The business behind the dividend
| Measure | ENSG | Median | Formula |
|---|---|---|---|
| Return on equity | 15.4% | 11.7% | Net income ÷ shareholders’ equity |
| Return on capital employed | 17.9% | 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 | 8.5% | 15.0% | Operating income ÷ revenue |
| Net margin | 6.8% | 10.2% | Net income ÷ revenue |
| Debt to equity | 0.06x | 0.79x | Total debt ÷ shareholders’ equity |
| Interest cover | 53.24x | 4.43x | Operating income ÷ interest expense |
| Current ratio | 1.42x | 1.25x | Current assets ÷ current liabilities |
| Long-term debt to working capital | 0.36x | 2.30x | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | 1.64x | 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 | 15.4% | 16.2% | 14.0% | 18.0% | 19.1% | 20.8% | 16.9% | 15.6% | 8.2% | 11.0% | 15.6% |
| Return on capital employed | 17.9% | 18.1% | 15.6% | 21.2% | 22.1% | 23.8% | 13.1% | 10.2% | 5.4% | 12.4% | 15.6% |
| Operating margin | 8.5% | 8.5% | 6.9% | 9.8% | 9.9% | 9.3% | 6.3% | 4.8% | 2.7% | 5.6% | 6.9% |
| Net margin | 6.8% | 7.0% | 5.6% | 7.4% | 7.4% | 7.1% | 5.4% | 5.3% | 2.5% | 3.0% | 5.6% |
| Debt to equity | 0.06x | 0.08x | 0.10x | 0.12x | 0.15x | 0.15x | 0.51x | 0.41x | 0.64x | 0.62x | 0.15x |
| Current ratio | 1.42x | 1.56x | 1.42x | 1.34x | 1.22x | 1.04x | 1.20x | 1.29x | 1.63x | 1.58x | 1.34x |
| Cash conversion | 1.64x | 1.17x | 1.80x | 1.21x | 1.42x | 2.19x | 1.74x | 2.28x | 1.97x | 1.48x | 1.64x |