The business behind the dividend
| Measure | OPTU | Median | Formula |
|---|---|---|---|
| Return on equity | 0.5% | 11.7% | Net income ÷ shareholders’ equity |
| Return on capital employed | 6.4% | 10.1% | Operating income ÷ (equity + total debt) |
| Owner earnings | $1.25bn | $632.00m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $1.35bn | $746.10m | Operating cash flow − capital expenditure |
| Operating margin | 17.6% | 15.0% | Operating income ÷ revenue |
| Net margin | 0.2% | 10.2% | Net income ÷ revenue |
| Debt to equity | 6.21x | 0.79x | Total debt ÷ shareholders’ equity |
| Interest cover | 1.08x | 4.43x | Operating income ÷ interest expense |
| Current ratio | 0.45x | 1.25x | Current assets ÷ current liabilities |
| Long-term debt to working capital | — | — | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | — | — | Operating cash flow ÷ net income |
Not computed here: Long-term debt to working capital — 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 | — | — | — | — | — | — | 6.1% | 0.5% | 27.1% | -41.0% | 6.1% |
| Return on capital employed | -0.5% | 6.8% | 6.9% | 6.9% | 9.8% | 8.3% | 6.8% | 6.4% | 3.9% | 12.2% | 6.8% |
| Operating margin | -1.3% | 18.8% | 18.4% | 18.7% | 25.0% | 21.4% | 18.7% | 17.6% | 9.0% | 7.7% | 18.4% |
| Net margin | -21.8% | -1.1% | 0.6% | 2.0% | 9.8% | 4.4% | 1.4% | 0.2% | 16.0% | -13.8% | 0.6% |
| Debt to equity | — | — | — | — | — | — | 10.76x | 6.21x | 2.88x | 0.86x | 6.21x |
| Current ratio | 0.80x | 0.32x | 0.36x | 0.64x | 0.29x | 0.32x | 0.70x | 0.45x | 0.36x | 0.46x | 0.36x |
| Cash conversion | — | — | 34.33x | 12.17x | 2.88x | 6.83x | 18.38x | — | 1.35x | — | 6.83x |
How it compares in communications
Among the 25 communications companies here measured on free cash flow, Optimum Communications pays out less than 1 of them. The median for that group is 28.4%, against this company’s 110.7%.
Closest on free cash flow
- Verizon Communications (VZ) 57.0%
- Sinclair (SBGI) 60.0%
- E.W. Scripps (SSP) 92.3%
- Qwest (CTGG) 149.2%
Same sector and same denominator, so the figures are comparable. All 31 in communications →