The business behind the dividend
| Measure | RPRX | Median | Formula |
|---|---|---|---|
| Return on equity | 7.9% | 11.7% | Net income ÷ shareholders’ equity |
| Return on capital employed | 8.4% | 10.1% | Operating income ÷ (equity + total debt) |
| Owner earnings | — | — | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | — | — | Operating cash flow − capital expenditure |
| Operating margin | 65.6% | 15.0% | Operating income ÷ revenue |
| Net margin | 32.4% | 10.2% | Net income ÷ revenue |
| Debt to equity | 0.92x | 0.79x | Total debt ÷ shareholders’ equity |
| Interest cover | 5.07x | 4.43x | Operating income ÷ interest expense |
| Current ratio | 2.40x | 1.25x | Current assets ÷ current liabilities |
| Long-term debt to working capital | 9.61x | 2.30x | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | 3.23x | 1.78x | Operating cash flow ÷ net income |
Not computed here: Free cash flow, Owner earnings — 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 | Median |
|---|---|---|---|---|---|---|---|---|---|
| Return on equity | 7.9% | 8.3% | 11.3% | 0.4% | 6.0% | 9.9% | 38.2% | 30.3% | 9.9% |
| Return on capital employed | 8.4% | 7.2% | 9.2% | 1.8% | 8.2% | 10.2% | 21.2% | — | 8.4% |
| Operating margin | 65.6% | 57.1% | 63.4% | 13.7% | 62.5% | 75.2% | — | 76.0% | 63.4% |
| Net margin | 32.4% | 37.9% | 48.2% | 1.9% | 27.1% | 45.9% | — | 76.8% | 37.9% |
| Debt to equity | 0.92x | 0.74x | 0.61x | 0.75x | 0.69x | 0.59x | 1.02x | — | 0.74x |
| Current ratio | 2.40x | 1.44x | 7.90x | 2.19x | 16.81x | 8.76x | 2.50x | — | 2.50x |
| Cash conversion | 3.23x | 3.22x | 2.63x | — | 3.26x | 2.09x | 0.71x | 1.17x | 2.63x |