The business behind the dividend
| Measure | LUD | Median | Formula |
|---|---|---|---|
| Return on equity | -2.9% | 11.7% | Net income ÷ shareholders’ equity |
| Return on capital employed | 3.4% | 10.1% | Operating income ÷ (equity + total debt) |
| Owner earnings | $-1.30m | $632.00m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $4.38m | $746.10m | Operating cash flow − capital expenditure |
| Operating margin | 1.0% | 15.0% | Operating income ÷ revenue |
| Net margin | -0.8% | 10.2% | Net income ÷ revenue |
| Debt to equity | 0.05x | 0.79x | Total debt ÷ shareholders’ equity |
| Interest cover | 0.86x | 4.43x | Operating income ÷ interest expense |
| Current ratio | 1.23x | 1.25x | Current assets ÷ current liabilities |
| Long-term debt to working capital | 0.10x | 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 | Median |
|---|---|---|---|---|---|
| Return on equity | 2.5% | -2.9% | 18.1% | 21.1% | 18.1% |
| Return on capital employed | -4.4% | 3.4% | — | — | -4.4% |
| Operating margin | -3.2% | 1.0% | 7.5% | 7.7% | 7.5% |
| Net margin | 1.7% | -0.8% | 5.9% | 6.2% | 5.9% |
| Debt to equity | 0.08x | 0.05x | — | — | 0.05x |
| Current ratio | 1.63x | 1.23x | 1.37x | — | 1.37x |
| Cash conversion | -3.07x | — | 1.10x | -0.33x | -0.33x |
How it compares in materials
Among the 35 materials companies here measured on free cash flow, Luda Technology Group pays out less than 9 of them. The median for that group is 40.8%, against this company’s 77.1%.
Closest on free cash flow
- Deswell Industries (DSWL) 67.6%
- Corning (GLW) 70.7%
- Freeport-Mcmoran (FCX) 77.5%
- Louisiana-Pacific (LPX) 85.7%
Same sector and same denominator, so the figures are comparable. All 47 in materials →