The business behind the dividend
| Measure | AAP | Median | Formula |
|---|---|---|---|
| Return on equity | 2.0% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | -0.8% | 10.0% | Operating income ÷ (equity + total debt) |
| Owner earnings | $64.00m | $120.90m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $-298.00m | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | -0.5% | 14.3% | Operating income ÷ revenue |
| Net margin | 0.5% | 10.1% | Net income ÷ revenue |
| Debt to equity | 1.55x | 0.73x | Total debt ÷ shareholders’ equity |
| Interest cover | -0.57x | 4.22x | Operating income ÷ interest expense |
| Current ratio | 1.75x | 1.55x | Current assets ÷ current liabilities |
| Long-term debt to working capital | 1.10x | 1.88x | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | -1.05x | 1.66x | Operating cash flow ÷ net income |
| Accruals | 0.8% | -3.1% | (Net income − operating cash flow) ÷ total assets |
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 | 2024 | 2023 | 2022 | 2022 | 2021 | 2019 | 2018 | 2017 | 2016 | Median |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on equity | 2.0% | -15.5% | 1.2% | 17.9% | 19.4% | 13.9% | 13.7% | 11.9% | 13.9% | 15.8% | 13.7% |
| Return on capital employed | -0.8% | -18.0% | 0.9% | 13.2% | 20.0% | 16.4% | 15.8% | 13.1% | 12.8% | 19.9% | 13.1% |
| Operating margin | -0.5% | -7.8% | 0.4% | 5.7% | 7.5% | 7.4% | 7.0% | 6.3% | 6.1% | 8.2% | 6.1% |
| Net margin | 0.5% | -3.7% | 0.3% | 5.1% | 5.4% | 4.9% | 5.0% | 4.4% | 5.1% | 4.8% | 4.8% |
| Debt to equity | 1.55x | 0.82x | 0.71x | 0.53x | 0.34x | 0.29x | 0.21x | 0.29x | 0.31x | 0.36x | 0.34x |
| Current ratio | 1.75x | 1.32x | 1.20x | 1.11x | 1.20x | 1.32x | 1.27x | 1.57x | 1.56x | 1.41x | 1.32x |
| Cash conversion | -1.05x | — | 9.57x | 1.59x | 1.86x | 1.97x | 1.78x | 1.91x | 1.26x | 1.14x | 1.78x |