The business behind the dividend
| Measure | DDS | Median | Formula |
|---|---|---|---|
| Return on equity | 32.1% | 11.7% | Net income ÷ shareholders’ equity |
| Return on capital employed | — | — | Operating income ÷ (equity + total debt) |
| Owner earnings | $656.15m | $632.00m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $623.63m | $746.10m | Operating cash flow − capital expenditure |
| Operating margin | — | — | Operating income ÷ revenue |
| Net margin | 8.8% | 10.2% | Net income ÷ revenue |
| Debt to equity | — | — | Total debt ÷ shareholders’ equity |
| Interest cover | — | — | Operating income ÷ interest expense |
| Current ratio | 2.65x | 1.25x | Current assets ÷ current liabilities |
| Long-term debt to working capital | — | — | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | 1.26x | 1.78x | Operating cash flow ÷ net income |
Not computed here: Debt to equity, Long-term debt to working capital, Interest cover, Operating margin, 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 | 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | Median |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on equity | 32.1% | 33.0% | 43.5% | 55.8% | 59.4% | -5.0% | 6.8% | 10.1% | 13.0% | 9.9% | 13.0% |
| Return on capital employed | — | — | — | — | 61.4% | -8.5% | 6.7% | — | — | — | 6.7% |
| Operating margin | — | 11.3% | 13.6% | 16.1% | 16.8% | -3.5% | 2.1% | — | — | — | 11.3% |
| Net margin | 8.8% | 9.2% | 10.9% | 13.0% | 13.3% | -1.6% | 1.8% | 2.6% | 3.4% | 2.6% | 3.4% |
| Debt to equity | — | — | — | — | 0.22x | 0.25x | 0.23x | 0.22x | 0.31x | 0.36x | 0.23x |
| Current ratio | 2.65x | 2.84x | 2.67x | 2.41x | 1.98x | 2.15x | 1.99x | 1.90x | 1.66x | 1.88x | 1.99x |
| Cash conversion | 1.26x | 1.20x | 1.20x | 1.06x | 1.48x | — | 3.29x | 2.16x | 1.24x | 3.03x | 1.26x |
How it compares in consumer discretionary
Among the 44 consumer discretionary companies here measured on free cash flow, Dillard'S pays out less than 5 of them. The median for that group is 37.5%, against this company’s 77.8%.
Closest on free cash flow
- Home Depot (HD) 72.4%
- United Rentals (URI) 74.6%
- Restaurant Brands International Limited Partnership (QSP) 76.5%
- Restaurant Brands International (QSR) 76.5%
Same sector and same denominator, so the figures are comparable. All 48 in consumer discretionary →