The business behind the dividend
| Measure | AER | Median | Formula |
|---|---|---|---|
| Return on equity | 20.5% | 11.7% | Net income ÷ shareholders’ equity |
| Return on capital employed | — | — | Operating income ÷ (equity + total debt) |
| Owner earnings | — | — | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | — | — | Operating cash flow − capital expenditure |
| Operating margin | — | — | Operating income ÷ revenue |
| Net margin | 44.0% | 10.2% | Net income ÷ revenue |
| Debt to equity | 2.38x | 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 | 1.44x | 1.78x | Operating cash flow ÷ net income |
Not computed here: Current ratio, Free cash flow, Interest cover, Operating margin, Owner earnings, Return on capital employed — 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 | 2018 | 2017 | 2016 | Median |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on equity | 20.5% | 12.2% | 18.9% | -4.5% | 6.0% | -3.4% | 12.3% | 11.5% | 12.5% | 12.3% | 12.2% |
| Net margin | 44.0% | 26.2% | 41.4% | -10.4% | — | — | — | — | — | — | 41.4% |
| Debt to equity | 2.38x | 2.64x | 2.80x | 2.89x | 3.03x | 3.24x | 3.17x | 3.34x | 3.31x | 3.25x | 3.03x |
| Cash conversion | 1.44x | 2.59x | 1.68x | — | 3.69x | — | 2.71x | 2.80x | 2.92x | 3.23x | 2.80x |