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China Bills FinanceTPE:2820 62 Return-on-Tangible-Equity is 5.59% as of Dec. 2025, which is 5% below its 10-year median of 5.86. GuruFocus rates TPE:2820 with a GF Score™ of 62/100 and a GF Value™ of NT$24.43 (Significantly Undervalued). The stock has 2 warning signs investors should review. Among 783 Capital Markets companies, China Bills Finance ranks better than 50.83% 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. China Bills Finance's annualized net income for the quarter that ended in Dec. 2025 was NT$1,537 Mil. China Bills Finance's average shareholder tangible equity for the quarter that ended in Dec. 2025 was NT$27,492 Mil. Therefore, China Bills Finance's annualized Return-on-Tangible-Equity for the quarter that ended in Dec. 2025 was 5.59%.
The historical rank and industry rank for China Bills Finance's Return-on-Tangible-Equity or its related term are showing as below:
TPE:2820'
s Return-on-Tangible-Equity Range Over the Past 10 Years
Min: 4.38 Med: 5.86 Max: 7.29
Current: 6.8
During the past 13 years, China Bills Finance's highest Return-on-Tangible-Equity was 7.29%. The lowest was 4.38%. And the median was 5.86%.
TPE:2820's Return-on-Tangible-Equity is ranked better than 50.83% of 783
companies
in the Capital Markets industry
Industry Median: 6.45
vs TPE:2820: 6.80
China Bills Finance (TPE:2820) 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.
China Bills Finance Return-on-Tangible-Equity Related Terms
China Bills Finance Return-on-Tangible-Equity Historical Data
* Premium members only.
The historical data trend for China Bills Finance'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.
China Bills Finance Return-on-Tangible-Equity Chart
TPE:2820 vs MS, GS, SCHW: Return-on-Tangible-Equity Comparison
For the Capital Markets subindustry, China Bills Finance'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.
China Bills Finance Return-on-Tangible-Equity vs Capital Markets Industry
For the Capital Markets industry and Financial Services sector, China Bills Finance's Return-on-Tangible-Equity distribution charts can be found below:
* The bar in red indicates where China Bills Finance'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 (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 5.59% mean?
China Bills Finance (TPE:2820) has a Return-on-Tangible-Equity of 5.59% 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 China Bills Finance and its competitors. This is near median its historical median of 5.86. Over the past decade, China Bills Finance's Return-on-Tangible-Equity has ranged from 4.38 to 7.29. According to the industry distribution chart, China Bills Finance ranks #385 out of 783 companies in the Capital Markets industry, placing it in the top 49.2%.
Is China Bills Finance's Return-on-Tangible-Equity too high?
China Bills Finance's current Return-on-Tangible-Equity of 5.59% is near median its 10-year median of 5.86. Over the past 10 years, this metric has ranged from a low of 4.38 to a high of 7.29. The Capital Markets industry median Return-on-Tangible-Equity is 6.45. China Bills Finance's value of 5.59% is 13.3% below this industry median. Based on the distribution chart, China Bills Finance ranks #385 out of 783 companies in the Capital Markets industry, which is above the industry midpoint. Overall, China Bills Finance has a GF Score™ of 62/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.
How does China Bills Finance's Return-on-Tangible-Equity compare to MS and GS?
According to the Capital Markets industry distribution chart, China Bills Finance ranks #385 out of 783 companies for Return-on-Tangible-Equity. This puts China Bills Finance in the upper half of its industry. The industry median Return-on-Tangible-Equity is 6.45. China Bills Finance's value of 5.59% is 13.3% below this benchmark. Historically, China Bills Finance's own Return-on-Tangible-Equity has ranged from 4.38 to 7.29 over the past decade. While the company's 10-year median is 5.86 vs. the industry median of 6.45, China Bills Finance has consistently been below 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 6.45, based on 783 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. China Bills Finance's current Return-on-Tangible-Equity of 5.59% is 13.3% below 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 China Bills Finance and its competitors. For the Capital Markets industry, the median Return-on-Tangible-Equity is 6.45 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. China Bills Finance's current Return-on-Tangible-Equity is 5.59%, which is near median its own 10-year median of 5.86. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is China Bills Finance stock overvalued right now?
Based on GuruFocus' analysis, China Bills Finance (TPE:2820) is currently considered Significantly Undervalued. The stock's GF Value™ is NT$24.43, compared to a current price of NT$16.65 — trading 31.8% below its estimated fair value. The current Return-on-Tangible-Equity is 5.59%, which is near median its 10-year median of 5.86 and 13.3% below the Capital Markets industry median of 6.45. China Bills Finance's overall GF Score™ is 62/100 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 China Bills Finance (TPE:2820), the current Return-on-Tangible-Equity is 5.59% 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 China Bills Finance (TPE:2820) Overvalued in 2026?
Based on GuruFocus' analysis, China Bills Finance stock appears to be undervalued.
The current stock price of NT$16.65 is trading 31.8% below its estimated GF Value™ of NT$24.43.
GuruFocus considers China Bills Finance to be Significantly Undervalued.
Key valuation signals for TPE:2820:
Return-on-Tangible-Equity: 5.59% (near median its 10-year median of 5.86)
GF Value™: NT$24.43 vs. price of NT$16.65 (31.8% below fair value)
Industry Position: 13.3% below the Capital Markets median (#385 of 783)
No single metric tells the full story. See the TPE:2820 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
China Bills Finance Corp focuses on corporate financing and fixed-income commodities. The company's business activities consist of certifying and underwriting of short-term bills and bank debentures; brokering or undertaking proprietary trading of short-term bills, bank debentures, government and corporate bonds, and foreign bonds; guaranteeing short-term bills; providing financial consulting services to enterprises; processing interbank call loans; equity investments; fixed-income security trading; (h) foreign-currency bills investment; and doing other businesses as authorized by relevant authorities. Its business is concentrated in Taiwan.
62GF Score
Get the complete analysis for TPE:2820
Return-on-Tangible-Equity is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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