The business behind the dividend
| Measure | WU | Median | Formula |
|---|---|---|---|
| Return on equity | 52.2% | 11.7% | Net income ÷ shareholders’ equity |
| Return on capital employed | 19.7% | 10.1% | Operating income ÷ (equity + total debt) |
| Owner earnings | $496.30m | $632.00m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $505.20m | $746.10m | Operating cash flow − capital expenditure |
| Operating margin | 19.5% | 15.0% | Operating income ÷ revenue |
| Net margin | 12.9% | 10.2% | Net income ÷ revenue |
| Debt to equity | 3.01x | 0.79x | Total debt ÷ shareholders’ equity |
| Interest cover | — | — | 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 | — | — | Operating cash flow ÷ net income |
Not computed here: Cash conversion, Current ratio, Interest cover — 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 | 52.2% | 96.4% | 130.7% | 190.6% | 226.6% | 398.9% | — | — | — | 28.1% | 130.7% |
| Return on capital employed | 19.7% | 18.5% | 31.1% | 30.2% | 36.2% | — | — | — | — | — | 30.2% |
| Operating margin | 19.5% | 18.0% | 19.7% | 20.8% | 23.1% | 20.9% | 18.6% | 20.8% | 8.6% | 9.0% | 19.5% |
| Net margin | 12.9% | 23.2% | 15.1% | 21.4% | 16.6% | 16.1% | 21.0% | 15.8% | -10.1% | 4.7% | 15.8% |
| Debt to equity | 3.01x | 3.04x | 4.49x | 5.13x | 7.73x | — | — | — | — | — | 4.49x |
How it compares in financial services
Among the 25 financial services companies here measured on free cash flow, Western Union pays out less than 6 of them. The median for that group is 19.5%, against this company’s 61.2%.
Closest on free cash flow
- Marsh & Mclennan Companies (MMC) 34.0%
- Lazard (LAZ) 38.3%
- Blue OWL Capital (OWL) 45.6%
- TPG (TPG) 73.8%
Same sector and same denominator, so the figures are comparable. All 31 in financial services →