The business behind the dividend
| Measure | SSP | Median | Formula |
|---|---|---|---|
| Return on equity | -82.0% | 11.7% | Net income ÷ shareholders’ equity |
| Return on capital employed | -18.5% | 10.1% | Operating income ÷ (equity + total debt) |
| Owner earnings | $-852.31m | $632.00m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $51.98m | $746.10m | Operating cash flow − capital expenditure |
| Operating margin | -32.9% | 15.0% | Operating income ÷ revenue |
| Net margin | -41.3% | 10.2% | Net income ÷ revenue |
| Debt to equity | 2.52x | 0.79x | Total debt ÷ shareholders’ equity |
| Interest cover | -3.53x | 4.43x | Operating income ÷ interest expense |
| Current ratio | 1.41x | 1.25x | Current assets ÷ current liabilities |
| Long-term debt to working capital | 14.61x | 2.30x | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | — | — | Operating cash flow ÷ net income |
Not computed here: Cash conversion — 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 | -8.1% | 11.1% | -82.0% | 9.2% | 6.2% | 23.2% | -2.0% | 2.1% | -1.1% | 6.2% | 2.1% |
| Return on capital employed | 4.8% | 10.6% | -18.5% | 8.6% | 7.8% | 7.4% | 3.1% | 9.2% | -0.1% | 9.6% | 7.4% |
| Operating margin | 8.6% | 16.4% | -32.9% | 17.5% | 17.5% | 16.3% | 6.5% | 12.8% | -0.2% | 14.7% | 12.8% |
| Net margin | -4.7% | 5.8% | -41.3% | 8.0% | 5.4% | 14.5% | -1.4% | 1.7% | -1.2% | 6.8% | 1.7% |
| Debt to equity | 2.08x | 1.95x | 2.52x | 1.35x | 1.60x | 2.52x | 2.13x | 0.74x | 0.74x | 0.42x | 1.60x |
| Current ratio | 1.65x | 1.31x | 1.41x | 1.33x | 1.37x | 5.84x | 2.06x | 2.38x | 2.87x | 3.32x | 1.65x |
| Cash conversion | — | 2.50x | — | 1.59x | 1.93x | 1.03x | — | 7.14x | — | 2.48x | 1.93x |
How it compares in communications
Among the 25 communications companies here measured on free cash flow, E.W. Scripps pays out less than 2 of them. The median for that group is 28.4%, against this company’s 92.3%.
Closest on free cash flow
- ACCO Brands (ACCO) 54.9%
- Verizon Communications (VZ) 57.0%
- Sinclair (SBGI) 60.0%
- Optimum Communications (OPTU) 110.7%
Same sector and same denominator, so the figures are comparable. All 31 in communications →