Naturgy Energy GroupWBO:GAS +0.80%66 Return-on-Tangible-Equity is 65.61% as of Dec. 2025, which is 29% above its 10-year median of 50.83. GuruFocus rates WBO:GAS with a GF Score™ of 66/100 and a GF Value™ of €22.73 (Modestly Overvalued). The stock has 7 warning signs investors should review. Among 498 Utilities - Regulated companies, Naturgy Energy Group ranks better than 89.56% 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. Naturgy Energy Group's annualized net income for the quarter that ended in Dec. 2025 was €1,752 Mil. Naturgy Energy Group's average shareholder tangible equity for the quarter that ended in Dec. 2025 was €2,671 Mil. Therefore, Naturgy Energy Group's annualized Return-on-Tangible-Equity for the quarter that ended in Dec. 2025 was 65.61%.
The historical rank and industry rank for Naturgy Energy Group's Return-on-Tangible-Equity or its related term are showing as below:
WBO:GAS'
s Return-on-Tangible-Equity Range Over the Past 10 Years
Min: -71.3 Med: 50.83 Max: 187.71
Current: 68.66
During the past 13 years, Naturgy Energy Group's highest Return-on-Tangible-Equity was 187.71%. The lowest was -71.30%. And the median was 50.83%.
WBO:GAS's Return-on-Tangible-Equity is ranked better than 89.56% of 498
companies
in the Utilities - Regulated industry
Industry Median: 10.91
vs WBO:GAS: 68.66
Naturgy Energy Group (WBO:GAS) 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.
Naturgy Energy Group Return-on-Tangible-Equity Related Terms
Naturgy Energy Group Return-on-Tangible-Equity Historical Data
* Premium members only.
The historical data trend for Naturgy Energy Group'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.
Naturgy Energy Group Return-on-Tangible-Equity Chart
WBO:GAS vs ATO, NI, UGI: Return-on-Tangible-Equity Comparison
For the Utilities - Regulated Gas subindustry, Naturgy Energy Group'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.
Naturgy Energy Group Return-on-Tangible-Equity vs Utilities - Regulated Industry
For the Utilities - Regulated industry and Utilities sector, Naturgy Energy Group's Return-on-Tangible-Equity distribution charts can be found below:
* The bar in red indicates where Naturgy Energy Group'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 (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 65.61% mean?
Naturgy Energy Group (WBO:GAS) has a Return-on-Tangible-Equity of 65.61% 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 Naturgy Energy Group and its competitors. This is 29% above median its historical median of 50.83. According to the industry distribution chart, Naturgy Energy Group ranks #52 out of 498 companies in the Utilities - Regulated industry, placing it in the top 10.4%.
Is Naturgy Energy Group's Return-on-Tangible-Equity too high?
Naturgy Energy Group's current Return-on-Tangible-Equity of 65.61% is 29% above median its 10-year median of 50.83. The Utilities - Regulated industry median Return-on-Tangible-Equity is 10.91. Naturgy Energy Group's value of 65.61% is 501.4% above this industry median. Based on the distribution chart, Naturgy Energy Group ranks #52 out of 498 companies in the Utilities - Regulated industry, which is in the top quartile — a strong position relative to peers. Overall, Naturgy Energy Group has a GF Score™ of 66/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Naturgy Energy Group's Return-on-Tangible-Equity compare to ATO and NI?
According to the Utilities - Regulated industry distribution chart, Naturgy Energy Group ranks #52 out of 498 companies for Return-on-Tangible-Equity. This places Naturgy Energy Group in the top 10% of its industry — outperforming the majority of peers. The industry median Return-on-Tangible-Equity is 10.91. Naturgy Energy Group's value of 65.61% is 501.4% above this benchmark. While the company's 10-year median is 50.83 vs. the industry median of 10.91, Naturgy Energy Group 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 an Utilities - Regulated company?
The median Return-on-Tangible-Equity among Utilities - Regulated companies is 10.91, based on 498 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. Naturgy Energy Group's current Return-on-Tangible-Equity of 65.61% is 501.4% 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 Naturgy Energy Group and its competitors. For the Utilities - Regulated industry, the median Return-on-Tangible-Equity is 10.91 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Naturgy Energy Group's current Return-on-Tangible-Equity is 65.61%, which is 29% above median its own 10-year median of 50.83. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Naturgy Energy Group stock overvalued right now?
Based on GuruFocus' analysis, Naturgy Energy Group (WBO:GAS) is currently considered Modestly Overvalued. The stock's GF Value™ is €22.73, compared to a current price of €27.74 — trading 22% above its estimated fair value. The current Return-on-Tangible-Equity is 65.61%, which is 29% above median its 10-year median of 50.83 and 501.4% above the Utilities - Regulated industry median of 10.91. Naturgy Energy Group's overall GF Score™ is 66/100 with 7 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 Naturgy Energy Group (WBO:GAS), the current Return-on-Tangible-Equity is 65.61% 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 Naturgy Energy Group (WBO:GAS) Overvalued in 2026?
Based on GuruFocus' analysis, Naturgy Energy Group stock appears to be overvalued.
The current stock price of €27.74 is trading 22% above its estimated GF Value™ of €22.73.
GuruFocus considers Naturgy Energy Group to be Modestly Overvalued.
Key valuation signals for WBO:GAS:
Return-on-Tangible-Equity: 65.61% (29% above median its 10-year median of 50.83)
GF Value™: €22.73 vs. price of €27.74 (22% above fair value)
Industry Position: 501.4% above the Utilities - Regulated median (#52 of 498)
No single metric tells the full story. See the WBO:GAS stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Naturgy stems from the 2008 acquisition of Union Fenosa. The company operates across the gas value chain, from procurement to distribution and marketing. It owns and operates the largest gas distribution network in Spain, where it is also the leading retail gas supplier. The company additionally operates gas and electricity distribution networks across several Latin American countries. It owns 17.9 GW of generation capacity, including 7.3 GW of wind and solar.
66GF Score
Get the complete analysis for WBO:GAS
Return-on-Tangible-Equity is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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