The business behind the dividend
| Measure | NOBH | Median | Formula |
|---|---|---|---|
| Return on equity | 13.9% | 11.7% | Net income ÷ shareholders’ equity |
| Return on capital employed | — | — | Operating income ÷ (equity + total debt) |
| Owner earnings | $8.50m | $632.00m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $3.98m | $746.10m | Operating cash flow − capital expenditure |
| Operating margin | 19.1% | 15.0% | Operating income ÷ revenue |
| Net margin | 16.0% | 10.2% | Net income ÷ revenue |
| Debt to equity | — | — | Total debt ÷ shareholders’ equity |
| Interest cover | — | — | Operating income ÷ interest expense |
| Current ratio | 8.33x | 1.25x | Current assets ÷ current liabilities |
| Long-term debt to working capital | — | — | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | 0.49x | 1.78x | Operating cash flow ÷ net income |
Not computed here: Debt to equity, Long-term debt to working capital, Interest cover, Return on capital employed — 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 | 13.9% | 15.2% | 20.7% | 15.1% | 10.9% | 11.7% | 17.8% | 10.1% | 7.0% | 13.4% | 13.4% |
| Operating margin | 19.1% | 18.4% | 21.2% | 16.4% | 13.6% | 17.2% | 17.9% | 13.7% | 11.6% | 12.2% | 16.4% |
| Net margin | 16.0% | 16.6% | 17.2% | 14.0% | 12.0% | 14.4% | 19.0% | 11.9% | 8.8% | 17.5% | 14.4% |
| Current ratio | 8.33x | 5.29x | 3.91x | 3.33x | 3.12x | 5.80x | 5.23x | 5.80x | 7.43x | 7.41x | 5.29x |
| Cash conversion | 0.49x | 0.82x | 0.93x | -1.08x | 2.47x | 1.16x | 0.53x | 1.67x | 1.14x | 1.13x | 0.93x |
How it compares in materials
Among the 35 materials companies here measured on free cash flow, Nobility Homes pays out less than 5 of them. The median for that group is 40.8%, against this company’s 102.6%.
Closest on free cash flow
- Louisiana-Pacific (LPX) 85.7%
- Eastman Chemical (EMN) 89.9%
- Insteel Industries (IIIN) 114.8%
- Huntsman (HUN) 125.9%
Same sector and same denominator, so the figures are comparable. All 47 in materials →