The business behind the dividend
| Measure | ANDE | Median | Formula |
|---|---|---|---|
| Return on equity | 7.7% | 11.7% | Net income ÷ shareholders’ equity |
| Return on capital employed | 7.6% | 10.1% | Operating income ÷ (equity + total debt) |
| Owner earnings | $-4.09m | $632.00m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $-56.12m | $746.10m | Operating cash flow − capital expenditure |
| Operating margin | 9.2% | 15.0% | Operating income ÷ revenue |
| Net margin | 6.3% | 10.2% | Net income ÷ revenue |
| Debt to equity | 0.50x | 0.79x | Total debt ÷ shareholders’ equity |
| Interest cover | 3.08x | 4.43x | Operating income ÷ interest expense |
| Current ratio | 1.41x | 1.25x | Current assets ÷ current liabilities |
| Long-term debt to working capital | 0.81x | 2.30x | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | 1.85x | 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 | 7.7% | 8.3% | 7.9% | 10.9% | 9.7% | 0.8% | 1.9% | 5.0% | 5.2% | 1.5% | 5.2% |
| Return on capital employed | 7.6% | 10.0% | 9.1% | 10.8% | 9.4% | -1.4% | 0.6% | 3.9% | -1.6% | 1.8% | 3.9% |
| Operating margin | 9.2% | 14.3% | 10.4% | 6.4% | 7.3% | -1.8% | 1.0% | 5.9% | -0.6% | 0.5% | 5.9% |
| Net margin | 6.3% | 8.1% | 6.2% | 4.3% | 4.7% | 0.5% | 1.4% | 4.6% | 1.2% | 0.3% | 4.3% |
| Debt to equity | 0.50x | 0.47x | 0.46x | 0.50x | 0.59x | 0.99x | 1.11x | 0.62x | 0.58x | 0.57x | 0.57x |
| Current ratio | 1.41x | 1.65x | 1.72x | 1.37x | 1.37x | 1.25x | 1.35x | 1.23x | 1.35x | 1.32x | 1.35x |
| Cash conversion | 1.85x | 2.91x | 9.36x | 2.19x | -0.49x | -9.65x | 19.04x | -0.86x | 1.77x | 3.41x | 1.85x |