The business behind the dividend
| Measure | WHR | Median | Formula |
|---|---|---|---|
| Return on equity | 11.7% | 11.7% | Net income ÷ shareholders’ equity |
| Return on capital employed | 9.4% | 10.1% | Operating income ÷ (equity + total debt) |
| Owner earnings | $267.00m | $632.00m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $81.00m | $746.10m | Operating cash flow − capital expenditure |
| Operating margin | 5.4% | 15.0% | Operating income ÷ revenue |
| Net margin | 2.0% | 10.2% | Net income ÷ revenue |
| Debt to equity | 2.26x | 0.79x | Total debt ÷ shareholders’ equity |
| Interest cover | 2.46x | 4.43x | Operating income ÷ interest expense |
| Current ratio | 0.76x | 1.25x | Current assets ÷ current liabilities |
| Long-term debt to working capital | — | — | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | 1.48x | 1.78x | Operating cash flow ÷ net income |
Not computed here: Long-term debt to working capital — 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 | 11.7% | -12.0% | 20.4% | -65.0% | 36.8% | 27.7% | 36.6% | -8.0% | 8.3% | 18.6% | 11.7% |
| Return on capital employed | 9.4% | 1.5% | 10.6% | -10.6% | 23.3% | 17.5% | 19.6% | 3.8% | 12.7% | 14.9% | 10.6% |
| Operating margin | 5.4% | 0.9% | 5.2% | -5.4% | 10.7% | 8.3% | 7.6% | 1.3% | 5.3% | 6.6% | 5.3% |
| Net margin | 2.0% | -1.9% | 2.5% | -7.7% | 8.1% | 5.5% | 5.7% | -0.9% | 1.6% | 4.3% | 2.0% |
| Debt to equity | 2.26x | 2.46x | 3.05x | 3.26x | 1.08x | 1.38x | 1.47x | 2.18x | 1.14x | 0.93x | 1.47x |
| Current ratio | 0.76x | 0.72x | 0.89x | 1.08x | 1.14x | 1.10x | 0.88x | 0.82x | 0.93x | 0.96x | 0.89x |
| Cash conversion | 1.48x | — | 1.90x | — | 1.22x | 1.40x | 1.05x | — | 3.61x | 1.35x | 1.40x |
How it compares in consumer discretionary
Among the 44 consumer discretionary companies here measured on free cash flow, Whirlpool pays out less than 0 of them. The median for that group is 37.5%, against this company’s 370.4%.
Closest on free cash flow
- Amcor (AMCR) 97.2%
- Dick'S Sporting Goods (DKS) 103.4%
- Nike (NKE) 110.2%
- Starbucks (SBUX) 113.5%
Same sector and same denominator, so the figures are comparable. All 48 in consumer discretionary →