Ten Desenvolvimento Fundo De Investimento Imobiliario (BSP:NAUI11) Return-on-Tangible-Equity: 32.36% (As of Dec. 2025)

Author: Vera Yuan Vera Yuan
Vera Yuan
Vera Yuan
Director of Data and Quant Analytics at GuruFocus
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.
Reviewed by: Charlie Tian Charlie Tian
Charlie Tian
Charlie Tian
Founder & CEO of GuruFocus
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.

BSP:NAUI11 Ten Desenvolvimento Fundo De Investimento Imobiliario BSP:NAUI11
7 GF Score
Price R$1,000.00
! 3 Warning Signs
View Full Analysis

What is Ten Desenvolvimento Fundo De Investimento Imobiliario Return-on-Tangible-Equity?

Ten Desenvolvimento Fundo De Investimento Imobiliario BSP:NAUI11 7 Return-on-Tangible-Equity is 32.36% as of Dec. 2025. GuruFocus rates BSP:NAUI11 with a GF Score™ of 7/100. The stock has 3 warning signs investors should review. Among 934 REITs companies, Ten Desenvolvimento Fundo De Investimento Imobiliario ranks worse than 107066.27% 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. Ten Desenvolvimento Fundo De Investimento Imobiliario's annualized net income for the quarter that ended in Dec. 2025 was R$9.26 Mil. Ten Desenvolvimento Fundo De Investimento Imobiliario's average shareholder tangible equity for the quarter that ended in Dec. 2025 was R$28.61 Mil. Therefore, Ten Desenvolvimento Fundo De Investimento Imobiliario's annualized Return-on-Tangible-Equity for the quarter that ended in Dec. 2025 was 32.36%.

The historical rank and industry rank for Ten Desenvolvimento Fundo De Investimento Imobiliario's Return-on-Tangible-Equity or its related term are showing as below:

BSP:NAUI11' s Return-on-Tangible-Equity Range Over the Past 10 Years
Min: -77.19   Med: -22.42   Max: 32.36
Current: 32.36

During the past 2 years, Ten Desenvolvimento Fundo De Investimento Imobiliario's highest Return-on-Tangible-Equity was 32.36%. The lowest was -77.19%. And the median was -22.42%.

BSP:NAUI11's Return-on-Tangible-Equity is not ranked
in the REITs industry.
Industry Median: 6.225 vs BSP:NAUI11: 32.36

Ten Desenvolvimento Fundo De Investimento Imobiliario  (BSP:NAUI11) 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.


Ten Desenvolvimento Fundo De Investimento Imobiliario Return-on-Tangible-Equity Related Terms


Ten Desenvolvimento Fundo De Investimento Imobiliario Return-on-Tangible-Equity Historical Data

* Premium members only.

The historical data trend for Ten Desenvolvimento Fundo De Investimento Imobiliario'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.

Ten Desenvolvimento Fundo De Investimento Imobiliario Return-on-Tangible-Equity Chart

Ten Desenvolvimento Fundo De Investimento Imobiliario Annual Data
Trend Dec24 Dec25
Return-on-Tangible-Equity
-77.19 32.36

Ten Desenvolvimento Fundo De Investimento Imobiliario Semi-Annual Data
Dec24 Dec25
Return-on-Tangible-Equity -77.19 32.36

BSP:NAUI11 vs VICI, WPC: Return-on-Tangible-Equity Comparison

For the REIT - Diversified subindustry, Ten Desenvolvimento Fundo De Investimento Imobiliario'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.


Ten Desenvolvimento Fundo De Investimento Imobiliario Return-on-Tangible-Equity vs REITs Industry

For the REITs industry and Real Estate sector, Ten Desenvolvimento Fundo De Investimento Imobiliario's Return-on-Tangible-Equity distribution charts can be found below:

* The bar in red indicates where Ten Desenvolvimento Fundo De Investimento Imobiliario's Return-on-Tangible-Equity falls into.


BSP:NAUI11
7GF Score
Ten Desenvolvimento Fundo De Investimento Imobiliario BSP:NAUI11
Return-on-Tangible-Equity is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Ten Desenvolvimento Fundo De Investimento Imobiliario Return-on-Tangible-Equity Calculation

Ten Desenvolvimento Fundo De Investimento Imobiliario's annualized Return-on-Tangible-Equity for the fiscal year that ended in Dec. 2025 is calculated as

Return-on-Tangible-Equity=Net Income/( (Total Tangible Equity+Total Tangible Equity)/ count )
(A: Dec. 2025 )  (A: Dec. 2024 )(A: Dec. 2025 )
=Net Income/( (Total Stockholders Equity - Intangible Assets+Total Stockholders Equity - Intangible Assets )/ count )
(A: Dec. 2025 )  (A: Dec. 2024 )(A: Dec. 2025 )
=9.259/( (28.629+28.588 )/ 2 )
=9.259/28.6085
=32.36 %

Ten Desenvolvimento Fundo De Investimento Imobiliario's annualized Return-on-Tangible-Equity for the quarter that ended in Dec. 2025 is calculated as

Return-on-Tangible-Equity=Net Income/( (Total Tangible Equity+Total Tangible Equity)/ count )
(Q: Dec. 2025 )  (Q: Dec. 2024 )(Q: Dec. 2025 )
=Net Income/( (Total Stockholders Equity - Intangible Assets+Total Stockholders Equity - Intangible Assets)/ count )
(Q: Dec. 2025 )  (Q: Dec. 2024 )(Q: Dec. 2025 )
=9.259/( (28.629+28.588)/ 2 )
=9.259/28.6085
=32.36 %

* 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 one times the 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 32.36% mean?
Ten Desenvolvimento Fundo De Investimento Imobiliario (BSP:NAUI11) has a Return-on-Tangible-Equity of 32.36% 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 Ten Desenvolvimento Fundo De Investimento Imobiliario and its competitors. According to the industry distribution chart, Ten Desenvolvimento Fundo De Investimento Imobiliario ranks #999999 out of 934 companies in the REITs industry.
Is Ten Desenvolvimento Fundo De Investimento Imobiliario's Return-on-Tangible-Equity too high?
Ten Desenvolvimento Fundo De Investimento Imobiliario's current Return-on-Tangible-Equity is 32.36%. The REITs industry median Return-on-Tangible-Equity is 6.23. Ten Desenvolvimento Fundo De Investimento Imobiliario's value of 32.36% is 419.8% above this industry median. Based on the distribution chart, Ten Desenvolvimento Fundo De Investimento Imobiliario ranks #999999 out of 934 companies in the REITs industry, which is in the bottom quartile relative to peers. Overall, Ten Desenvolvimento Fundo De Investimento Imobiliario has a GF Score™ of 7/100, reflecting its overall financial health beyond just this single metric.
How does Ten Desenvolvimento Fundo De Investimento Imobiliario's Return-on-Tangible-Equity compare to VICI and WPC?
According to the REITs industry distribution chart, Ten Desenvolvimento Fundo De Investimento Imobiliario ranks #999999 out of 934 companies for Return-on-Tangible-Equity. This places Ten Desenvolvimento Fundo De Investimento Imobiliario in the lower half of its industry. The industry median Return-on-Tangible-Equity is 6.23. Ten Desenvolvimento Fundo De Investimento Imobiliario's value of 32.36% is 419.8% above this benchmark. 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 a REITs company?
The median Return-on-Tangible-Equity among REITs companies is 6.23, based on 934 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. Ten Desenvolvimento Fundo De Investimento Imobiliario's current Return-on-Tangible-Equity of 32.36% is 419.8% 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 Ten Desenvolvimento Fundo De Investimento Imobiliario and its competitors. For the REITs industry, the median Return-on-Tangible-Equity is 6.23 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Ten Desenvolvimento Fundo De Investimento Imobiliario's current Return-on-Tangible-Equity is 32.36%. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Ten Desenvolvimento Fundo De Investimento Imobiliario stock overvalued right now?
Ten Desenvolvimento Fundo De Investimento Imobiliario (BSP:NAUI11) has a current Return-on-Tangible-Equity of 32.36%. The current Return-on-Tangible-Equity is 32.36% and 419.8% above the REITs industry median of 6.23. Ten Desenvolvimento Fundo De Investimento Imobiliario's overall GF Score™ is 7/100 with 3 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 Ten Desenvolvimento Fundo De Investimento Imobiliario (BSP:NAUI11), the current Return-on-Tangible-Equity is 32.36% 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.

Ten Desenvolvimento Fundo De Investimento Imobiliario Business Description

Industry Real EstateREITs
Address Gilberto Sabino Street, 215, 4th FLOOR, Pinheiros, Sao Paulo, SP, BRA, 5425020
Ten Desenvolvimento Fundo De Investimento Imobiliario is a real estate investment fund. The FUND aims to provide through investments: (i) in the acquisition of Real Estate; (ii) in the acquisition of shares in a company whose purpose is to develop projects and/or a developer duly contracted by the SPE for this purpose; and (iii) in investing in financial applications under the terms and limits of current legislation; aiming to make the investments made by the Quotaholders profitable through (a) the payment of remuneration arising from the exploitation of the Target Properties and/or real rights over such properties, which may be acquired the appreciation of the Fund's assets.
7GF Score

Get the complete analysis for BSP:NAUI11

Return-on-Tangible-Equity is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

R$1,000.00
Price