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.
ICGLSE:ICG +0.85%74 Return-on-Tangible-Equity is 13.72% as of Mar. 2026, which is 27% below its 10-year median of 18.75. GuruFocus rates LSE:ICG with a GF Score™ of 74/100 and a GF Value™ of £23.08 (Modestly Undervalued). The stock has 1 warning sign investors should review. Among 1,589 Asset Management companies, ICG ranks better than 75.9% 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. ICG's annualized net income for the quarter that ended in Mar. 2026 was £362 Mil. ICG's average shareholder tangible equity for the quarter that ended in Mar. 2026 was £2,640 Mil. Therefore, ICG's annualized Return-on-Tangible-Equity for the quarter that ended in Mar. 2026 was 13.72%.
The historical rank and industry rank for ICG's Return-on-Tangible-Equity or its related term are showing as below:
LSE:ICG'
s Return-on-Tangible-Equity Range Over the Past 10 Years
Min: 8.22 Med: 18.75 Max: 31.76
Current: 18.5
During the past 13 years, ICG's highest Return-on-Tangible-Equity was 31.76%. The lowest was 8.22%. And the median was 18.75%.
LSE:ICG's Return-on-Tangible-Equity is ranked better than 75.9% of 1589
companies
in the Asset Management industry
Industry Median: 7.21
vs LSE:ICG: 18.50
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.
ICG Return-on-Tangible-Equity Related Terms
ICG Return-on-Tangible-Equity Historical Data
* Premium members only.
The historical data trend for ICG'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.
LSE:ICG vs BLK, BX, KKR: Return-on-Tangible-Equity Comparison
For the Asset Management subindustry, ICG'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.
ICG Return-on-Tangible-Equity vs Asset Management Industry
For the Asset Management industry and Financial Services sector, ICG's Return-on-Tangible-Equity distribution charts can be found below:
* The bar in red indicates where ICG'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 13.72% mean?
ICG (LSE:ICG) has a Return-on-Tangible-Equity of 13.72% 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 ICG and its competitors. This is 27% below median its historical median of 18.75. Over the past decade, ICG's Return-on-Tangible-Equity has ranged from 8.22 to 31.76. According to the industry distribution chart, ICG ranks #383 out of 1589 companies in the Asset Management industry, placing it in the top 24.1%.
Is ICG's Return-on-Tangible-Equity too high?
ICG's current Return-on-Tangible-Equity of 13.72% is 27% below median its 10-year median of 18.75. Over the past 10 years, this metric has ranged from a low of 8.22 to a high of 31.76. The Asset Management industry median Return-on-Tangible-Equity is 7.21. ICG's value of 13.72% is 90.3% above this industry median. Based on the distribution chart, ICG ranks #383 out of 1589 companies in the Asset Management industry, which is in the top quartile — a strong position relative to peers. Overall, ICG has a GF Score™ of 74/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does ICG's Return-on-Tangible-Equity compare to BLK and BX?
According to the Asset Management industry distribution chart, ICG ranks #383 out of 1589 companies for Return-on-Tangible-Equity. This places ICG in the top 24% of its industry — outperforming the majority of peers. The industry median Return-on-Tangible-Equity is 7.21. ICG's value of 13.72% is 90.3% above this benchmark. Historically, ICG's own Return-on-Tangible-Equity has ranged from 8.22 to 31.76 over the past decade. While the company's 10-year median is 18.75 vs. the industry median of 7.21, ICG 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 7.21, based on 1,589 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. ICG's current Return-on-Tangible-Equity of 13.72% is 90.3% 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 ICG and its competitors. For the Asset Management industry, the median Return-on-Tangible-Equity is 7.21 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. ICG's current Return-on-Tangible-Equity is 13.72%, which is 27% below median its own 10-year median of 18.75. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is ICG stock overvalued right now?
Based on GuruFocus' analysis, ICG (LSE:ICG) is currently considered Modestly Undervalued. The stock's GF Value™ is £23.08, compared to a current price of £17.90 — trading 22.4% below its estimated fair value. The current Return-on-Tangible-Equity is 13.72%, which is 27% below median its 10-year median of 18.75 and 90.3% above the Asset Management industry median of 7.21. ICG's overall GF Score™ is 74/100 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 ICG (LSE:ICG), the current Return-on-Tangible-Equity is 13.72% 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 ICG (LSE:ICG) Overvalued in 2026?
Based on GuruFocus' analysis, ICG stock appears to be undervalued.
The current stock price of £17.90 is trading 22.4% below its estimated GF Value™ of £23.08.
GuruFocus considers ICG to be Modestly Undervalued.
Key valuation signals for LSE:ICG:
Return-on-Tangible-Equity: 13.72% (27% below median its 10-year median of 18.75)
GF Value™: £23.08 vs. price of £17.90 (22.4% below fair value)
Industry Position: 90.3% above the Asset Management median (#383 of 1589)
No single metric tells the full story. See the LSE:ICG stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
ICG Plc is an alternative asset manager focused on private debt, private equity secondaries, structured capital, and real assets. It has two operating segments: the Fund Management Company (FMC) and the Investment Company (IC). The majority of the company's revenue is derived from the Fund Management Company (FMC) segment, which earns fee income for the provision of investment management services. Geographically, the maximum revenue is generated from Europe.
74GF Score
Get the complete analysis for LSE:ICG
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
LSE:ICG has been successfully added to your 
