The business behind the dividend
| Measure | APO | Median | Formula |
|---|---|---|---|
| Return on equity | 15.0% | 11.7% | Net income ÷ shareholders’ equity |
| Return on capital employed | 18.2% | 10.1% | Operating income ÷ (equity + total debt) |
| Owner earnings | — | — | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | — | — | Operating cash flow − capital expenditure |
| Operating margin | 20.8% | 15.0% | Operating income ÷ revenue |
| Net margin | 10.9% | 10.2% | Net income ÷ revenue |
| Debt to equity | 0.57x | 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 | — | — | Operating cash flow ÷ net income |
Not computed here: Cash conversion, Current ratio, Free cash flow, Interest cover, Owner earnings — 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 | Median |
|---|---|---|---|---|---|---|---|
| Return on equity | 15.0% | 26.5% | 35.9% | -29.5% | 48.5% | 2.8% | 15.0% |
| Return on capital employed | 18.2% | 26.7% | 25.2% | -32.4% | 70.2% | — | 25.2% |
| Operating margin | 20.8% | 28.5% | 17.1% | -38.7% | 81.7% | 23.5% | 20.8% |
| Net margin | 10.9% | 17.5% | 15.5% | -17.9% | 30.9% | 6.7% | 10.9% |
| Debt to equity | 0.57x | 0.61x | 0.58x | 0.97x | 0.83x | — | 0.61x |