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MERFTSE:3168 -4.46%55 Return-on-Tangible-Equity is 33.16% as of Feb. 2026, which is 511% above its 10-year median of 5.43. GuruFocus rates TSE:3168 with a GF Score™ of 55/100 and a GF Value™ of 円575.81 (Significantly Overvalued). The stock has 4 warning signs investors should review. Among 2,385 Metals & Mining companies, MERF ranks better than 86.58% 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. MERF's annualized net income for the quarter that ended in Feb. 2026 was 円3,365 Mil. MERF's average shareholder tangible equity for the quarter that ended in Feb. 2026 was 円10,147 Mil. Therefore, MERF's annualized Return-on-Tangible-Equity for the quarter that ended in Feb. 2026 was 33.16%.
The historical rank and industry rank for MERF's Return-on-Tangible-Equity or its related term are showing as below:
TSE:3168'
s Return-on-Tangible-Equity Range Over the Past 10 Years
Min: -5.65 Med: 5.43 Max: 16.85
Current: 16.85
During the past 13 years, MERF's highest Return-on-Tangible-Equity was 16.85%. The lowest was -5.65%. And the median was 5.43%.
TSE:3168's Return-on-Tangible-Equity is ranked better than 86.58% of 2385
companies
in the Metals & Mining industry
Industry Median: -16.48
vs TSE:3168: 16.85
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.
MERF Return-on-Tangible-Equity Related Terms
MERF Return-on-Tangible-Equity Historical Data
* Premium members only.
The historical data trend for MERF'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.
For the Other Industrial Metals & Mining subindustry, MERF'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.
MERF Return-on-Tangible-Equity vs Metals & Mining Industry
For the Metals & Mining industry and Basic Materials sector, MERF's Return-on-Tangible-Equity distribution charts can be found below:
* The bar in red indicates where MERF'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 (Feb. 2026) net income data.
Return-on-Tangible-Equity is displayed in the 10-year financial page.
What does a Return-on-Tangible-Equity of 33.16% mean?
MERF (TSE:3168) has a Return-on-Tangible-Equity of 33.16% as of Feb. 2026. Return on tangible equity is the ratio of current-period net income to average two-period tangible equity. View historical data on MERF and its competitors. This is 511% above median its historical median of 5.43. According to the industry distribution chart, MERF ranks #320 out of 2385 companies in the Metals & Mining industry, placing it in the top 13.4%.
Is MERF's Return-on-Tangible-Equity too high?
MERF's current Return-on-Tangible-Equity of 33.16% is 511% above median its 10-year median of 5.43. Based on the distribution chart, MERF ranks #320 out of 2385 companies in the Metals & Mining industry, which is in the top quartile — a strong position relative to peers. Overall, MERF has a GF Score™ of 55/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does MERF's Return-on-Tangible-Equity compare to competitors?
According to the Metals & Mining industry distribution chart, MERF ranks #320 out of 2385 companies for Return-on-Tangible-Equity. This places MERF in the top 13% of its industry — outperforming the majority of peers. 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 Metals & Mining company?
A good Return-on-Tangible-Equity depends on the Metals & Mining industry context. However, Return-on-Tangible-Equity should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. 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 MERF and its competitors. MERF's current Return-on-Tangible-Equity is 33.16%, which is 511% above median its own 10-year median of 5.43. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is MERF stock overvalued right now?
Based on GuruFocus' analysis, MERF (TSE:3168) is currently considered Significantly Overvalued. The stock's GF Value™ is 円575.81, compared to a current price of 円1,242.00 — trading 115.7% above its estimated fair value. The current Return-on-Tangible-Equity is 33.16%, which is 511% above median its 10-year median of 5.43. MERF's overall GF Score™ is 55/100 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 MERF (TSE:3168), the current Return-on-Tangible-Equity is 33.16% as of Feb. 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 MERF (TSE:3168) Overvalued in 2026?
Based on GuruFocus' analysis, MERF stock appears to be overvalued.
The current stock price of 円1,242.00 is trading 115.7% above its estimated GF Value™ of 円575.81.
GuruFocus considers MERF to be Significantly Overvalued.
Key valuation signals for TSE:3168:
Return-on-Tangible-Equity: 33.16% (511% above median its 10-year median of 5.43)
GF Value™: 円575.81 vs. price of 円1,242.00 (115.7% above fair value)
No single metric tells the full story. See the TSE:3168 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
MERF Inc is engaged in recycling non-ferrous metals, focusing on copper and copper alloys. Its business activities are divided into two main segments: the Ingot Business, which involves the manufacturing of copper alloy ingots, and the Metal Recycling Raw Materials Business, which is engaged in metal recycling. It is also involved in the manufacturing and selling of art and craft products segment.
55GF Score
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Return-on-Tangible-Equity is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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