The business behind the dividend
| Measure | ORCL | Median | Formula |
|---|---|---|---|
| Return on equity | 40.2% | 11.7% | Net income ÷ shareholders’ equity |
| Return on capital employed | 11.5% | 10.1% | Operating income ÷ (equity + total debt) |
| Owner earnings | $-30.95bn | $632.00m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $-23.69bn | $746.10m | Operating cash flow − capital expenditure |
| Operating margin | 30.6% | 15.0% | Operating income ÷ revenue |
| Net margin | 25.4% | 10.2% | Net income ÷ revenue |
| Debt to equity | 3.22x | 0.79x | Total debt ÷ shareholders’ equity |
| Interest cover | 4.48x | 4.43x | Operating income ÷ interest expense |
| Current ratio | 1.12x | 1.25x | Current assets ÷ current liabilities |
| Long-term debt to working capital | 26.97x | 2.30x | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | 1.87x | 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 | 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | Median |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on equity | 40.2% | 60.8% | 120.3% | 792.5% | — | 262.4% | 83.9% | 50.9% | 7.7% | 17.5% | 60.8% |
| Return on capital employed | 11.5% | 14.7% | 14.5% | 13.7% | 14.9% | 15.6% | 16.2% | 16.4% | 11.9% | 10.6% | 14.5% |
| Operating margin | 30.6% | 30.8% | 29.0% | 26.2% | 25.7% | 37.6% | 35.6% | 34.3% | 33.7% | 34.2% | 30.8% |
| Net margin | 25.4% | 21.7% | 19.8% | 17.0% | 15.8% | 34.0% | 25.9% | 28.1% | 9.1% | 25.0% | 21.7% |
| Debt to equity | 3.22x | 4.88x | 11.20x | — | — | 17.66x | 6.13x | 2.78x | 1.40x | 1.26x | 4.88x |
| Current ratio | 1.12x | 0.75x | 0.72x | 0.91x | 1.62x | 2.30x | 3.03x | 2.49x | 3.98x | 3.08x | 1.62x |
| Cash conversion | 1.87x | 1.67x | 1.78x | 2.02x | 1.42x | 1.16x | 1.30x | 1.31x | 4.29x | 1.49x | 1.49x |