The business behind the dividend
| Measure | AVT | Median | Formula |
|---|---|---|---|
| Return on equity | 6.7% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | 8.8% | 10.0% | Operating income ÷ (equity + total debt) |
| Owner earnings | $337.60m | $120.90m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $-354.50m | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | 2.6% | 14.3% | Operating income ÷ revenue |
| Net margin | 1.2% | 10.1% | Net income ÷ revenue |
| Debt to equity | 0.64x | 0.73x | Total debt ÷ shareholders’ equity |
| Interest cover | 2.89x | 4.22x | Operating income ÷ interest expense |
| Current ratio | 1.78x | 1.55x | Current assets ÷ current liabilities |
| Long-term debt to working capital | 0.43x | 1.88x | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | -0.84x | 1.66x | Operating cash flow ÷ net income |
| Accruals | 4.0% | -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 | 2018 | 2017 | Median |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on equity | 6.7% | 4.8% | 10.1% | 16.2% | 16.5% | 4.7% | -0.8% | 4.3% | -3.3% | 10.1% | 4.8% |
| Return on capital employed | 8.8% | 6.7% | 10.8% | 15.2% | 16.2% | 5.3% | -0.1% | 6.2% | 3.3% | 6.4% | 6.4% |
| Operating margin | 2.6% | 2.3% | 3.6% | 4.5% | 3.9% | 1.4% | -0.0% | 1.9% | 1.1% | 2.5% | 2.3% |
| Net margin | 1.2% | 1.1% | 2.1% | 2.9% | 2.8% | 1.0% | -0.2% | 0.9% | -0.8% | 3.0% | 1.1% |
| Debt to equity | 0.64x | 0.53x | 0.59x | 0.64x | 0.38x | 0.30x | 0.38x | 0.42x | 0.35x | 0.34x | 0.38x |
| Current ratio | 1.78x | 2.43x | 2.32x | 2.53x | 2.09x | 2.34x | 2.78x | 2.67x | 2.56x | 3.07x | 2.43x |
| Cash conversion | -0.84x | 3.02x | 1.38x | -0.93x | -0.32x | 0.47x | — | 3.03x | — | -0.70x | 0.47x |