The business behind the dividend
| Measure | BG | Median | Formula |
|---|---|---|---|
| Return on equity | 5.1% | 11.7% | Net income ÷ shareholders’ equity |
| Return on capital employed | 4.3% | 10.1% | Operating income ÷ (equity + total debt) |
| Owner earnings | $-204.00m | $632.00m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $-879.00m | $746.10m | Operating cash flow − capital expenditure |
| Operating margin | 6.7% | 15.0% | Operating income ÷ revenue |
| Net margin | 4.8% | 10.2% | Net income ÷ revenue |
| Debt to equity | 0.64x | 0.79x | Total debt ÷ shareholders’ equity |
| Interest cover | 1.81x | 4.43x | Operating income ÷ interest expense |
| Current ratio | 1.61x | 1.25x | Current assets ÷ current liabilities |
| Long-term debt to working capital | 0.95x | 2.30x | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | 1.03x | 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 | Median |
|---|---|---|---|---|---|---|
| Return on equity | 5.1% | 11.5% | 20.7% | 17.5% | 26.6% | 17.5% |
| Return on capital employed | 4.3% | 10.0% | 20.4% | 15.5% | — | 15.5% |
| Operating margin | 6.7% | 9.8% | 17.1% | 9.8% | 15.3% | 9.8% |
| Net margin | 4.8% | 7.3% | 12.6% | 7.6% | 12.4% | 7.6% |
| Debt to equity | 0.64x | 0.54x | 0.38x | 0.45x | — | 0.54x |
| Current ratio | 1.61x | 2.15x | 2.13x | 1.75x | — | 2.13x |
| Cash conversion | 1.03x | 1.67x | 1.47x | -3.45x | -1.39x | 1.03x |