Nigerian BreweriesNSA:NB 56 Return-on-Tangible-Equity is 45.65% as of Mar. 2026, which is 125% above its 10-year median of 20.28. GuruFocus rates NSA:NB with a GF Score™ of 56/100 and a GF Value™ of ₦30.69 (Significantly Overvalued). The stock has 2 warning signs investors should review. Among 201 Beverages - Alcoholic companies, Nigerian Breweries ranks better than 79.6% 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. Nigerian Breweries's annualized net income for the quarter that ended in Mar. 2026 was ₦223,782 Mil. Nigerian Breweries's average shareholder tangible equity for the quarter that ended in Mar. 2026 was ₦490,176 Mil. Therefore, Nigerian Breweries's annualized Return-on-Tangible-Equity for the quarter that ended in Mar. 2026 was 45.65%.
The historical rank and industry rank for Nigerian Breweries's Return-on-Tangible-Equity or its related term are showing as below:
NSA:NB'
s Return-on-Tangible-Equity Range Over the Past 10 Years
Min: -368.19 Med: 20.28 Max: 45.18
Current: 24.17
During the past 13 years, Nigerian Breweries's highest Return-on-Tangible-Equity was 45.18%. The lowest was -368.19%. And the median was 20.28%.
NSA:NB's Return-on-Tangible-Equity is ranked better than 79.6% of 201
companies
in the Beverages - Alcoholic industry
Industry Median: 8.55
vs NSA:NB: 24.17
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.
Nigerian Breweries Return-on-Tangible-Equity Related Terms
Nigerian Breweries Return-on-Tangible-Equity Historical Data
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The historical data trend for Nigerian Breweries'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.
NSA:NB vs BUD, STZ, TAP: Return-on-Tangible-Equity Comparison
For the Beverages - Brewers subindustry, Nigerian Breweries'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.
Nigerian Breweries Return-on-Tangible-Equity vs Beverages - Alcoholic Industry
For the Beverages - Alcoholic industry and Consumer Defensive sector, Nigerian Breweries's Return-on-Tangible-Equity distribution charts can be found below:
* The bar in red indicates where Nigerian Breweries'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 four times the quarterly (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 45.65% mean?
Nigerian Breweries (NSA:NB) has a Return-on-Tangible-Equity of 45.65% 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 Nigerian Breweries and its competitors. This is 125% above median its historical median of 20.28. According to the industry distribution chart, Nigerian Breweries ranks #41 out of 201 companies in the Beverages - Alcoholic industry, placing it in the top 20.4%.
Is Nigerian Breweries' Return-on-Tangible-Equity too high?
Nigerian Breweries' current Return-on-Tangible-Equity of 45.65% is 125% above median its 10-year median of 20.28. The Beverages - Alcoholic industry median Return-on-Tangible-Equity is 8.55. Nigerian Breweries' value of 45.65% is 433.9% above this industry median. Based on the distribution chart, Nigerian Breweries ranks #41 out of 201 companies in the Beverages - Alcoholic industry, which is in the top quartile — a strong position relative to peers. Overall, Nigerian Breweries has a GF Score™ of 56/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Nigerian Breweries' Return-on-Tangible-Equity compare to BUD and STZ?
According to the Beverages - Alcoholic industry distribution chart, Nigerian Breweries ranks #41 out of 201 companies for Return-on-Tangible-Equity. This places Nigerian Breweries in the top 20% of its industry — outperforming the majority of peers. The industry median Return-on-Tangible-Equity is 8.55. Nigerian Breweries' value of 45.65% is 433.9% above this benchmark. While the company's 10-year median is 20.28 vs. the industry median of 8.55, Nigerian Breweries 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 Beverages - Alcoholic company?
The median Return-on-Tangible-Equity among Beverages - Alcoholic companies is 8.55, based on 201 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. Nigerian Breweries's current Return-on-Tangible-Equity of 45.65% is 433.9% 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 Nigerian Breweries and its competitors. For the Beverages - Alcoholic industry, the median Return-on-Tangible-Equity is 8.55 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Nigerian Breweries's current Return-on-Tangible-Equity is 45.65%, which is 125% above median its own 10-year median of 20.28. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Nigerian Breweries stock overvalued right now?
Based on GuruFocus' analysis, Nigerian Breweries (NSA:NB) is currently considered Significantly Overvalued. The stock's GF Value™ is ₦30.69, compared to a current price of ₦72.50 — trading 136.2% above its estimated fair value. The current Return-on-Tangible-Equity is 45.65%, which is 125% above median its 10-year median of 20.28 and 433.9% above the Beverages - Alcoholic industry median of 8.55. Nigerian Breweries' overall GF Score™ is 56/100 with 2 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 Nigerian Breweries (NSA:NB), the current Return-on-Tangible-Equity is 45.65% 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 Nigerian Breweries (NSA:NB) Overvalued in 2026?
Based on GuruFocus' analysis, Nigerian Breweries stock appears to be overvalued.
The current stock price of ₦72.50 is trading 136.2% above its estimated GF Value™ of ₦30.69.
GuruFocus considers Nigerian Breweries to be Significantly Overvalued.
Key valuation signals for NSA:NB:
Return-on-Tangible-Equity: 45.65% (125% above median its 10-year median of 20.28)
GF Value™: ₦30.69 vs. price of ₦72.50 (136.2% above fair value)
Industry Position: 433.9% above the Beverages - Alcoholic median (#41 of 201)
No single metric tells the full story. See the NSA:NB stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Nigerian Breweries PLC is a Brewing firm. The company's principal activities are brewing, marketing, and selling lager, stout, non-alcoholic malt, and soft drinks. Geographically, it derives a majority of its revenue from Nigeria and also has a presence in the United Kingdom, the Netherlands, the United States of America, Canada, some parts of Africa, and parts of the Middle East and Asia. The company's brands include Star, Goldberg, Turbo King, Ace Bitters, Gulder, Maltina, Legend Extra Stout, Amstel Malta, Heineken, Maltina Sip-it, Fayrouz, Goldberg, Malta Gold, and others.
56GF Score
Get the complete analysis for NSA:NB
Return-on-Tangible-Equity is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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