Kardex Holding AGFRA:KAX2 -0.75%93 Return-on-Tangible-Equity is 4.35% as of Dec. 2025, which is 82% below its 10-year median of 24.35. GuruFocus rates FRA:KAX2 with a GF Score™ of 93/100 and a GF Value™ of €329.20 (Modestly Undervalued). The stock has 3 warning signs investors should review. Among 2,968 Industrial Products companies, Kardex Holding AG ranks better than 79.68% 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. Kardex Holding AG's annualized net income for the quarter that ended in Dec. 2025 was €10.8 Mil. Kardex Holding AG's average shareholder tangible equity for the quarter that ended in Dec. 2025 was €248.0 Mil. Therefore, Kardex Holding AG's annualized Return-on-Tangible-Equity for the quarter that ended in Dec. 2025 was 4.35%.
The historical rank and industry rank for Kardex Holding AG's Return-on-Tangible-Equity or its related term are showing as below:
FRA:KAX2'
s Return-on-Tangible-Equity Range Over the Past 10 Years
Min: 15.9 Med: 24.35 Max: 31.64
Current: 16.19
During the past 13 years, Kardex Holding AG's highest Return-on-Tangible-Equity was 31.64%. The lowest was 15.90%. And the median was 24.35%.
FRA:KAX2's Return-on-Tangible-Equity is ranked better than 79.68% of 2968
companies
in the Industrial Products industry
Industry Median: 6.72
vs FRA:KAX2: 16.19
Kardex Holding AG (FRA:KAX2) 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.
Kardex Holding AG Return-on-Tangible-Equity Related Terms
Kardex Holding AG Return-on-Tangible-Equity Historical Data
* Premium members only.
The historical data trend for Kardex Holding AG'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.
FRA:KAX2 vs GEV, ETN, PH: Return-on-Tangible-Equity Comparison
For the Specialty Industrial Machinery subindustry, Kardex Holding AG'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.
Kardex Holding AG Return-on-Tangible-Equity vs Industrial Products Industry
For the Industrial Products industry and Industrials sector, Kardex Holding AG's Return-on-Tangible-Equity distribution charts can be found below:
* The bar in red indicates where Kardex Holding AG'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 4.35% mean?
Kardex Holding AG (FRA:KAX2) has a Return-on-Tangible-Equity of 4.35% 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 Kardex Holding AG and its competitors. This is 82% below median its historical median of 24.35. Over the past decade, Kardex Holding AG's Return-on-Tangible-Equity has ranged from 15.90 to 31.64. According to the industry distribution chart, Kardex Holding AG ranks #603 out of 2968 companies in the Industrial Products industry, placing it in the top 20.3%.
Is Kardex Holding AG's Return-on-Tangible-Equity too high?
Kardex Holding AG's current Return-on-Tangible-Equity of 4.35% is 82% below median its 10-year median of 24.35. Over the past 10 years, this metric has ranged from a low of 15.90 to a high of 31.64. The Industrial Products industry median Return-on-Tangible-Equity is 6.72. Kardex Holding AG's value of 4.35% is 35.3% below this industry median. Based on the distribution chart, Kardex Holding AG ranks #603 out of 2968 companies in the Industrial Products industry, which is in the top quartile — a strong position relative to peers. Overall, Kardex Holding AG has a GF Score™ of 93/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Kardex Holding AG's Return-on-Tangible-Equity compare to GEV and ETN?
According to the Industrial Products industry distribution chart, Kardex Holding AG ranks #603 out of 2968 companies for Return-on-Tangible-Equity. This places Kardex Holding AG in the top 20% of its industry — outperforming the majority of peers. The industry median Return-on-Tangible-Equity is 6.72. Kardex Holding AG's value of 4.35% is 35.3% below this benchmark. Historically, Kardex Holding AG's own Return-on-Tangible-Equity has ranged from 15.90 to 31.64 over the past decade. While the company's 10-year median is 24.35 vs. the industry median of 6.72, Kardex Holding AG 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 Industrial Products company?
The median Return-on-Tangible-Equity among Industrial Products companies is 6.72, based on 2,968 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. Kardex Holding AG's current Return-on-Tangible-Equity of 4.35% is 35.3% 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 Kardex Holding AG and its competitors. For the Industrial Products industry, the median Return-on-Tangible-Equity is 6.72 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Kardex Holding AG's current Return-on-Tangible-Equity is 4.35%, which is 82% below median its own 10-year median of 24.35. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Kardex Holding AG stock overvalued right now?
Based on GuruFocus' analysis, Kardex Holding AG (FRA:KAX2) is currently considered Modestly Undervalued. The stock's GF Value™ is €329.20, compared to a current price of €266.00 — trading 19.2% below its estimated fair value. The current Return-on-Tangible-Equity is 4.35%, which is 82% below median its 10-year median of 24.35 and 35.3% below the Industrial Products industry median of 6.72. Kardex Holding AG's overall GF Score™ is 93/100 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 Kardex Holding AG (FRA:KAX2), the current Return-on-Tangible-Equity is 4.35% 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 Kardex Holding AG (FRA:KAX2) Overvalued in 2026?
Based on GuruFocus' analysis, Kardex Holding AG stock appears to be undervalued.
The current stock price of €266.00 is trading 19.2% below its estimated GF Value™ of €329.20.
GuruFocus considers Kardex Holding AG to be Modestly Undervalued.
Key valuation signals for FRA:KAX2:
Return-on-Tangible-Equity: 4.35% (82% below median its 10-year median of 24.35)
GF Value™: €329.20 vs. price of €266.00 (19.2% below fair value)
Industry Position: 35.3% below the Industrial Products median (#603 of 2968)
No single metric tells the full story. See the FRA:KAX2 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Kardex Holding AG is a partner for intralogistics solutions. The Group offers premium automated products, standardized systems, and life cycle services and provides dynamic storage and retrieval systems, integrated material handling systems, small parts storage systems including multi-shuttle technology, automated high-bay warehouses, and flexible and modular storage and order fulfillment solutions as an AutoStore partner. It is organized into two reporting segments: Automated Products, which generates maximum revenue, and Standardized Systems. Automated Products consists of the Business Unit Kardex Remstar, while Standardized Systems includes the Business Units Kardex Mlog, Kardex AS Solutions, and Rocket Solution. The company operates in Europe, the Americas, and Asia-Pacific.
93GF Score
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