The business behind the dividend
| Measure | ASO | Median | Formula |
|---|---|---|---|
| Return on equity | 17.4% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | 19.3% | 10.0% | Operating income ÷ (equity + total debt) |
| Owner earnings | $286.97m | $120.90m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $222.13m | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | 8.5% | 14.3% | Operating income ÷ revenue |
| Net margin | 6.2% | 10.1% | Net income ÷ revenue |
| Debt to equity | 0.22x | 0.73x | Total debt ÷ shareholders’ equity |
| Interest cover | 14.60x | 4.22x | Operating income ÷ interest expense |
| Current ratio | 1.89x | 1.55x | Current assets ÷ current liabilities |
| Long-term debt to working capital | 0.52x | 1.88x | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | 1.15x | 1.66x | Operating cash flow ÷ net income |
| Accruals | -1.1% | -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 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | Median |
|---|---|---|---|---|---|---|---|---|---|
| Return on equity | 17.4% | 20.9% | 26.6% | 38.6% | 45.8% | 27.8% | 12.1% | 2.5% | 26.6% |
| Return on capital employed | 19.3% | 21.6% | 27.8% | 38.2% | 42.2% | 22.2% | 7.3% | — | 22.2% |
| Operating margin | 8.5% | 9.1% | 11.0% | 13.2% | 13.4% | 7.4% | 3.7% | 2.7% | 9.1% |
| Net margin | 6.2% | 7.1% | 8.4% | 9.8% | 9.9% | 5.4% | 2.5% | 0.4% | 7.1% |
| Debt to equity | 0.22x | 0.24x | 0.25x | 0.36x | 0.47x | 0.71x | 1.48x | — | 0.36x |
| Current ratio | 1.89x | 1.78x | 1.87x | 1.62x | 1.52x | 1.21x | 1.72x | — | 1.72x |
| Cash conversion | 1.15x | 1.26x | 1.03x | 0.88x | 1.00x | 3.28x | 2.20x | 9.26x | 1.26x |
How it compares in consumer discretionary
Among the 169 consumer discretionary companies here measured on free cash flow, Academy Sports & Outdoors pays out less than 136 of them. The median for that group is 33.1%, against this company’s 15.6%.
Closest on free cash flow
- Boyd Gaming (BYD) 15.0%
- New Oriental Education & Technology Group (EDU) 15.0%
- Monarch Casino & Resort (MCRI) 17.0%
- Perdoceo Education (PRDO) 17.2%
Same sector and same denominator, so the figures are comparable. All 197 in consumer discretionary →