Thorney OpportunitiesASX:TOP -0.92%28 Return-on-Tangible-Equity is 8.25% as of Dec. 2025, which is 1% above its 10-year median of 8.17. GuruFocus rates ASX:TOP with a GF Score™ of 28/100 and a GF Value™ of A$0.96 (Significantly Undervalued). The stock has 1 warning sign investors should review. Among 1,591 Asset Management companies, Thorney Opportunities ranks better than 61.16% 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. Thorney Opportunities's annualized net income for the quarter that ended in Dec. 2025 was A$13.09 Mil. Thorney Opportunities's average shareholder tangible equity for the quarter that ended in Dec. 2025 was A$158.66 Mil. Therefore, Thorney Opportunities's annualized Return-on-Tangible-Equity for the quarter that ended in Dec. 2025 was 8.25%.
The historical rank and industry rank for Thorney Opportunities's Return-on-Tangible-Equity or its related term are showing as below:
ASX:TOP'
s Return-on-Tangible-Equity Range Over the Past 10 Years
Min: -24.49 Med: 8.17 Max: 23.97
Current: 10.3
During the past 13 years, Thorney Opportunities's highest Return-on-Tangible-Equity was 23.97%. The lowest was -24.49%. And the median was 8.17%.
ASX:TOP's Return-on-Tangible-Equity is ranked better than 61.16% of 1591
companies
in the Asset Management industry
Industry Median: 7.05
vs ASX:TOP: 10.30
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.
Thorney Opportunities Return-on-Tangible-Equity Related Terms
Thorney Opportunities Return-on-Tangible-Equity Historical Data
* Premium members only.
The historical data trend for Thorney Opportunities'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:TOP vs BLK, BX, KKR: Return-on-Tangible-Equity Comparison
For the Asset Management subindustry, Thorney Opportunities'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.
Thorney Opportunities Return-on-Tangible-Equity vs Asset Management Industry
For the Asset Management industry and Financial Services sector, Thorney Opportunities's Return-on-Tangible-Equity distribution charts can be found below:
* The bar in red indicates where Thorney Opportunities'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 8.25% mean?
Thorney Opportunities (ASX:TOP) has a Return-on-Tangible-Equity of 8.25% 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 Thorney Opportunities and its competitors. This is near median its historical median of 8.17. According to the industry distribution chart, Thorney Opportunities ranks #618 out of 1591 companies in the Asset Management industry, placing it in the top 38.8%.
Is Thorney Opportunities' Return-on-Tangible-Equity too high?
Thorney Opportunities' current Return-on-Tangible-Equity of 8.25% is near median its 10-year median of 8.17. The Asset Management industry median Return-on-Tangible-Equity is 7.05. Thorney Opportunities' value of 8.25% is 17% above this industry median. Based on the distribution chart, Thorney Opportunities ranks #618 out of 1591 companies in the Asset Management industry, which is above the industry midpoint. Overall, Thorney Opportunities has a GF Score™ of 28/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Thorney Opportunities' Return-on-Tangible-Equity compare to BLK and BX?
According to the Asset Management industry distribution chart, Thorney Opportunities ranks #618 out of 1591 companies for Return-on-Tangible-Equity. This puts Thorney Opportunities in the upper half of its industry. The industry median Return-on-Tangible-Equity is 7.05. Thorney Opportunities' value of 8.25% is 17% above this benchmark. While the company's 10-year median is 8.17 vs. the industry median of 7.05, Thorney Opportunities 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 7.05, based on 1,591 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. Thorney Opportunities's current Return-on-Tangible-Equity of 8.25% is 17% 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 Thorney Opportunities and its competitors. For the Asset Management industry, the median Return-on-Tangible-Equity is 7.05 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Thorney Opportunities's current Return-on-Tangible-Equity is 8.25%, which is near median its own 10-year median of 8.17. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Thorney Opportunities stock overvalued right now?
Based on GuruFocus' analysis, Thorney Opportunities (ASX:TOP) is currently considered Significantly Undervalued. The stock's GF Value™ is A$0.96, compared to a current price of A$0.54 — trading 43.8% below its estimated fair value. The current Return-on-Tangible-Equity is 8.25%, which is near median its 10-year median of 8.17 and 17% above the Asset Management industry median of 7.05. Thorney Opportunities' overall GF Score™ is 28/100 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-Equity calculated?
Return-on-Tangible-Equity is calculated from a company's financial statements. For Thorney Opportunities (ASX:TOP), the current Return-on-Tangible-Equity is 8.25% 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 Thorney Opportunities (ASX:TOP) Overvalued in 2026?
Based on GuruFocus' analysis, Thorney Opportunities stock appears to be undervalued.
The current stock price of A$0.54 is trading 43.8% below its estimated GF Value™ of A$0.96.
GuruFocus considers Thorney Opportunities to be Significantly Undervalued.
Key valuation signals for ASX:TOP:
Return-on-Tangible-Equity: 8.25% (near median its 10-year median of 8.17)
GF Value™: A$0.96 vs. price of A$0.54 (43.8% below fair value)
Industry Position: 17% above the Asset Management median (#618 of 1591)
No single metric tells the full story. See the ASX:TOP stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Thorney Opportunities Ltd is an investment company that concentrates on producing absolute returns for shareholders over the medium to long term. Its principal activity is making investments in listed and unlisted securities in a variety of sectors, including media, automotive, energy, and pharmaceutical.
28GF Score
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