The business behind the dividend
| Measure | REG | Median | Formula |
|---|---|---|---|
| Return on equity | 7.6% | 11.7% | Net income ÷ shareholders’ equity |
| Return on capital employed | 9.6% | 10.1% | Operating income ÷ (equity + total debt) |
| Owner earnings | $497.39m | $632.00m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $392.58m | $746.10m | Operating cash flow − capital expenditure |
| Operating margin | 72.3% | 15.0% | Operating income ÷ revenue |
| Net margin | 34.0% | 10.2% | Net income ÷ revenue |
| Debt to equity | 0.69x | 0.79x | Total debt ÷ shareholders’ equity |
| Interest cover | 6.27x | 4.43x | Operating income ÷ interest expense |
| Current ratio | — | — | Current assets ÷ current liabilities |
| Long-term debt to working capital | — | — | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | 1.57x | 1.78x | Operating cash flow ÷ net income |
Not computed here: Current ratio — 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 | 7.6% | 6.0% | 5.2% | 7.9% | 6.0% | 0.8% | 3.9% | 3.9% | 2.6% | 6.4% | 5.2% |
| Return on capital employed | 9.6% | 9.4% | 8.5% | 9.1% | — | — | — | — | — | — | 9.4% |
| Operating margin | 72.3% | 72.0% | 71.9% | 73.3% | — | — | — | — | — | — | 72.3% |
| Net margin | 34.0% | 27.5% | 27.6% | 39.4% | 31.0% | 4.4% | 21.1% | 22.2% | 17.9% | — | 27.5% |
| Debt to equity | 0.69x | 0.66x | 0.59x | 0.61x | 0.62x | 0.66x | 0.63x | 0.58x | 0.53x | 0.63x | 0.62x |
| Cash conversion | 1.57x | 1.97x | 1.97x | 1.36x | 1.82x | 11.12x | 2.59x | 2.45x | 2.67x | — | 1.97x |