624 out of 1588 companies in the Asset Management industry, placing it in the top 39.3%.
Is Qualitas' Return-on-Tangible-Equity too high?
Qualitas' current Return-on-Tangible-Equity of 10.95% is 61% above median its 10-year median of 6.81. Over the past 10 years, this metric has ranged from a low of 3.55 to a high of 10.14. The Asset Management industry median Return-on-Tangible-Equity is 7.19. Qualitas' value of 10.95% is 52.3% above this industry median. Based on the distribution chart, Qualitas ranks #624 out of 1588 companies in the Asset Management industry, which is above the industry midpoint. Overall, Qualitas has a GF Score™ of 62/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Qualitas' Return-on-Tangible-Equity compare to BLK and BX?
According to the Asset Management industry distribution chart, Qualitas ranks #624 out of 1588 companies for Return-on-Tangible-Equity. This puts Qualitas in the upper half of its industry. The industry median Return-on-Tangible-Equity is 7.19. Qualitas' value of 10.95% is 52.3% above this benchmark. Historically, Qualitas' own Return-on-Tangible-Equity has ranged from 3.55 to 10.14 over the past decade. While the company's 10-year median is 6.81 vs. the industry median of 7.19, Qualitas 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-Equity for an Asset Management company?
The median Return-on-Tangible-Equity among Asset Management companies is 7.19, based on 1,588 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. Qualitas's current Return-on-Tangible-Equity of 10.95% is 52.3% 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-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 Qualitas and its competitors. For the Asset Management industry, the median Return-on-Tangible-Equity is 7.19 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Qualitas's current Return-on-Tangible-Equity is 10.95%, which is 61% above median its own 10-year median of 6.81. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Qualitas stock overvalued right now?
Based on GuruFocus' analysis, Qualitas (ASX:QAL) is currently considered Fairly Valued. The stock's GF Value™ is A$2.81, compared to a current price of A$3.07 — trading 9.3% above its estimated fair value. The current Return-on-Tangible-Equity is 10.95%, which is 61% above median its 10-year median of 6.81 and 52.3% above the Asset Management industry median of 7.19. Qualitas' overall GF Score™ is 62/100 with 2 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 Qualitas (ASX:QAL), the current Return-on-Tangible-Equity is 10.95% 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 Qualitas (ASX:QAL) Overvalued in 2026?
Based on GuruFocus' analysis, Qualitas stock appears to be overvalued.
The current stock price of A$3.07 is trading 9.3% above its estimated GF Value™ of A$2.81.
GuruFocus considers Qualitas to be Fairly Valued.
Key valuation signals for ASX:QAL:
Return-on-Tangible-Equity: 10.95% (61% above median its 10-year median of 6.81)
GF Value™: A$2.81 vs. price of A$3.07 (9.3% above fair value)
Industry Position: 52.3% above the Asset Management median (#624 of 1588)
No single metric tells the full story. See the ASX:QAL stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Qualitas Ltd is an alternative real estate investment manager focused on private credit and equity across commercial real estate sectors. The Group has identified two operating segments Funds Management and Direct Lending. Maximum revenue is generated from its Funds Management segment which includes all of its core Funds management activities and includes Funds management fees, performance fees, and other fee income. It also includes dividends and distributions from Qualitas' Investment and Direct Lending activities. The Direct Lending segment relates to the interest income and expenses relating to activities undertaken by the company's subsidiaries.
62GF Score
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