The business behind the dividend
| Measure | LEN | Median | Formula |
|---|---|---|---|
| Return on equity | 9.5% | 11.7% | Net income ÷ shareholders’ equity |
| Return on capital employed | 10.1% | 10.1% | Operating income ÷ (equity + total debt) |
| Owner earnings | $2.02bn | $632.00m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $28.18m | $746.10m | Operating cash flow − capital expenditure |
| Operating margin | 8.2% | 15.0% | Operating income ÷ revenue |
| Net margin | 6.1% | 10.2% | Net income ÷ revenue |
| Debt to equity | 0.27x | 0.79x | Total debt ÷ shareholders’ equity |
| Interest cover | 56.12x | 4.43x | 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 | 0.10x | 1.78x | Operating cash flow ÷ net income |
Not computed here: Current ratio — 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 | 9.5% | 14.1% | 14.8% | 19.1% | 21.3% | 13.7% | 11.6% | 11.6% | 10.3% | 13.0% | 13.0% |
| Return on capital employed | 10.1% | 16.2% | — | — | — | 13.7% | 10.9% | — | — | — | 13.7% |
| Operating margin | 8.2% | 14.6% | 15.2% | 17.9% | 21.4% | 15.5% | 12.5% | 12.0% | 11.7% | 14.3% | 14.3% |
| Net margin | 6.1% | 11.1% | 11.5% | 13.7% | 16.3% | 11.0% | 8.3% | 8.2% | 6.4% | 8.3% | 8.3% |
| Debt to equity | 0.27x | 0.15x | — | — | — | 0.41x | 0.60x | — | — | — | 0.41x |
| Cash conversion | 0.10x | 0.61x | 1.32x | 0.71x | 0.57x | 1.70x | 0.80x | 1.00x | 1.21x | 0.56x | 0.71x |