The business behind the dividend
| Measure | AME | Median | Formula |
|---|---|---|---|
| Return on equity | 13.9% | 11.7% | Net income ÷ shareholders’ equity |
| Return on capital employed | 14.8% | 10.1% | Operating income ÷ (equity + total debt) |
| Owner earnings | $1.77bn | $632.00m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $1.67bn | $746.10m | Operating cash flow − capital expenditure |
| Operating margin | 25.8% | 15.0% | Operating income ÷ revenue |
| Net margin | 20.0% | 10.2% | Net income ÷ revenue |
| Debt to equity | 0.21x | 0.79x | Total debt ÷ shareholders’ equity |
| Interest cover | 23.51x | 4.43x | Operating income ÷ interest expense |
| Current ratio | 1.06x | 1.25x | Current assets ÷ current liabilities |
| Long-term debt to working capital | 6.07x | 2.30x | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | 1.22x | 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 | 13.9% | 14.3% | 15.0% | 15.5% | 14.4% | 14.7% | 16.8% | 18.3% | 16.9% | 15.7% | 15.0% |
| Return on capital employed | 14.8% | 15.2% | 14.2% | 15.2% | 13.9% | 12.3% | 14.9% | 15.6% | 14.6% | 14.1% | 14.6% |
| Operating margin | 25.8% | 25.6% | 25.9% | 24.4% | 23.6% | 22.6% | 22.8% | 22.2% | 21.0% | 20.6% | 22.8% |
| Net margin | 20.0% | 19.8% | 19.9% | 18.9% | 17.8% | 19.2% | 16.7% | 16.1% | 15.8% | 13.3% | 17.8% |
| Debt to equity | 0.21x | 0.22x | 0.38x | 0.32x | 0.37x | 0.41x | 0.54x | 0.62x | 0.54x | 0.72x | 0.38x |
| Current ratio | 1.06x | 1.24x | 0.98x | 1.62x | 1.36x | 2.34x | 1.42x | 1.46x | 1.70x | 2.09x | 1.42x |
| Cash conversion | 1.22x | 1.33x | 1.32x | 0.99x | 1.17x | 1.47x | 1.29x | 1.19x | 1.22x | 1.48x | 1.22x |
How it compares in industrials
Among the 74 industrials companies here measured on free cash flow, Ametek Inc/ pays out less than 52 of them. The median for that group is 28.1%, against this company’s 17.1%.
Closest on free cash flow
- Horton D R (DHI) 15.1%
- Danaher (DHR) 16.7%
- World Kinect (WKC) 18.2%
- General Electric (GE) 20.0%
Same sector and same denominator, so the figures are comparable. All 81 in industrials →