The business behind the dividend
| Measure | APD | Median | Formula |
|---|---|---|---|
| Return on equity | -2.6% | 11.7% | Net income ÷ shareholders’ equity |
| Return on capital employed | — | — | Operating income ÷ (equity + total debt) |
| Owner earnings | $-5.85bn | $632.00m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $-3.77bn | $746.10m | Operating cash flow − capital expenditure |
| Operating margin | -7.3% | 15.0% | Operating income ÷ revenue |
| Net margin | -3.3% | 10.2% | Net income ÷ revenue |
| Debt to equity | — | — | Total debt ÷ shareholders’ equity |
| Interest cover | -4.10x | 4.43x | Operating income ÷ interest expense |
| Current ratio | 1.38x | 1.25x | Current assets ÷ current liabilities |
| Long-term debt to working capital | — | — | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | — | — | Operating cash flow ÷ net income |
Not computed here: Cash conversion, Debt to equity, Long-term debt to working capital, 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 | -2.6% | 22.5% | 16.1% | 17.2% | 15.5% | 15.6% | 15.9% | 13.8% | 29.7% | 8.9% | 15.6% |
| Return on capital employed | — | — | — | 11.9% | 11.2% | 11.6% | 15.4% | 14.2% | 10.7% | 12.4% | 11.9% |
| Operating margin | -7.3% | 36.9% | 19.8% | 18.4% | 22.1% | 25.3% | 24.0% | 22.0% | 17.6% | 20.5% | 20.5% |
| Net margin | -3.3% | 31.6% | 18.3% | 17.8% | 20.3% | 21.3% | 19.7% | 16.8% | 36.6% | 8.4% | 18.3% |
| Debt to equity | — | — | — | 0.49x | 0.51x | 0.59x | 0.26x | 0.27x | 0.34x | 0.75x | 0.49x |
| Current ratio | 1.38x | 1.52x | 1.33x | 1.81x | 2.99x | 3.59x | 2.54x | 2.17x | 2.36x | 1.32x | 1.81x |
| Cash conversion | — | 0.95x | 1.39x | 1.41x | 1.59x | 1.73x | 1.69x | 1.70x | 0.84x | 3.58x | 1.59x |