The business behind the dividend
| Measure | SJM | Median | Formula |
|---|---|---|---|
| Return on equity | -2.5% | 11.7% | Net income ÷ shareholders’ equity |
| Return on capital employed | 3.0% | 10.1% | Operating income ÷ (equity + total debt) |
| Owner earnings | $-109.70m | $632.00m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $1.16bn | $746.10m | Operating cash flow − capital expenditure |
| Operating margin | 4.0% | 15.0% | Operating income ÷ revenue |
| Net margin | -1.5% | 10.2% | Net income ÷ revenue |
| Debt to equity | 1.18x | 0.79x | Total debt ÷ shareholders’ equity |
| Interest cover | — | — | Operating income ÷ interest expense |
| Current ratio | 0.78x | 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: Cash conversion, Long-term debt to working capital, Interest cover — 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 | 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | Median |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on equity | -2.5% | -20.2% | 9.7% | -1.3% | 7.8% | 10.8% | 9.5% | 6.5% | 17.0% | 8.6% | 7.8% |
| Return on capital employed | 3.0% | -5.1% | 8.4% | 1.4% | 8.2% | 10.8% | 9.0% | 6.9% | 8.3% | 8.8% | 8.2% |
| Operating margin | 4.0% | -7.7% | 16.0% | 1.8% | 12.8% | 17.3% | 15.7% | 11.8% | 14.2% | 14.1% | 12.8% |
| Net margin | -1.5% | -14.1% | 9.1% | -1.1% | 7.9% | 11.0% | 10.0% | 6.6% | 18.2% | 8.0% | 7.9% |
| Debt to equity | 1.18x | 1.16x | 1.01x | 0.59x | 0.53x | 0.57x | 0.66x | 0.69x | 0.59x | 0.72x | 0.66x |
| Current ratio | 0.78x | 0.81x | 0.52x | 1.44x | 1.03x | 0.68x | 1.24x | 0.69x | 1.50x | 0.90x | 0.81x |
| Cash conversion | — | — | 1.65x | — | 1.80x | 1.79x | 1.61x | 2.22x | 0.91x | 1.79x | 1.79x |
How it compares in consumer staples
Among the 38 consumer staples companies here measured on free cash flow, J M Smucker pays out less than 26 of them. The median for that group is 65.1%, against this company’s 40.2%.
Closest on free cash flow
- Estee Lauder Companies (EL) 38.6%
- Ecolab (ECL) 39.6%
- Constellation Brands (STZ) 39.9%
- Avery Dennison (AVY) 40.5%
Same sector and same denominator, so the figures are comparable. All 43 in consumer staples →