Kernel HoldingWAR:KER -0.10%63 Return-on-Tangible-Equity is 16.40% as of Mar. 2026, which is 7% above its 10-year median of 15.26. GuruFocus rates WAR:KER with a GF Score™ of 63/100 and a GF Value™ of zł13.16 (Significantly Overvalued). The stock has 1 warning sign investors should review. Among 301 Retail - Defensive companies, Kernel Holding ranks worse than 51.5% 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. Kernel Holding's annualized net income for the quarter that ended in Mar. 2026 was zł1,346 Mil. Kernel Holding's average shareholder tangible equity for the quarter that ended in Mar. 2026 was zł8,210 Mil. Therefore, Kernel Holding's annualized Return-on-Tangible-Equity for the quarter that ended in Mar. 2026 was 16.40%.
The historical rank and industry rank for Kernel Holding's Return-on-Tangible-Equity or its related term are showing as below:
WAR:KER'
s Return-on-Tangible-Equity Range Over the Past 10 Years
Min: -2.53 Med: 15.26 Max: 33.46
Current: 10.87
During the past 13 years, Kernel Holding's highest Return-on-Tangible-Equity was 33.46%. The lowest was -2.53%. And the median was 15.26%.
WAR:KER's Return-on-Tangible-Equity is ranked worse than 51.5% of 301
companies
in the Retail - Defensive industry
Industry Median: 11.18
vs WAR:KER: 10.87
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.
Kernel Holding Return-on-Tangible-Equity Related Terms
Kernel Holding Return-on-Tangible-Equity Historical Data
* Premium members only.
The historical data trend for Kernel Holding'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.
WAR:KER vs SYY, USFD, PFGC: Return-on-Tangible-Equity Comparison
For the Food Distribution subindustry, Kernel Holding'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.
Kernel Holding Return-on-Tangible-Equity vs Retail - Defensive Industry
For the Retail - Defensive industry and Consumer Defensive sector, Kernel Holding's Return-on-Tangible-Equity distribution charts can be found below:
* The bar in red indicates where Kernel Holding'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 16.40% mean?
Kernel Holding (WAR:KER) has a Return-on-Tangible-Equity of 16.40% 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 Kernel Holding and its competitors. This is near median its historical median of 15.26. According to the industry distribution chart, Kernel Holding ranks #155 out of 301 companies in the Retail - Defensive industry, placing it in the top 51.5%.
Is Kernel Holding's Return-on-Tangible-Equity too high?
Kernel Holding's current Return-on-Tangible-Equity of 16.40% is near median its 10-year median of 15.26. The Retail - Defensive industry median Return-on-Tangible-Equity is 11.18. Kernel Holding's value of 16.40% is 46.7% above this industry median. Based on the distribution chart, Kernel Holding ranks #155 out of 301 companies in the Retail - Defensive industry, which is below the industry midpoint. Overall, Kernel Holding has a GF Score™ of 63/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Kernel Holding's Return-on-Tangible-Equity compare to SYY and USFD?
According to the Retail - Defensive industry distribution chart, Kernel Holding ranks #155 out of 301 companies for Return-on-Tangible-Equity. This places Kernel Holding in the lower half of its industry. The industry median Return-on-Tangible-Equity is 11.18. Kernel Holding's value of 16.40% is 46.7% above this benchmark. While the company's 10-year median is 15.26 vs. the industry median of 11.18, Kernel Holding 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 Retail - Defensive company?
The median Return-on-Tangible-Equity among Retail - Defensive companies is 11.18, based on 301 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. Kernel Holding's current Return-on-Tangible-Equity of 16.40% is 46.7% 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 Kernel Holding and its competitors. For the Retail - Defensive industry, the median Return-on-Tangible-Equity is 11.18 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Kernel Holding's current Return-on-Tangible-Equity is 16.40%, which is near median its own 10-year median of 15.26. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Kernel Holding stock overvalued right now?
Based on GuruFocus' analysis, Kernel Holding (WAR:KER) is currently considered Significantly Overvalued. The stock's GF Value™ is zł13.16, compared to a current price of zł19.28 — trading 46.5% above its estimated fair value. The current Return-on-Tangible-Equity is 16.40%, which is near median its 10-year median of 15.26 and 46.7% above the Retail - Defensive industry median of 11.18. Kernel Holding's overall GF Score™ is 63/100 with 1 warning sign 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 Kernel Holding (WAR:KER), the current Return-on-Tangible-Equity is 16.40% 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 Kernel Holding (WAR:KER) Overvalued in 2026?
Based on GuruFocus' analysis, Kernel Holding stock appears to be overvalued.
The current stock price of zł19.28 is trading 46.5% above its estimated GF Value™ of zł13.16.
GuruFocus considers Kernel Holding to be Significantly Overvalued.
Key valuation signals for WAR:KER:
Return-on-Tangible-Equity: 16.40% (near median its 10-year median of 15.26)
GF Value™: zł13.16 vs. price of zł19.28 (46.5% above fair value)
Industry Position: 46.7% above the Retail - Defensive median (#155 of 301)
No single metric tells the full story. See the WAR:KER stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Kernel Holding SA is an investment holding company. The company's segment includes Oilseed Processing; Infrastructure and Trading and Farming. It generates maximum revenue from the Infrastructure and Trading segment. The Infrastructure and Trading segment includes sourcing and merchandising of wholesale edible oils, grain, provision of silo services, grain handling and transshipment services.
63GF Score
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