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.
Bulgarian Stock Exchange ADFRA:0KP 59 Return-on-Tangible-Equity is 34.13% as of Mar. 2026, which is 12% above its 10-year median of 30.46. GuruFocus rates FRA:0KP with a GF Score™ of 59/100 and a GF Value™ of €9.93 (Possible Value Trap). The stock has 7 warning signs investors should review. Among 782 Capital Markets companies, Bulgarian Stock Exchange AD ranks better than 84.4% 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. Bulgarian Stock Exchange AD's annualized net income for the quarter that ended in Mar. 2026 was €7.42 Mil. Bulgarian Stock Exchange AD's average shareholder tangible equity for the quarter that ended in Mar. 2026 was €21.75 Mil. Therefore, Bulgarian Stock Exchange AD's annualized Return-on-Tangible-Equity for the quarter that ended in Mar. 2026 was 34.13%.
The historical rank and industry rank for Bulgarian Stock Exchange AD's Return-on-Tangible-Equity or its related term are showing as below:
FRA:0KP'
s Return-on-Tangible-Equity Range Over the Past 10 Years
Min: 0.65 Med: 30.46 Max: 59.77
Current: 29.34
During the past 13 years, Bulgarian Stock Exchange AD's highest Return-on-Tangible-Equity was 59.77%. The lowest was 0.65%. And the median was 30.46%.
FRA:0KP's Return-on-Tangible-Equity is ranked better than 84.4% of 782
companies
in the Capital Markets industry
Industry Median: 6.52
vs FRA:0KP: 29.34
Bulgarian Stock Exchange AD (FRA:0KP) 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.
Bulgarian Stock Exchange AD Return-on-Tangible-Equity Related Terms
Bulgarian Stock Exchange AD 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.
Bulgarian Stock Exchange AD Return-on-Tangible-Equity Chart
FRA:0KP vs SPGI, CME, ICE: Return-on-Tangible-Equity Comparison
For the Financial Data & Stock Exchanges subindustry, Bulgarian Stock Exchange AD'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.
Bulgarian Stock Exchange AD Return-on-Tangible-Equity vs Capital Markets Industry
For the Capital Markets industry and Financial Services sector, Bulgarian Stock Exchange AD's Return-on-Tangible-Equity distribution charts can be found below:
* The bar in red indicates where Bulgarian Stock Exchange AD'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 four times the quarterly (Mar. 2026) net income data.
Return-on-Tangible-Equity is displayed in the 10-year financial page.
What does a Return-on-Tangible-Equity of 34.13% mean?
Bulgarian Stock Exchange AD (FRA:0KP) has a Return-on-Tangible-Equity of 34.13% as of Mar. 2026. Return on tangible equity is the ratio of current-period net income to average two-period tangible equity. View historical data on Bulgarian Stock Exchange AD and its competitors. This is 12% above median its historical median of 30.46. Over the past decade, Bulgarian Stock Exchange AD's Return-on-Tangible-Equity has ranged from 0.65 to 59.77. According to the industry distribution chart, Bulgarian Stock Exchange AD ranks #122 out of 782 companies in the Capital Markets industry, placing it in the top 15.6%.
Is Bulgarian Stock Exchange AD's Return-on-Tangible-Equity too high?
Bulgarian Stock Exchange AD's current Return-on-Tangible-Equity of 34.13% is 12% above median its 10-year median of 30.46. Over the past 10 years, this metric has ranged from a low of 0.65 to a high of 59.77. The Capital Markets industry median Return-on-Tangible-Equity is 6.52. Bulgarian Stock Exchange AD's value of 34.13% is 423.5% above this industry median. Based on the distribution chart, Bulgarian Stock Exchange AD ranks #122 out of 782 companies in the Capital Markets industry, which is in the top quartile — a strong position relative to peers. Overall, Bulgarian Stock Exchange AD has a GF Score™ of 59/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does Bulgarian Stock Exchange AD's Return-on-Tangible-Equity compare to SPGI and CME?
According to the Capital Markets industry distribution chart, Bulgarian Stock Exchange AD ranks #122 out of 782 companies for Return-on-Tangible-Equity. This places Bulgarian Stock Exchange AD in the top 16% of its industry — outperforming the majority of peers. The industry median Return-on-Tangible-Equity is 6.52. Bulgarian Stock Exchange AD's value of 34.13% is 423.5% above this benchmark. Historically, Bulgarian Stock Exchange AD's own Return-on-Tangible-Equity has ranged from 0.65 to 59.77 over the past decade. While the company's 10-year median is 30.46 vs. the industry median of 6.52, Bulgarian Stock Exchange AD 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 a Capital Markets company?
The median Return-on-Tangible-Equity among Capital Markets companies is 6.52, based on 782 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. Bulgarian Stock Exchange AD's current Return-on-Tangible-Equity of 34.13% is 423.5% 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-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 Bulgarian Stock Exchange AD and its competitors. For the Capital Markets industry, the median Return-on-Tangible-Equity is 6.52 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Bulgarian Stock Exchange AD's current Return-on-Tangible-Equity is 34.13%, which is 12% above median its own 10-year median of 30.46. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Bulgarian Stock Exchange AD stock overvalued right now?
Based on GuruFocus' analysis, Bulgarian Stock Exchange AD (FRA:0KP) is currently considered Possible Value Trap. The stock's GF Value™ is €9.93, compared to a current price of €7.00 — trading 29.5% below its estimated fair value. The current Return-on-Tangible-Equity is 34.13%, which is 12% above median its 10-year median of 30.46 and 423.5% above the Capital Markets industry median of 6.52. Bulgarian Stock Exchange AD's overall GF Score™ is 59/100 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 Bulgarian Stock Exchange AD (FRA:0KP), the current Return-on-Tangible-Equity is 34.13% as of Mar. 2026. 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 Bulgarian Stock Exchange AD (FRA:0KP) Overvalued in 2026?
Based on GuruFocus' analysis, Bulgarian Stock Exchange AD stock appears to be undervalued.
The current stock price of €7.00 is trading 29.5% below its estimated GF Value™ of €9.93.
GuruFocus considers Bulgarian Stock Exchange AD to be Possible Value Trap.
Key valuation signals for FRA:0KP:
Return-on-Tangible-Equity: 34.13% (12% above median its 10-year median of 30.46)
GF Value™: €9.93 vs. price of €7.00 (29.5% below fair value)
Industry Position: 423.5% above the Capital Markets median (#122 of 782)
No single metric tells the full story. See the FRA:0KP stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Bulgarian Stock Exchange AD is functioning stock exchange in Bulgaria. The principal activity of the group is to organize trade in securities and other financial instruments; organize and maintain an information system for security deals; and establish and maintain a clearing system. It has aggregated its operations into three reportable segments - Trading in Financial Instruments, Information Services, and Registration of Issues for Trading. It offers a wide range of RSS information services to serve the corporate clients, such as data-vendors, investment intermediaries, and issuers. The group performs their activities in Bulgaria only.
59GF Score
Get the complete analysis for FRA:0KP
Return-on-Tangible-Equity is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
FRA:0KP has been successfully added to your 
