The business behind the dividend
| Measure | DOW | Median | Formula |
|---|---|---|---|
| Return on equity | -15.3% | 11.7% | Net income ÷ shareholders’ equity |
| Return on capital employed | -7.4% | 10.1% | Operating income ÷ (equity + total debt) |
| Owner earnings | $-2.09bn | $632.00m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $-1.45bn | $746.10m | Operating cash flow − capital expenditure |
| Operating margin | -6.3% | 15.0% | Operating income ÷ revenue |
| Net margin | -6.1% | 10.2% | Net income ÷ revenue |
| Debt to equity | 1.12x | 0.79x | Total debt ÷ shareholders’ equity |
| Interest cover | -2.90x | 4.43x | Operating income ÷ interest expense |
| Current ratio | 1.97x | 1.25x | Current assets ÷ current liabilities |
| Long-term debt to working capital | 2.01x | 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 | Median |
|---|---|---|---|---|---|---|---|---|---|---|
| Return on equity | -15.3% | 6.9% | 3.5% | 22.4% | 35.3% | 10.4% | -9.4% | 14.7% | 1.9% | 6.9% |
| Return on capital employed | -7.4% | 4.8% | 2.0% | 17.0% | 24.9% | 7.0% | -4.2% | 7.2% | — | 7.0% |
| Operating margin | -6.3% | 3.7% | 1.5% | 10.7% | 14.8% | 5.4% | -2.9% | 7.6% | 0.5% | 3.7% |
| Net margin | -6.1% | 2.8% | 1.5% | 8.2% | 11.7% | 3.4% | -3.0% | 9.6% | 1.4% | 2.8% |
| Debt to equity | 1.12x | 0.91x | 0.80x | 0.73x | 0.80x | 1.36x | 1.21x | 0.60x | — | 0.91x |
| Current ratio | 1.97x | 1.61x | 1.77x | 1.81x | 1.58x | 1.72x | 1.57x | 2.53x | — | 1.77x |
| Cash conversion | — | 2.43x | 7.87x | 1.61x | 1.09x | 4.81x | — | 0.89x | -8.28x | 1.61x |