The business behind the dividend
| Measure | CI | Median | Formula |
|---|---|---|---|
| Return on equity | 14.3% | 11.7% | Net income ÷ shareholders’ equity |
| Return on capital employed | 12.6% | 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 | 3.3% | 15.0% | Operating income ÷ revenue |
| Net margin | 2.2% | 10.2% | Net income ÷ revenue |
| Debt to equity | 0.75x | 0.79x | Total debt ÷ shareholders’ equity |
| Interest cover | 6.57x | 4.43x | Operating income ÷ interest expense |
| Current ratio | 0.85x | 1.25x | Current assets ÷ current liabilities |
| Long-term debt to working capital | — | — | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | 1.61x | 1.78x | Operating cash flow ÷ net income |
Not computed here: Long-term debt to working capital, Free cash flow, 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 | 2019 | 2018 | 2017 | 2016 | Median |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on equity | 14.3% | 8.4% | 11.2% | 15.2% | 11.5% | 16.9% | 11.3% | 6.4% | 16.3% | 13.4% | 11.5% |
| Return on capital employed | 12.6% | 12.9% | 11.1% | 11.2% | 9.8% | 9.8% | 9.8% | 5.0% | 20.7% | — | 11.1% |
| Operating margin | 3.3% | 3.8% | 4.4% | 4.7% | 4.6% | 5.1% | 5.3% | 8.6% | 9.4% | 7.8% | 4.7% |
| Net margin | 2.2% | 1.4% | 2.6% | 3.8% | 3.1% | 5.3% | 3.3% | 5.4% | 5.3% | 4.6% | 3.3% |
| Debt to equity | 0.75x | 0.78x | 0.67x | 0.70x | 0.71x | 0.65x | 0.83x | 1.04x | 0.39x | — | 0.71x |
| Current ratio | 0.85x | 0.84x | 0.77x | 0.73x | 0.83x | 0.77x | 0.74x | 0.64x | 0.85x | — | 0.77x |
| Cash conversion | 1.61x | 3.02x | 2.29x | 1.28x | 1.33x | 1.22x | 1.85x | 1.42x | 1.83x | 2.18x | 1.61x |