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ASJTSE:2351 -0.84%61 Return-on-Tangible-Equity is 9.82% as of Mar. 2026, which is 437% above its 10-year median of 1.83. GuruFocus rates TSE:2351 with a GF Score™ of 61/100 and a GF Value™ of 円390.27 (Fairly Valued). The stock has 3 warning signs investors should review. Among 2,481 Software companies, ASJ ranks worse than 59.65% 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. ASJ's annualized net income for the quarter that ended in Mar. 2026 was 円213 Mil. ASJ's average shareholder tangible equity for the quarter that ended in Mar. 2026 was 円2,170 Mil. Therefore, ASJ's annualized Return-on-Tangible-Equity for the quarter that ended in Mar. 2026 was 9.82%.
The historical rank and industry rank for ASJ's Return-on-Tangible-Equity or its related term are showing as below:
TSE:2351'
s Return-on-Tangible-Equity Range Over the Past 10 Years
Min: -25.94 Med: 1.83 Max: 11.78
Current: 4.09
During the past 13 years, ASJ's highest Return-on-Tangible-Equity was 11.78%. The lowest was -25.94%. And the median was 1.83%.
TSE:2351's Return-on-Tangible-Equity is ranked worse than 59.65% of 2481
companies
in the Software industry
Industry Median: 8.86
vs TSE:2351: 4.09
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.
ASJ Return-on-Tangible-Equity Related Terms
ASJ Return-on-Tangible-Equity Historical Data
* Premium members only.
The historical data trend for ASJ'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:2351 vs MSFT, ORCL, PLTR: Return-on-Tangible-Equity Comparison
For the Software - Infrastructure subindustry, ASJ'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.
ASJ Return-on-Tangible-Equity vs Software Industry
For the Software industry and Technology sector, ASJ's Return-on-Tangible-Equity distribution charts can be found below:
* The bar in red indicates where ASJ'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 (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 9.82% mean?
ASJ (TSE:2351) has a Return-on-Tangible-Equity of 9.82% 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 ASJ and its competitors. This is 437% above median its historical median of 1.83. According to the industry distribution chart, ASJ ranks #1480 out of 2481 companies in the Software industry, placing it in the top 59.7%.
Is ASJ's Return-on-Tangible-Equity too high?
ASJ's current Return-on-Tangible-Equity of 9.82% is 437% above median its 10-year median of 1.83. The Software industry median Return-on-Tangible-Equity is 8.86. ASJ's value of 9.82% is 10.8% above this industry median. Based on the distribution chart, ASJ ranks #1480 out of 2481 companies in the Software industry, which is below the industry midpoint. Overall, ASJ has a GF Score™ of 61/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does ASJ's Return-on-Tangible-Equity compare to MSFT and ORCL?
According to the Software industry distribution chart, ASJ ranks #1480 out of 2481 companies for Return-on-Tangible-Equity. This places ASJ in the lower half of its industry. The industry median Return-on-Tangible-Equity is 8.86. ASJ's value of 9.82% is 10.8% above this benchmark. While the company's 10-year median is 1.83 vs. the industry median of 8.86, ASJ 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 Software company?
The median Return-on-Tangible-Equity among Software companies is 8.86, based on 2,481 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. ASJ's current Return-on-Tangible-Equity of 9.82% is 10.8% 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 ASJ and its competitors. For the Software industry, the median Return-on-Tangible-Equity is 8.86 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. ASJ's current Return-on-Tangible-Equity is 9.82%, which is 437% above median its own 10-year median of 1.83. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is ASJ stock overvalued right now?
Based on GuruFocus' analysis, ASJ (TSE:2351) is currently considered Fairly Valued. The stock's GF Value™ is 円390.27, compared to a current price of 円354.00 — trading 9.3% below its estimated fair value. The current Return-on-Tangible-Equity is 9.82%, which is 437% above median its 10-year median of 1.83 and 10.8% above the Software industry median of 8.86. ASJ's overall GF Score™ is 61/100 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 ASJ (TSE:2351), the current Return-on-Tangible-Equity is 9.82% 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 ASJ (TSE:2351) Overvalued in 2026?
Based on GuruFocus' analysis, ASJ stock appears to be undervalued.
The current stock price of 円354.00 is trading 9.3% below its estimated GF Value™ of 円390.27.
GuruFocus considers ASJ to be Fairly Valued.
Key valuation signals for TSE:2351:
Return-on-Tangible-Equity: 9.82% (437% above median its 10-year median of 1.83)
GF Value™: 円390.27 vs. price of 円354.00 (9.3% below fair value)
Industry Position: 10.8% above the Software median (#1480 of 2481)
No single metric tells the full story. See the TSE:2351 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
ASJ Inc is a core services provider company. It is engaged in Internet-related services such as hosting service and provision of groupware and domain service. Its business activities include cloud services, payment service, consulting on the Internet and development of computer software and smartphone applications.
61GF Score
Get the complete analysis for TSE:2351
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