The business behind the dividend
| Measure | ASIX | Median | Formula |
|---|---|---|---|
| Return on equity | 6.0% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | — | — | Operating income ÷ (equity + total debt) |
| Owner earnings | $12.58m | $120.90m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $6.42m | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | 3.6% | 14.3% | Operating income ÷ revenue |
| Net margin | 3.2% | 10.1% | Net income ÷ revenue |
| Debt to equity | — | — | Total debt ÷ shareholders’ equity |
| Interest cover | 8.05x | 4.22x | Operating income ÷ interest expense |
| Current ratio | 1.13x | 1.55x | Current assets ÷ current liabilities |
| Long-term debt to working capital | — | — | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | 2.49x | 1.66x | Operating cash flow ÷ net income |
| Accruals | -4.3% | -3.1% | (Net income − operating cash flow) ÷ total assets |
Not computed here: Debt to equity, Long-term debt to working capital, Return on capital employed — 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 | 6.0% | 5.7% | 7.4% | 23.3% | 23.3% | 10.4% | 10.3% | 15.8% | 39.0% | 15.9% | 10.4% |
| Return on capital employed | — | — | — | 26.5% | 25.1% | 7.7% | 7.6% | 13.8% | 22.5% | 11.2% | 13.8% |
| Operating margin | 3.6% | 3.0% | 4.5% | 11.6% | 11.0% | 4.8% | 4.1% | 5.7% | 9.8% | 4.5% | 4.5% |
| Net margin | 3.2% | 2.9% | 3.6% | 8.8% | 8.3% | 4.0% | 3.2% | 4.4% | 9.9% | 2.9% | 3.6% |
| Debt to equity | — | — | — | 0.16x | 0.22x | 0.62x | 0.74x | 0.48x | 0.70x | 1.23x | 0.62x |
| Current ratio | 1.13x | 1.08x | 1.17x | 1.12x | 1.13x | 1.16x | 1.00x | 1.09x | 1.31x | 1.03x | 1.12x |
| Cash conversion | 2.49x | 3.07x | 2.15x | 1.59x | 1.57x | 2.43x | 2.91x | 2.62x | 0.92x | 3.33x | 2.43x |
How it compares in materials
Among the 79 materials companies here measured on free cash flow, AdvanSix pays out less than 2 of them. The median for that group is 34.3%, against this company’s 267.6%.
Closest on free cash flow
- International Flavors & Fragrances (IFF) 159.8%
- Sylvamo (SLVM) 165.9%
- Sensient Technologies (SXT) 181.2%
- DuPont de Nemours (DD) 263.0%
Same sector and same denominator, so the figures are comparable. All 107 in materials →