It stands for tangible net equity; a measure of an entity’s total net worth (total equity) that does not include that portion of equity that corresponds to (i.e., finances) its intangible assets like copyrights, patents, etc.

In equation form:

Tangible net equity = (total assets – intangible assets) – total liabilities

It reflects an entity’s solvency and financial health. An entity whose total liabilities exceed its total tangible assets is insolvent, and will not be able to meet its obligations, either in the immediate future or on the mid- to long-term.

This measure reflects a “real” net worth figure.