The business behind the dividend
| Measure | BEN | Median | Formula |
|---|---|---|---|
| Return on equity | 4.3% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | 4.2% | 10.0% | Operating income ÷ (equity + total debt) |
| Owner earnings | $495.70m | $120.90m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $911.60m | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | 6.9% | 14.3% | Operating income ÷ revenue |
| Net margin | 6.0% | 10.1% | Net income ÷ revenue |
| Debt to equity | 0.20x | 0.73x | Total debt ÷ shareholders’ equity |
| Interest cover | — | — | Operating income ÷ interest expense |
| Current ratio | — | — | Current assets ÷ current liabilities |
| Long-term debt to working capital | — | — | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | — | — | Operating cash flow ÷ net income |
| Accruals | -1.7% | -3.1% | (Net income − operating cash flow) ÷ total assets |
Not computed here: Cash conversion, Current ratio, Interest cover — 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 | 4.3% | 3.7% | 7.4% | 11.3% | 16.3% | 7.9% | 12.1% | 7.7% | 13.4% | 14.5% | 7.9% |
| Return on capital employed | 4.2% | 2.7% | 7.4% | 11.9% | 12.8% | 8.0% | 13.8% | 19.1% | 16.6% | 17.7% | 11.9% |
| Operating margin | 6.9% | 4.8% | 14.0% | 21.4% | 22.3% | 18.8% | 25.9% | 32.7% | 35.4% | 35.7% | 21.4% |
| Net margin | 6.0% | 5.5% | 11.2% | 15.6% | 21.7% | 14.4% | 21.1% | 12.3% | 26.5% | 26.1% | 14.4% |
| Debt to equity | 0.20x | 0.22x | 0.26x | 0.29x | 0.30x | 0.30x | 0.07x | 0.07x | 0.08x | 0.12x | 0.20x |
How it compares in financial services
Among the 52 financial services companies here measured on free cash flow, Franklin Resources pays out less than 8 of them. The median for that group is 31.5%, against this company’s 75.0%.
Closest on free cash flow
- NOAH Holdings (NOAH) 64.9%
- Value Line (VALU) 65.8%
- TPG (TPG) 73.8%
- Price T Rowe Group (TROW) 77.3%
Same sector and same denominator, so the figures are comparable. All 67 in financial services →