The business behind the dividend
| Measure | EQH | Median | Formula |
|---|---|---|---|
| Return on equity | — | — | Net income ÷ shareholders’ equity |
| Return on capital employed | -31.7% | 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 | -10.2% | 15.0% | Operating income ÷ revenue |
| Net margin | -11.8% | 10.2% | Net income ÷ revenue |
| Debt to equity | — | — | Total debt ÷ shareholders’ equity |
| Interest cover | — | — | Operating income ÷ interest expense |
| Current ratio | — | — | Current assets ÷ current liabilities |
| Long-term debt to working capital | — | — | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | — | — | Operating cash flow ÷ net income |
Not computed here: Cash conversion, Current ratio, Debt to equity, Free cash flow, Interest cover, Owner earnings, Return on equity — 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 | — | 81.8% | 48.7% | 153.7% | 15.2% | -4.2% | -13.1% | 13.4% | 6.2% | 8.6% | 13.4% |
| Return on capital employed | -31.7% | 38.5% | 11.1% | 63.3% | 17.0% | -5.6% | -11.7% | — | — | — | 11.1% |
| Operating margin | -10.2% | 16.7% | 6.8% | 23.7% | 34.3% | -8.8% | -21.4% | — | — | — | 6.8% |
| Net margin | -11.8% | 10.3% | 12.3% | 17.0% | 23.0% | -5.2% | -18.3% | 15.4% | 6.7% | 10.7% | 10.3% |
| Debt to equity | — | 2.45x | 1.45x | 2.37x | 0.33x | 0.26x | 0.31x | 0.36x | 0.18x | — | 0.36x |