• Fastenal average return on tangible equity for 2023 was 34.5, a 2.28% decline from 2022.
• Fastenal average return on tangible equity for 2022 was 33.73, a 8.01% increase from 2021.
• Fastenal average return on tangible equity for 2021 was 31.23, a 0.9% increase from 2020.

Return on tangible equity can be defined as the amount of net income returned as a percentage of shareholders equity, after subtracting intangible assets, goodwill and preferred equity.