The business behind the dividend
| Measure | HUN | Median | Formula |
|---|---|---|---|
| Return on equity | -10.3% | 11.7% | Net income ÷ shareholders’ equity |
| Return on capital employed | -2.8% | 10.1% | Operating income ÷ (equity + total debt) |
| Owner earnings | $-170.00m | $632.00m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $116.00m | $746.10m | Operating cash flow − capital expenditure |
| Operating margin | -2.3% | 15.0% | Operating income ÷ revenue |
| Net margin | -5.0% | 10.2% | Net income ÷ revenue |
| Debt to equity | 0.73x | 0.79x | Total debt ÷ shareholders’ equity |
| Interest cover | -1.52x | 4.43x | Operating income ÷ interest expense |
| Current ratio | 1.30x | 1.25x | Current assets ÷ current liabilities |
| Long-term debt to working capital | 3.49x | 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 | 2016 | Median |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on equity | -10.3% | -6.4% | 3.1% | 12.7% | 23.9% | 29.4% | 20.9% | 13.4% | 24.3% | 25.3% | 13.4% |
| Return on capital employed | -2.8% | -0.5% | 1.7% | 12.5% | 12.3% | 7.7% | 9.2% | 17.1% | 14.8% | 12.1% | 9.2% |
| Operating margin | -2.3% | -0.4% | 1.4% | 8.4% | 9.5% | 8.0% | 6.9% | 10.9% | 10.7% | 8.8% | 8.0% |
| Net margin | -5.0% | -3.1% | 1.7% | 5.7% | 13.6% | 19.1% | 8.3% | 4.4% | 9.3% | 4.3% | 4.4% |
| Debt to equity | 0.73x | 0.62x | 0.52x | 0.48x | 0.35x | 0.60x | 0.89x | 0.92x | 0.88x | 3.24x | 0.62x |
| Current ratio | 1.30x | 1.36x | 1.97x | 1.85x | 1.92x | 1.80x | 1.87x | 1.84x | 1.83x | 2.00x | 1.84x |
| Cash conversion | — | — | 2.07x | 1.99x | 0.91x | 0.24x | 1.60x | 3.58x | 1.92x | 3.34x | 1.99x |
How it compares in materials
Among the 35 materials companies here measured on free cash flow, Huntsman pays out less than 3 of them. The median for that group is 40.8%, against this company’s 125.9%.
Closest on free cash flow
- Eastman Chemical (EMN) 89.9%
- Nobility Homes (NOBH) 102.6%
- Insteel Industries (IIIN) 114.8%
- International Flavors & Fragrances (IFF) 159.8%
Same sector and same denominator, so the figures are comparable. All 47 in materials →