← Alexandria Real Estate Equities
The business behind the dividend
| Measure | ARE | Median | Formula |
|---|---|---|---|
| Return on equity | -9.2% | 11.7% | Net income ÷ shareholders’ equity |
| Return on capital employed | — | — | Operating income ÷ (equity + total debt) |
| Owner earnings | $-1.95bn | $632.00m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $-456.88m | $746.10m | Operating cash flow − capital expenditure |
| Operating margin | — | — | Operating income ÷ revenue |
| Net margin | -47.2% | 10.2% | Net income ÷ revenue |
| Debt to equity | 0.80x | 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, Interest cover, Operating margin, 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 | -9.2% | 1.8% | 0.6% | 2.7% | 3.5% | 6.6% | 4.1% | 5.2% | 2.8% | -1.3% | 2.7% |
| Net margin | -47.2% | 10.4% | 3.6% | 20.1% | 27.0% | 40.9% | 23.7% | 28.6% | 15.0% | -7.1% | 15.0% |
| Debt to equity | 0.80x | 0.68x | 0.61x | 0.54x | 0.54x | 0.65x | 0.76x | 0.75x | 0.80x | 0.85x | 0.68x |
| Cash conversion | — | 4.66x | 15.73x | 2.48x | 1.77x | 1.14x | 1.88x | 1.50x | 2.67x | — | 2.48x |