The business behind the dividend
| Measure | VSH | Median | Formula |
|---|---|---|---|
| Return on equity | -0.4% | 11.7% | Net income ÷ shareholders’ equity |
| Return on capital employed | 1.9% | 10.1% | Operating income ÷ (equity + total debt) |
| Owner earnings | $-57.53m | $632.00m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $-88.98m | $746.10m | Operating cash flow − capital expenditure |
| Operating margin | 1.9% | 15.0% | Operating income ÷ revenue |
| Net margin | -0.3% | 10.2% | Net income ÷ revenue |
| Debt to equity | 0.46x | 0.79x | Total debt ÷ shareholders’ equity |
| Interest cover | 1.47x | 4.43x | Operating income ÷ interest expense |
| Current ratio | 2.62x | 1.25x | Current assets ÷ current liabilities |
| Long-term debt to working capital | 0.81x | 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 | -0.4% | -1.5% | 14.7% | 21.0% | 17.1% | 7.8% | 11.0% | 25.0% | -1.4% | 3.1% | 7.8% |
| Return on capital employed | 1.9% | 0.2% | 16.1% | 24.2% | 21.3% | 10.6% | 13.2% | 25.8% | 18.0% | 10.2% | 13.2% |
| Operating margin | 1.9% | 0.2% | 14.3% | 17.6% | 14.4% | 8.4% | 9.8% | 16.0% | 12.5% | 8.5% | 9.8% |
| Net margin | -0.3% | -1.1% | 9.5% | 12.3% | 9.2% | 4.9% | 6.1% | 11.4% | -0.8% | 2.1% | 4.9% |
| Debt to equity | 0.46x | 0.45x | 0.37x | 0.24x | 0.26x | 0.25x | 0.34x | 0.36x | 0.26x | 0.23x | 0.26x |
| Current ratio | 2.62x | 2.70x | 3.32x | 2.92x | 2.90x | 3.02x | 3.27x | 2.77x | 3.90x | 4.08x | 2.92x |
| Cash conversion | — | — | 1.13x | 1.13x | 1.53x | 2.56x | 1.81x | 0.75x | — | 6.08x | 1.53x |