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ToenecTSE:1946 -3.23%74 Return-on-Tangible-Equity is 18.90% as of Mar. 2026, which is 154% above its 10-year median of 7.45. GuruFocus rates TSE:1946 with a GF Score™ of 74/100 and a GF Value™ of 円1,107.47 (Significantly Overvalued). The stock has 2 warning signs investors should review. Among 1,712 Construction companies, Toenec ranks better than 64.43% 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. Toenec's annualized net income for the quarter that ended in Mar. 2026 was 円27,548 Mil. Toenec's average shareholder tangible equity for the quarter that ended in Mar. 2026 was 円145,752 Mil. Therefore, Toenec's annualized Return-on-Tangible-Equity for the quarter that ended in Mar. 2026 was 18.90%.
The historical rank and industry rank for Toenec's Return-on-Tangible-Equity or its related term are showing as below:
TSE:1946'
s Return-on-Tangible-Equity Range Over the Past 10 Years
Min: -4.71 Med: 7.45 Max: 12.78
Current: 12.78
During the past 13 years, Toenec's highest Return-on-Tangible-Equity was 12.78%. The lowest was -4.71%. And the median was 7.45%.
TSE:1946's Return-on-Tangible-Equity is ranked better than 64.43% of 1712
companies
in the Construction industry
Industry Median: 8.21
vs TSE:1946: 12.78
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.
Toenec Return-on-Tangible-Equity Related Terms
Toenec Return-on-Tangible-Equity Historical Data
* Premium members only.
The historical data trend for Toenec'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.
TSE:1946 vs PWR, FIX, EME: Return-on-Tangible-Equity Comparison
For the Engineering & Construction subindustry, Toenec'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.
Toenec Return-on-Tangible-Equity vs Construction Industry
For the Construction industry and Industrials sector, Toenec's Return-on-Tangible-Equity distribution charts can be found below:
* The bar in red indicates where Toenec'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 18.90% mean?
Toenec (TSE:1946) has a Return-on-Tangible-Equity of 18.90% 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 Toenec and its competitors. This is 154% above median its historical median of 7.45. According to the industry distribution chart, Toenec ranks #609 out of 1712 companies in the Construction industry, placing it in the top 35.6%.
Is Toenec's Return-on-Tangible-Equity too high?
Toenec's current Return-on-Tangible-Equity of 18.90% is 154% above median its 10-year median of 7.45. The Construction industry median Return-on-Tangible-Equity is 8.21. Toenec's value of 18.90% is 130.2% above this industry median. Based on the distribution chart, Toenec ranks #609 out of 1712 companies in the Construction industry, which is above the industry midpoint. Overall, Toenec has a GF Score™ of 74/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Toenec's Return-on-Tangible-Equity compare to PWR and FIX?
According to the Construction industry distribution chart, Toenec ranks #609 out of 1712 companies for Return-on-Tangible-Equity. This puts Toenec in the upper half of its industry. The industry median Return-on-Tangible-Equity is 8.21. Toenec's value of 18.90% is 130.2% above this benchmark. While the company's 10-year median is 7.45 vs. the industry median of 8.21, Toenec 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 Construction company?
The median Return-on-Tangible-Equity among Construction companies is 8.21, based on 1,712 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. Toenec's current Return-on-Tangible-Equity of 18.90% is 130.2% 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 Toenec and its competitors. For the Construction industry, the median Return-on-Tangible-Equity is 8.21 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Toenec's current Return-on-Tangible-Equity is 18.90%, which is 154% above median its own 10-year median of 7.45. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Toenec stock overvalued right now?
Based on GuruFocus' analysis, Toenec (TSE:1946) is currently considered Significantly Overvalued. The stock's GF Value™ is 円1,107.47, compared to a current price of 円2,038.00 — trading 84% above its estimated fair value. The current Return-on-Tangible-Equity is 18.90%, which is 154% above median its 10-year median of 7.45 and 130.2% above the Construction industry median of 8.21. Toenec's overall GF Score™ is 74/100 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 Toenec (TSE:1946), the current Return-on-Tangible-Equity is 18.90% 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 Toenec (TSE:1946) Overvalued in 2026?
Based on GuruFocus' analysis, Toenec stock appears to be overvalued.
The current stock price of 円2,038.00 is trading 84% above its estimated GF Value™ of 円1,107.47.
GuruFocus considers Toenec to be Significantly Overvalued.
Key valuation signals for TSE:1946:
Return-on-Tangible-Equity: 18.90% (154% above median its 10-year median of 7.45)
GF Value™: 円1,107.47 vs. price of 円2,038.00 (84% above fair value)
Industry Position: 130.2% above the Construction median (#609 of 1712)
No single metric tells the full story. See the TSE:1946 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Toenec Corp provides engineering and construction services. The company's services include electrical and communications construction, pipe-laying, fire-control system construction, construction and building works, scaffolding, earthworks, and concrete works, road surfacing, painting, waterproofing work, waterworks, steel-structure construction, machinery and tool installation, interior finishing work, cleaning-facility construction, the power generation business, and electrical communication construction. It provides surveying, design, supervision, maintenance, and consultation, research, planning, development services. The company also provides ordinary freight vehicles and dispatching of manpower needed for its services. It also sells, leases and manages real estate properties.
74GF Score
Get the complete analysis for TSE:1946
Return-on-Tangible-Equity is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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