The business behind the dividend
| Measure | COP | Median | Formula |
|---|---|---|---|
| Return on equity | 12.4% | 11.7% | Net income ÷ shareholders’ equity |
| Return on capital employed | 14.4% | 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 | 24.4% | 15.0% | Operating income ÷ revenue |
| Net margin | 15.4% | 10.2% | Net income ÷ revenue |
| Debt to equity | 0.36x | 0.79x | Total debt ÷ shareholders’ equity |
| Interest cover | 10.76x | 4.43x | Operating income ÷ interest expense |
| Current ratio | 1.30x | 1.25x | Current assets ÷ current liabilities |
| Long-term debt to working capital | 6.30x | 2.30x | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | 2.48x | 1.78x | Operating cash flow ÷ net income |
Not computed here: 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 | 12.4% | 14.3% | 22.2% | 38.9% | 17.8% | -9.0% | 20.6% | 19.6% | -2.8% | -10.3% | 14.3% |
| Return on capital employed | 14.4% | 15.3% | 23.9% | 43.7% | 19.5% | -6.9% | 19.1% | 20.7% | -4.7% | -8.9% | 15.3% |
| Operating margin | 24.4% | 27.7% | 33.6% | 46.2% | 36.8% | -23.0% | 29.2% | 27.4% | -9.0% | -23.3% | 27.4% |
| Net margin | 15.4% | 18.7% | 22.6% | 30.6% | 23.4% | -19.8% | 22.1% | 17.2% | -2.9% | -15.3% | 17.2% |
| Debt to equity | 0.36x | 0.38x | 0.38x | 0.35x | 0.44x | 0.51x | 0.43x | 0.51x | 0.82x | 0.78x | 0.43x |
| Current ratio | 1.30x | 1.29x | 1.43x | 1.46x | 1.34x | 2.25x | 2.40x | 1.79x | 1.76x | 1.25x | 1.43x |
| Cash conversion | 2.48x | 2.18x | 1.82x | 1.52x | 2.10x | — | 1.54x | 2.07x | — | — | 2.07x |