The business behind the dividend
| Measure | ACCO | Median | Formula |
|---|---|---|---|
| Return on equity | 6.2% | 11.7% | Net income ÷ shareholders’ equity |
| Return on capital employed | 6.1% | 10.1% | Operating income ÷ (equity + total debt) |
| Owner earnings | $48.40m | $632.00m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $49.20m | $746.10m | Operating cash flow − capital expenditure |
| Operating margin | 6.1% | 15.0% | Operating income ÷ revenue |
| Net margin | 2.7% | 10.2% | Net income ÷ revenue |
| Debt to equity | 1.26x | 0.79x | Total debt ÷ shareholders’ equity |
| Interest cover | 2.02x | 4.43x | Operating income ÷ interest expense |
| Current ratio | 1.61x | 1.25x | Current assets ÷ current liabilities |
| Long-term debt to working capital | 2.83x | 2.30x | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | 1.66x | 1.78x | Operating cash flow ÷ net income |
Ten years of it
The same measures, for every year the filings support. One year is a fact; a row is a business.
| Measure | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | Median |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on equity | 6.2% | -16.8% | -2.8% | -1.6% | 11.8% | 8.3% | 13.8% | 13.5% | 17.0% | 13.5% | 8.3% |
| Return on capital employed | 6.1% | -2.6% | 2.6% | 1.9% | 8.2% | 6.0% | 12.4% | 11.2% | 10.8% | 11.9% | 6.1% |
| Operating margin | 6.1% | -2.2% | 2.4% | 1.8% | 7.5% | 6.8% | 10.0% | 9.6% | 9.5% | 10.2% | 6.8% |
| Net margin | 2.7% | -6.1% | -1.2% | -0.7% | 5.0% | 3.7% | 5.5% | 5.5% | 6.8% | 6.1% | 3.7% |
| Debt to equity | 1.26x | 1.36x | 1.17x | 1.22x | 1.14x | 1.52x | 1.04x | 1.12x | 1.20x | 0.89x | 1.17x |
| Current ratio | 1.61x | 1.49x | 1.58x | 1.50x | 1.31x | 1.31x | 1.37x | 1.47x | 1.54x | 1.65x | 1.49x |
| Cash conversion | 1.66x | — | — | — | 1.57x | 1.92x | 1.91x | 1.83x | 1.56x | 1.75x | 1.75x |
How it compares in communications
Among the 25 communications companies here measured on free cash flow, ACCO Brands pays out less than 5 of them. The median for that group is 28.4%, against this company’s 54.9%.
Closest on free cash flow
- AT&T (T) 42.1%
- Telephone & Data Systems (TDS) 44.0%
- Verizon Communications (VZ) 57.0%
- Sinclair (SBGI) 60.0%
Same sector and same denominator, so the figures are comparable. All 31 in communications →