The business behind the dividend
| Measure | BA | Median | Formula |
|---|---|---|---|
| Return on equity | 41.0% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | 6.3% | 10.0% | Operating income ÷ (equity + total debt) |
| Owner earnings | $1.25bn | $120.90m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $-1.88bn | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | 4.8% | 14.3% | Operating income ÷ revenue |
| Net margin | 2.5% | 10.1% | Net income ÷ revenue |
| Debt to equity | 11.42x | 0.73x | Total debt ÷ shareholders’ equity |
| Interest cover | 1.54x | 4.22x | Operating income ÷ interest expense |
| Current ratio | 1.19x | 1.55x | Current assets ÷ current liabilities |
| Long-term debt to working capital | 2.65x | 1.88x | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | 0.48x | 1.66x | Operating cash flow ÷ net income |
| Accruals | 0.7% | -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 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | Median |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on equity | 41.0% | — | — | — | — | — | — | — | 510.7% | 616.2% | 510.7% |
| Return on capital employed | 6.3% | -21.0% | -1.9% | -7.6% | -6.5% | -27.3% | -10.0% | 84.5% | 81.0% | 60.6% | -6.5% |
| Operating margin | 4.8% | -16.1% | -1.0% | -5.3% | -4.6% | -22.0% | -2.6% | 11.9% | 11.0% | 7.0% | -2.6% |
| Net margin | 2.5% | -17.8% | -2.9% | -7.4% | -6.7% | -20.4% | -0.8% | 10.3% | 9.0% | 5.4% | -2.9% |
| Debt to equity | 11.42x | — | — | — | — | — | — | 40.85x | 6.71x | 12.18x | 12.18x |
| Current ratio | 1.19x | 1.32x | 1.14x | 1.22x | 1.33x | 1.39x | 1.05x | 1.08x | 1.14x | 1.25x | 1.19x |
| Cash conversion | 0.48x | — | — | — | — | — | — | 1.46x | 1.58x | 2.09x | 1.58x |