The business behind the dividend
| Measure | WLK | Median | Formula |
|---|---|---|---|
| Return on equity | -17.2% | 11.7% | Net income ÷ shareholders’ equity |
| Return on capital employed | -11.0% | 10.1% | Operating income ÷ (equity + total debt) |
| Owner earnings | $-1.32bn | $632.00m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $-530.00m | $746.10m | Operating cash flow − capital expenditure |
| Operating margin | -14.1% | 15.0% | Operating income ÷ revenue |
| Net margin | -13.5% | 10.2% | Net income ÷ revenue |
| Debt to equity | 0.64x | 0.79x | Total debt ÷ shareholders’ equity |
| Interest cover | -9.23x | 4.43x | Operating income ÷ interest expense |
| Current ratio | 2.24x | 1.25x | Current assets ÷ current liabilities |
| Long-term debt to working capital | 1.48x | 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 | -17.2% | 5.7% | 4.7% | 22.6% | 25.3% | 5.5% | 7.2% | 17.8% | 26.8% | 11.3% | 7.2% |
| Return on capital employed | -11.0% | 5.8% | 4.8% | 20.6% | 21.3% | 4.5% | 7.0% | 17.1% | 14.1% | 8.1% | 7.0% |
| Operating margin | -14.1% | 7.2% | 5.8% | 19.3% | 23.8% | 5.7% | 8.1% | 16.3% | 15.2% | 11.5% | 8.1% |
| Net margin | -13.5% | 5.0% | 3.8% | 14.2% | 17.1% | 4.4% | 5.2% | 11.5% | 16.2% | 7.9% | 5.2% |
| Debt to equity | 0.64x | 0.43x | 0.48x | 0.49x | 0.65x | 0.59x | 0.59x | 0.48x | 0.79x | 1.04x | 0.59x |
| Current ratio | 2.24x | 2.80x | 2.37x | 2.60x | 2.25x | 2.56x | 2.21x | 2.40x | 1.76x | 2.04x | 2.25x |
| Cash conversion | — | 2.18x | 4.88x | 1.51x | 1.19x | 3.93x | 3.09x | 1.41x | 1.17x | 2.17x | 2.17x |