The business behind the dividend
| Measure | GPK | Median | Formula |
|---|---|---|---|
| Return on equity | 13.3% | 11.7% | Net income ÷ shareholders’ equity |
| Return on capital employed | 9.1% | 10.1% | Operating income ÷ (equity + total debt) |
| Owner earnings | $58.00m | $632.00m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $-81.00m | $746.10m | Operating cash flow − capital expenditure |
| Operating margin | 9.4% | 15.0% | Operating income ÷ revenue |
| Net margin | 5.2% | 10.2% | Net income ÷ revenue |
| Debt to equity | 1.66x | 0.79x | Total debt ÷ shareholders’ equity |
| Interest cover | 3.65x | 4.43x | Operating income ÷ interest expense |
| Current ratio | 1.30x | 1.25x | Current assets ÷ current liabilities |
| Long-term debt to working capital | 7.40x | 2.30x | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | 1.89x | 1.78x | Operating cash flow ÷ net income |
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 | 13.3% | 21.8% | 26.0% | 24.3% | 10.8% | 11.7% | 13.2% | 14.0% | 23.2% | 21.6% | 14.0% |
| Return on capital employed | 9.1% | 13.7% | 14.4% | 12.3% | 5.3% | 10.4% | 12.1% | 10.1% | 9.2% | 12.9% | 10.4% |
| Operating margin | 9.4% | 12.8% | 12.5% | 9.6% | 5.7% | 8.0% | 8.7% | 7.6% | 7.5% | 9.5% | 8.7% |
| Net margin | 5.2% | 7.5% | 7.7% | 5.5% | 2.9% | 2.6% | 3.4% | 3.7% | 6.8% | 5.3% | 5.2% |
| Debt to equity | 1.66x | 1.71x | 1.92x | 2.43x | 3.06x | 2.55x | 1.81x | 1.86x | 1.75x | 2.00x | 1.86x |
| Current ratio | 1.30x | 1.46x | 1.10x | 1.40x | 1.22x | 1.09x | 1.51x | 1.50x | 1.37x | 1.43x | 1.37x |
| Cash conversion | 1.89x | 1.28x | 1.58x | 2.09x | 2.99x | 4.94x | 3.22x | -1.69x | -0.64x | 0.32x | 1.58x |