The business behind the dividend
| Measure | ADM | Median | Formula |
|---|---|---|---|
| Return on equity | 4.7% | 11.7% | Net income ÷ shareholders’ equity |
| Return on capital employed | 4.1% | 10.1% | Operating income ÷ (equity + total debt) |
| Owner earnings | $1.01bn | $632.00m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $4.20bn | $746.10m | Operating cash flow − capital expenditure |
| Operating margin | 5.0% | 15.0% | Operating income ÷ revenue |
| Net margin | 4.3% | 10.2% | Net income ÷ revenue |
| Debt to equity | 0.33x | 0.79x | Total debt ÷ shareholders’ equity |
| Interest cover | 2.05x | 4.43x | Operating income ÷ interest expense |
| Current ratio | 1.37x | 1.25x | Current assets ÷ current liabilities |
| Long-term debt to working capital | 0.93x | 2.30x | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | 5.06x | 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 | 4.7% | 8.1% | 14.4% | 17.8% | 12.0% | 8.9% | 7.2% | 9.5% | 8.7% | 7.4% | 8.7% |
| Return on capital employed | 4.1% | 7.4% | 13.3% | 15.9% | 10.7% | 6.7% | 5.9% | 7.6% | 6.4% | 7.6% | 7.4% |
| Operating margin | 5.0% | 9.3% | 16.7% | 19.0% | 3.9% | 2.9% | 2.5% | 3.2% | 2.6% | 2.9% | 3.2% |
| Net margin | 4.3% | 7.4% | 13.6% | 15.7% | 3.2% | 2.8% | 2.1% | 2.8% | 2.6% | 2.1% | 2.8% |
| Debt to equity | 0.33x | 0.37x | 0.34x | 0.36x | 0.38x | 0.39x | 0.40x | 0.44x | 0.36x | 0.39x | 0.37x |
| Current ratio | 1.37x | 1.39x | 1.60x | 1.46x | 1.45x | 1.50x | 1.55x | 1.75x | 1.59x | 1.60x | 1.50x |
| Cash conversion | 5.06x | 1.55x | 1.28x | 0.80x | 2.43x | -1.35x | -3.95x | -2.64x | -3.74x | -5.09x | -1.35x |
How it compares in consumer staples
Among the 38 consumer staples companies here measured on free cash flow, Archer-Daniels-Midland pays out less than 36 of them. The median for that group is 65.1%, against this company’s 23.5%.
Closest on free cash flow
- Corteva (CTVA) 16.9%
- Kroger (KR) 25.6%
- Church & Dwight (CHD) 26.3%
- Ingles Markets (IMKTA) 31.0%
Same sector and same denominator, so the figures are comparable. All 43 in consumer staples →