The business behind the dividend
| Measure | CNH | Median | Formula |
|---|---|---|---|
| Return on equity | 6.6% | 11.7% | Net income ÷ shareholders’ equity |
| Return on capital employed | — | — | Operating income ÷ (equity + total debt) |
| Owner earnings | — | — | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | — | — | Operating cash flow − capital expenditure |
| Operating margin | — | — | Operating income ÷ revenue |
| Net margin | 3.3% | 10.2% | Net income ÷ revenue |
| Debt to equity | — | — | 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 | 4.98x | 1.78x | Operating cash flow ÷ net income |
Not computed here: Current ratio, Debt to equity, Free cash flow, Interest cover, Operating margin, Owner earnings, 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 | 6.6% | 16.2% | 28.1% | 29.3% | 25.3% | -9.9% | 23.2% | 21.1% | 6.4% | -6.1% | 16.2% |
| Operating margin | — | — | — | — | — | — | — | — | 6.5% | 6.2% | 6.2% |
| Net margin | 3.3% | 7.3% | 10.3% | 9.4% | 9.7% | -3.8% | 5.4% | 3.8% | 1.1% | -1.1% | 3.8% |
| Cash conversion | 4.98x | 1.58x | 0.40x | 0.27x | 2.37x | — | 1.28x | 2.39x | 10.53x | — | 2.37x |