Ninety OneFRA:L91 +4.39%73 Return-on-Tangible-Equity is 39.59% as of Mar. 2026, which is 40% below its 10-year median of 66.38. GuruFocus rates FRA:L91 with a GF Score™ of 73/100 and a GF Value™ of €1.99. The stock has 7 warning signs investors should review. Among 1,590 Asset Management companies, Ninety One ranks better than 90.94% 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. Ninety One's annualized net income for the quarter that ended in Mar. 2026 was €177.2 Mil. Ninety One's average shareholder tangible equity for the quarter that ended in Mar. 2026 was €447.5 Mil. Therefore, Ninety One's annualized Return-on-Tangible-Equity for the quarter that ended in Mar. 2026 was 39.59%.
The historical rank and industry rank for Ninety One's Return-on-Tangible-Equity or its related term are showing as below:
FRA:L91'
s Return-on-Tangible-Equity Range Over the Past 10 Years
Min: 38.21 Med: 66.38 Max: 94.22
Current: 39.71
During the past 10 years, Ninety One's highest Return-on-Tangible-Equity was 94.22%. The lowest was 38.21%. And the median was 66.38%.
FRA:L91's Return-on-Tangible-Equity is ranked better than 90.94% of 1590
companies
in the Asset Management industry
Industry Median: 7.12
vs FRA:L91: 39.71
Ninety One (FRA:L91) 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.
Ninety One Return-on-Tangible-Equity Related Terms
Ninety One Return-on-Tangible-Equity Historical Data
* Premium members only.
The historical data trend for Ninety One'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:L91 vs BLK, BX, KKR: Return-on-Tangible-Equity Comparison
For the Asset Management subindustry, Ninety One'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.
Ninety One Return-on-Tangible-Equity vs Asset Management Industry
For the Asset Management industry and Financial Services sector, Ninety One's Return-on-Tangible-Equity distribution charts can be found below:
* The bar in red indicates where Ninety One'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 (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 39.59% mean?
Ninety One (FRA:L91) has a Return-on-Tangible-Equity of 39.59% 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 Ninety One and its competitors. This is 40% below median its historical median of 66.38. Over the past decade, Ninety One's Return-on-Tangible-Equity has ranged from 38.21 to 94.22. According to the industry distribution chart, Ninety One ranks #144 out of 1590 companies in the Asset Management industry, placing it in the top 9.1%.
Is Ninety One's Return-on-Tangible-Equity too high?
Ninety One's current Return-on-Tangible-Equity of 39.59% is 40% below median its 10-year median of 66.38. Over the past 10 years, this metric has ranged from a low of 38.21 to a high of 94.22. The Asset Management industry median Return-on-Tangible-Equity is 7.12. Ninety One's value of 39.59% is 456% above this industry median. Based on the distribution chart, Ninety One ranks #144 out of 1590 companies in the Asset Management industry, which is in the top quartile — a strong position relative to peers. Overall, Ninety One has a GF Score™ of 73/100, reflecting its overall financial health beyond just this single metric.
How does Ninety One's Return-on-Tangible-Equity compare to BLK and BX?
According to the Asset Management industry distribution chart, Ninety One ranks #144 out of 1590 companies for Return-on-Tangible-Equity. This places Ninety One in the top 9% of its industry — outperforming the majority of peers. The industry median Return-on-Tangible-Equity is 7.12. Ninety One's value of 39.59% is 456% above this benchmark. Historically, Ninety One's own Return-on-Tangible-Equity has ranged from 38.21 to 94.22 over the past decade. While the company's 10-year median is 66.38 vs. the industry median of 7.12, Ninety One 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 7.12, based on 1,590 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. Ninety One's current Return-on-Tangible-Equity of 39.59% is 456% 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 Ninety One and its competitors. For the Asset Management industry, the median Return-on-Tangible-Equity is 7.12 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Ninety One's current Return-on-Tangible-Equity is 39.59%, which is 40% below median its own 10-year median of 66.38. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Ninety One stock overvalued right now?
Ninety One (FRA:L91) has a current Return-on-Tangible-Equity of 39.59%. The stock's GF Value™ is €1.99, compared to a current price of €2.38 — trading 19.6% above its estimated fair value. The current Return-on-Tangible-Equity is 39.59%, which is 40% below median its 10-year median of 66.38 and 456% above the Asset Management industry median of 7.12. Ninety One's overall GF Score™ is 73/100 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 Ninety One (FRA:L91), the current Return-on-Tangible-Equity is 39.59% 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 Ninety One (FRA:L91) Overvalued in 2026?
Based on GuruFocus' analysis, Ninety One stock appears to be overvalued.
The current stock price of €2.38 is trading 19.6% above its estimated GF Value™ of €1.99.
Key valuation signals for FRA:L91:
Return-on-Tangible-Equity: 39.59% (40% below median its 10-year median of 66.38)
GF Value™: €1.99 vs. price of €2.38 (19.6% above fair value)
Industry Position: 456% above the Asset Management median (#144 of 1590)
No single metric tells the full story. See the FRA:L91 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Ninety One Ltd is an asset manager. The company provides a range of differentiated strategies managed by its specialist investment teams, providing access to a diverse range of asset classes and regions. It serves its client base via five regional teams namely Africa, the United Kingdom, Asia Pacific, the Americas and Europe and across two distribution channels Institutional and Advisor. Institutional clients include private and public sector pension funds, sovereign wealth funds, insurers, corporates, foundations and central banks, while Advisor clients include large retail groups, wealth managers, private banks and intermediaries serving individual investors.
73GF Score
Get the complete analysis for FRA:L91
Return-on-Tangible-Equity is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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