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Smart Capital SpAMIL:SMCAP 9 Return-on-Tangible-Equity is 40.52% as of Dec. 2025, which is 675% above its 10-year median of 5.23. GuruFocus rates MIL:SMCAP with a GF Score™ of 9/100. The stock has 4 warning signs investors should review. Among 1,589 Asset Management companies, Smart Capital SpA ranks better than 79.17% 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. Smart Capital SpA's annualized net income for the quarter that ended in Dec. 2025 was €17.57 Mil. Smart Capital SpA's average shareholder tangible equity for the quarter that ended in Dec. 2025 was €43.36 Mil. Therefore, Smart Capital SpA's annualized Return-on-Tangible-Equity for the quarter that ended in Dec. 2025 was 40.52%.
The historical rank and industry rank for Smart Capital SpA's Return-on-Tangible-Equity or its related term are showing as below:
MIL:SMCAP'
s Return-on-Tangible-Equity Range Over the Past 10 Years
Min: 3.71 Med: 5.23 Max: 21.21
Current: 21.21
During the past 4 years, Smart Capital SpA's highest Return-on-Tangible-Equity was 21.21%. The lowest was 3.71%. And the median was 5.23%.
MIL:SMCAP's Return-on-Tangible-Equity is ranked better than 79.17% of 1589
companies
in the Asset Management industry
Industry Median: 7.21
vs MIL:SMCAP: 21.21
Smart Capital SpA (MIL:SMCAP) 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.
Smart Capital SpA Return-on-Tangible-Equity Related Terms
Smart Capital SpA Return-on-Tangible-Equity Historical Data
* Premium members only.
The historical data trend for Smart 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:SMCAP vs BLK, BX, KKR: Return-on-Tangible-Equity Comparison
For the Asset Management subindustry, Smart 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.
Smart Capital SpA Return-on-Tangible-Equity vs Asset Management Industry
For the Asset Management industry and Financial Services sector, Smart Capital SpA's Return-on-Tangible-Equity distribution charts can be found below:
* The bar in red indicates where Smart 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 40.52% mean?
Smart Capital SpA (MIL:SMCAP) has a Return-on-Tangible-Equity of 40.52% 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 Smart Capital SpA and its competitors. This is 675% above median its historical median of 5.23. Over the past decade, Smart Capital SpA's Return-on-Tangible-Equity has ranged from 3.71 to 21.21. According to the industry distribution chart, Smart Capital SpA ranks #331 out of 1589 companies in the Asset Management industry, placing it in the top 20.8%.
Is Smart Capital SpA's Return-on-Tangible-Equity too high?
Smart Capital SpA's current Return-on-Tangible-Equity of 40.52% is 675% above median its 10-year median of 5.23. Over the past 10 years, this metric has ranged from a low of 3.71 to a high of 21.21. The Asset Management industry median Return-on-Tangible-Equity is 7.21. Smart Capital SpA's value of 40.52% is 462% above this industry median. Based on the distribution chart, Smart Capital SpA ranks #331 out of 1589 companies in the Asset Management industry, which is in the top quartile — a strong position relative to peers. Overall, Smart Capital SpA has a GF Score™ of 9/100, reflecting its overall financial health beyond just this single metric.
How does Smart Capital SpA's Return-on-Tangible-Equity compare to BLK and BX?
According to the Asset Management industry distribution chart, Smart Capital SpA ranks #331 out of 1589 companies for Return-on-Tangible-Equity. This places Smart Capital SpA in the top 21% of its industry — outperforming the majority of peers. The industry median Return-on-Tangible-Equity is 7.21. Smart Capital SpA's value of 40.52% is 462% above this benchmark. Historically, Smart Capital SpA's own Return-on-Tangible-Equity has ranged from 3.71 to 21.21 over the past decade. While the company's 10-year median is 5.23 vs. the industry median of 7.21, Smart 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 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. Smart Capital SpA's current Return-on-Tangible-Equity of 40.52% is 462% 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 Smart Capital SpA 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. Smart Capital SpA's current Return-on-Tangible-Equity is 40.52%, which is 675% above median its own 10-year median of 5.23. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Smart Capital SpA stock overvalued right now?
Smart Capital SpA (MIL:SMCAP) has a current Return-on-Tangible-Equity of 40.52%. The current Return-on-Tangible-Equity is 40.52%, which is 675% above median its 10-year median of 5.23 and 462% above the Asset Management industry median of 7.21. Smart Capital SpA's overall GF Score™ is 9/100 with 4 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 Smart Capital SpA (MIL:SMCAP), the current Return-on-Tangible-Equity is 40.52% 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.
Smart Capital SpA is a permanent capital industrial holding company specializing in private investments in public equity (PIPE) and private equity, focusing on small and medium-sized Italian companies, listed, unlisted or in the pre-IPO phase, operating both in Italy and abroad. It is characterized, also in its investment approach, by an entrepreneurial and longterm DNA. The company's main activity consists of acquiring shares and other financial instruments that allow the purchase or subscription of shares, including in the context of capital increases, at the time of listing or subsequently (such as the PIPE), reserved placements, public subscription and sale offers.
9GF Score
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