The business behind the dividend
| Measure | UHAL | Median | Formula |
|---|---|---|---|
| Return on equity | 14.2% | 11.7% | Net income ÷ shareholders’ equity |
| Return on capital employed | 11.4% | 10.1% | Operating income ÷ (equity + total debt) |
| Owner earnings | $-1.07bn | $632.00m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $-994.29m | $746.10m | Operating cash flow − capital expenditure |
| Operating margin | — | — | Operating income ÷ revenue |
| Net margin | — | — | Net income ÷ revenue |
| Debt to equity | 0.94x | 0.79x | Total debt ÷ shareholders’ equity |
| Interest cover | 6.45x | 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 | 1.87x | 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 | 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | Median |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on equity | 1.1% | 4.9% | 8.8% | 14.2% | 18.9% | 12.4% | 9.1% | 10.0% | 23.2% | 15.2% | 10.0% |
| Return on capital employed | 2.7% | 4.9% | 7.3% | 11.4% | 13.7% | 10.0% | 5.7% | 7.9% | 11.0% | — | 7.9% |
| Operating margin | 56.8% | 97.4% | — | — | — | — | — | — | — | — | 56.8% |
| Net margin | 10.9% | 49.9% | 88.0% | — | — | — | — | — | — | — | 49.9% |
| Debt to equity | 1.07x | 0.96x | 0.88x | 0.94x | 1.02x | 0.96x | 0.96x | 1.14x | 1.04x | — | 0.96x |
| Cash conversion | 21.59x | 3.96x | 2.31x | 1.87x | 1.73x | 2.51x | 2.43x | 2.63x | 1.19x | 2.66x | 2.43x |