The business behind the dividend
| Measure | ACT | Median | Formula |
|---|---|---|---|
| Return on equity | 12.6% | 11.7% | Net income ÷ shareholders’ equity |
| Return on capital employed | 14.1% | 10.1% | Operating income ÷ (equity + total debt) |
| Owner earnings | — | — | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | — | — | Operating cash flow − capital expenditure |
| Operating margin | 69.5% | 15.0% | Operating income ÷ revenue |
| Net margin | 54.6% | 10.2% | Net income ÷ revenue |
| Debt to equity | 0.14x | 0.79x | Total debt ÷ shareholders’ equity |
| Interest cover | — | — | Operating income ÷ interest expense |
| Current ratio | — | — | Current assets ÷ current liabilities |
| Long-term debt to working capital | — | — | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | — | — | Operating cash flow ÷ net income |
Not computed here: Cash conversion, Current ratio, Free cash flow, Interest cover, Owner earnings — why a blank is not a zero.
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 | Median |
|---|---|---|---|---|---|---|---|---|
| Return on equity | 12.6% | 13.8% | 14.4% | 17.2% | 13.3% | 9.5% | 17.7% | 13.8% |
| Return on capital employed | 14.1% | 15.3% | 15.8% | 18.5% | 14.3% | 10.2% | — | 14.3% |
| Operating margin | 69.5% | 73.1% | 73.8% | 82.0% | 62.2% | 42.7% | — | 69.5% |
| Net margin | 54.6% | 57.3% | 57.7% | 64.3% | 48.9% | 33.5% | 69.2% | 57.3% |
| Debt to equity | 0.14x | 0.15x | 0.16x | 0.18x | 0.18x | 0.19x | — | 0.16x |