The business behind the dividend
| Measure | NUE | Median | Formula |
|---|---|---|---|
| Return on equity | 8.3% | 11.7% | Net income ÷ shareholders’ equity |
| Return on capital employed | 9.2% | 10.1% | Operating income ÷ (equity + total debt) |
| Owner earnings | $-452.00m | $632.00m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $-188.00m | $746.10m | Operating cash flow − capital expenditure |
| Operating margin | 7.9% | 15.0% | Operating income ÷ revenue |
| Net margin | 5.4% | 10.2% | Net income ÷ revenue |
| Debt to equity | 0.33x | 0.79x | Total debt ÷ shareholders’ equity |
| Interest cover | 15.11x | 4.43x | Operating income ÷ interest expense |
| Current ratio | 2.94x | 1.25x | Current assets ÷ current liabilities |
| Long-term debt to working capital | 0.89x | 2.30x | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | 1.85x | 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 | 8.3% | 10.0% | 21.6% | 41.3% | 48.7% | 6.7% | 12.3% | 24.1% | 15.1% | 10.1% | 12.3% |
| Return on capital employed | 9.2% | 10.7% | 22.7% | 40.9% | 47.0% | 5.2% | 12.2% | 23.0% | 14.0% | 10.6% | 12.2% |
| Operating margin | 7.9% | 9.4% | 18.1% | 24.7% | 25.2% | 4.1% | 7.9% | 12.9% | 8.6% | 8.0% | 8.6% |
| Net margin | 5.4% | 6.6% | 13.0% | 18.3% | 18.7% | 3.6% | 5.6% | 9.4% | 6.5% | 4.9% | 6.5% |
| Debt to equity | 0.33x | 0.33x | 0.32x | 0.36x | 0.40x | 0.49x | 0.42x | 0.43x | 0.43x | 0.55x | 0.40x |
| Current ratio | 2.94x | 2.51x | 3.57x | 3.39x | 2.48x | 3.61x | 3.34x | 3.08x | 2.42x | 2.72x | 2.94x |
| Cash conversion | 1.85x | 1.96x | 1.57x | 1.32x | 0.91x | 3.74x | 2.21x | 1.01x | 0.80x | 2.20x | 1.57x |