First Capital SpAMIL:FIC +3.24%43 Return-on-Tangible-Equity is 17.33% as of Dec. 2025, which is 84% above its 10-year median of 9.44. GuruFocus rates MIL:FIC with a GF Score™ of 43/100 and a GF Value™ of €66.94 (Possible Value Trap). The stock has 3 warning signs investors should review. Among 782 Capital Markets companies, First Capital SpA ranks better than 72.63% 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. First Capital SpA's annualized net income for the quarter that ended in Dec. 2025 was €15.15 Mil. First Capital SpA's average shareholder tangible equity for the quarter that ended in Dec. 2025 was €87.44 Mil. Therefore, First Capital SpA's annualized Return-on-Tangible-Equity for the quarter that ended in Dec. 2025 was 17.33%.
The historical rank and industry rank for First Capital SpA's Return-on-Tangible-Equity or its related term are showing as below:
MIL:FIC'
s Return-on-Tangible-Equity Range Over the Past 10 Years
Min: -10.91 Med: 9.44 Max: 37.12
Current: 17.34
During the past 13 years, First Capital SpA's highest Return-on-Tangible-Equity was 37.12%. The lowest was -10.91%. And the median was 9.44%.
MIL:FIC's Return-on-Tangible-Equity is ranked better than 72.63% of 782
companies
in the Capital Markets industry
Industry Median: 6.485
vs MIL:FIC: 17.34
First Capital SpA (MIL:FIC) 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.
First Capital SpA Return-on-Tangible-Equity Related Terms
First Capital SpA Return-on-Tangible-Equity Historical Data
* Premium members only.
The historical data trend for First Capital SpA'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.
MIL:FIC vs MS, GS, SCHW: Return-on-Tangible-Equity Comparison
For the Capital Markets subindustry, First Capital SpA'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.
First Capital SpA Return-on-Tangible-Equity vs Capital Markets Industry
For the Capital Markets industry and Financial Services sector, First Capital SpA's Return-on-Tangible-Equity distribution charts can be found below:
* The bar in red indicates where First Capital SpA'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 17.33% mean?
First Capital SpA (MIL:FIC) has a Return-on-Tangible-Equity of 17.33% 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 First Capital SpA and its competitors. This is 84% above median its historical median of 9.44. According to the industry distribution chart, First Capital SpA ranks #214 out of 782 companies in the Capital Markets industry, placing it in the top 27.4%.
Is First Capital SpA's Return-on-Tangible-Equity too high?
First Capital SpA's current Return-on-Tangible-Equity of 17.33% is 84% above median its 10-year median of 9.44. The Capital Markets industry median Return-on-Tangible-Equity is 6.49. First Capital SpA's value of 17.33% is 167.2% above this industry median. Based on the distribution chart, First Capital SpA ranks #214 out of 782 companies in the Capital Markets industry, which is above the industry midpoint. Overall, First Capital SpA has a GF Score™ of 43/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does First Capital SpA's Return-on-Tangible-Equity compare to MS and GS?
According to the Capital Markets industry distribution chart, First Capital SpA ranks #214 out of 782 companies for Return-on-Tangible-Equity. This puts First Capital SpA in the upper half of its industry. The industry median Return-on-Tangible-Equity is 6.49. First Capital SpA's value of 17.33% is 167.2% above this benchmark. While the company's 10-year median is 9.44 vs. the industry median of 6.49, First Capital SpA 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 6.49, 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. First Capital SpA's current Return-on-Tangible-Equity of 17.33% is 167.2% 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 First Capital SpA and its competitors. For the Capital Markets industry, the median Return-on-Tangible-Equity is 6.49 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. First Capital SpA's current Return-on-Tangible-Equity is 17.33%, which is 84% above median its own 10-year median of 9.44. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is First Capital SpA stock overvalued right now?
Based on GuruFocus' analysis, First Capital SpA (MIL:FIC) is currently considered Possible Value Trap. The stock's GF Value™ is €66.94, compared to a current price of €17.55 — trading 73.8% below its estimated fair value. The current Return-on-Tangible-Equity is 17.33%, which is 84% above median its 10-year median of 9.44 and 167.2% above the Capital Markets industry median of 6.49. First Capital SpA's overall GF Score™ is 43/100 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 First Capital SpA (MIL:FIC), the current Return-on-Tangible-Equity is 17.33% 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 First Capital SpA (MIL:FIC) Overvalued in 2026?
Based on GuruFocus' analysis, First Capital SpA stock appears to be undervalued.
The current stock price of €17.55 is trading 73.8% below its estimated GF Value™ of €66.94.
GuruFocus considers First Capital SpA to be Possible Value Trap.
Key valuation signals for MIL:FIC:
Return-on-Tangible-Equity: 17.33% (84% above median its 10-year median of 9.44)
GF Value™: €66.94 vs. price of €17.55 (73.8% below fair value)
Industry Position: 167.2% above the Capital Markets median (#214 of 782)
No single metric tells the full story. See the MIL:FIC stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
First Capital SpA is an investment holding company specialising in Public Equity and Private Equity Investments, focused on Small-Medium Enterprises, with an active approach to managing investee companies. It seeks investment opportunities among companies in niche markets with skilled management teams and with sustainable development plans. The company is a long-term investor which contributes to an increase of its target companies' value over time, supporting entrepreneurs for the creation of successful strategies, also through the appointment of its candidates in the administrative and supervisory bodies.
43GF Score
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