The business behind the dividend
| Measure | AMCR | Median | Formula |
|---|---|---|---|
| Return on equity | 9.4% | 11.7% | Net income ÷ shareholders’ equity |
| Return on capital employed | 7.4% | 10.1% | Operating income ÷ (equity + total debt) |
| Owner earnings | $1.66bn | $632.00m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $1.23bn | $746.10m | Operating cash flow − capital expenditure |
| Operating margin | 8.1% | 15.0% | Operating income ÷ revenue |
| Net margin | 4.7% | 10.2% | Net income ÷ revenue |
| Debt to equity | 1.18x | 0.79x | Total debt ÷ shareholders’ equity |
| Interest cover | 2.81x | 4.43x | Operating income ÷ interest expense |
| Current ratio | 1.25x | 1.25x | Current assets ÷ current liabilities |
| Long-term debt to working capital | 7.33x | 2.30x | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | 1.94x | 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 | 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | Median |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on equity | 9.4% | 4.4% | 18.8% | 26.0% | 19.7% | 19.7% | 13.2% | 7.7% | 91.8% | 96.0% | 18.8% |
| Return on capital employed | 7.4% | 3.9% | 11.6% | 14.1% | 11.9% | 12.1% | 9.3% | 7.2% | 18.8% | — | 11.6% |
| Operating margin | 8.1% | 6.7% | 8.9% | 10.3% | 8.5% | 10.3% | 8.0% | 8.4% | 10.7% | 10.1% | 8.5% |
| Net margin | 4.7% | 3.4% | 5.4% | 7.1% | 5.5% | 7.3% | 4.9% | 4.5% | 6.2% | 6.2% | 5.4% |
| Debt to equity | 1.18x | 1.18x | 1.70x | 1.65x | 1.55x | 1.30x | 1.30x | 0.95x | 7.43x | — | 1.30x |
| Current ratio | 1.25x | 1.21x | 1.17x | 1.19x | 1.15x | 1.21x | 1.14x | 1.15x | 0.72x | — | 1.17x |
| Cash conversion | 1.94x | 2.72x | 1.81x | 1.20x | 1.90x | 1.56x | 2.26x | 1.80x | 1.51x | 1.61x | 1.80x |
How it compares in consumer discretionary
Among the 44 consumer discretionary companies here measured on free cash flow, Amcor pays out less than 4 of them. The median for that group is 37.5%, against this company’s 97.2%.
Closest on free cash flow
- Dillard'S (DDS) 77.8%
- Dick'S Sporting Goods (DKS) 103.4%
- Nike (NKE) 110.2%
- Starbucks (SBUX) 113.5%
Same sector and same denominator, so the figures are comparable. All 48 in consumer discretionary →