The business behind the dividend
| Measure | DD | Median | Formula |
|---|---|---|---|
| Return on equity | -5.6% | 11.7% | Net income ÷ shareholders’ equity |
| Return on capital employed | 1.2% | 10.1% | Operating income ÷ (equity + total debt) |
| Owner earnings | $-465.00m | $632.00m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $227.00m | $746.10m | Operating cash flow − capital expenditure |
| Operating margin | 2.9% | 15.0% | Operating income ÷ revenue |
| Net margin | -11.4% | 10.2% | Net income ÷ revenue |
| Debt to equity | 0.23x | 0.79x | Total debt ÷ shareholders’ equity |
| Interest cover | 0.64x | 4.43x | Operating income ÷ interest expense |
| Current ratio | 2.42x | 1.25x | Current assets ÷ current liabilities |
| Long-term debt to working capital | 0.96x | 2.30x | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | — | — | Operating cash flow ÷ net income |
Not computed here: Cash conversion — 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 | -5.6% | 3.0% | 1.7% | 22.1% | 24.5% | -7.7% | 1.2% | 4.1% | 1.2% | 16.6% | 1.7% |
| Return on capital employed | 1.2% | 0.4% | -0.9% | 4.1% | 3.9% | -2.3% | -0.4% | 0.7% | -1.2% | 9.4% | 0.4% |
| Operating margin | 2.9% | 1.7% | -4.2% | 11.1% | 11.5% | -11.3% | -0.8% | 2.7% | -13.1% | 9.2% | 1.7% |
| Net margin | -11.4% | 10.5% | 6.4% | 45.1% | 51.5% | -26.5% | 3.2% | 17.0% | 9.9% | 9.0% | 9.0% |
| Debt to equity | 0.23x | 0.31x | 0.32x | 0.32x | 0.41x | 0.41x | — | — | 0.32x | 0.81x | 0.32x |
| Current ratio | 2.42x | 3.78x | 2.43x | 3.02x | 2.90x | 2.37x | 1.20x | 1.73x | 1.91x | 1.88x | 2.37x |
| Cash conversion | — | 1.09x | 2.00x | 0.10x | 0.35x | — | 2.83x | 1.23x | -0.66x | -0.68x | 1.09x |
How it compares in materials
Among the 35 materials companies here measured on free cash flow, DuPont de Nemours pays out less than 1 of them. The median for that group is 40.8%, against this company’s 263.0%.
Closest on free cash flow
- Nobility Homes (NOBH) 102.6%
- Insteel Industries (IIIN) 114.8%
- Huntsman (HUN) 125.9%
- International Flavors & Fragrances (IFF) 159.8%
Same sector and same denominator, so the figures are comparable. All 47 in materials →