The business behind the dividend
| Measure | SRE | Median | Formula |
|---|---|---|---|
| Return on equity | 5.8% | 11.7% | Net income ÷ shareholders’ equity |
| Return on capital employed | 3.0% | 10.1% | Operating income ÷ (equity + total debt) |
| Owner earnings | $-6.21bn | $632.00m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $-6.05bn | $746.10m | Operating cash flow − capital expenditure |
| Operating margin | 14.4% | 15.0% | Operating income ÷ revenue |
| Net margin | 14.8% | 10.2% | Net income ÷ revenue |
| Debt to equity | 0.92x | 0.79x | Total debt ÷ shareholders’ equity |
| Interest cover | 1.17x | 4.43x | Operating income ÷ interest expense |
| Current ratio | 1.59x | 1.25x | Current assets ÷ current liabilities |
| Long-term debt to working capital | 2.24x | 2.30x | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | 2.49x | 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 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | Median |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on equity | 5.8% | 9.2% | 10.7% | 7.9% | 5.1% | 17.6% | 11.9% | 6.6% | 2.0% | 10.6% | 7.9% |
| Return on capital employed | 3.0% | 4.3% | 5.8% | 3.9% | 1.8% | 3.9% | 4.3% | 1.3% | 4.4% | 6.7% | 3.9% |
| Operating margin | 14.4% | 23.0% | 22.0% | 14.6% | 7.1% | 17.3% | 17.4% | 5.1% | 13.3% | 18.0% | 14.6% |
| Net margin | 14.8% | 24.2% | 20.7% | 15.6% | 11.3% | 39.8% | 23.3% | 11.9% | 2.7% | 13.5% | 14.8% |
| Debt to equity | 0.92x | 1.01x | 0.97x | 0.91x | 0.81x | 0.93x | 1.04x | 1.22x | 1.30x | 1.11x | 0.97x |
| Current ratio | 1.59x | 0.55x | 0.54x | 0.60x | 0.44x | 0.66x | 0.36x | 0.48x | 0.50x | 0.52x | 0.52x |
| Cash conversion | 2.49x | 1.71x | 2.02x | 0.53x | 2.92x | 0.63x | 1.31x | 3.12x | 14.16x | 1.69x | 1.71x |
How it compares in utilities
Among the 57 utilities companies here measured on GAAP earnings, Sempra pays out less than 4 of them. The median for that group is 61.5%, against this company’s 93.8%.
Closest on GAAP earnings
- Kinder Morgan (KMI) 85.2%
- NorthWestern Energy Group (NWE) 89.8%
- Williams Companies (WMB) 93.5%
- Firstenergy (FE) 100.6%
Same sector and same denominator, so the figures are comparable. All 58 in utilities →