The business behind the dividend
| Measure | BGS | Median | Formula |
|---|---|---|---|
| Return on equity | -9.6% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | 4.0% | 10.0% | Operating income ÷ (equity + total debt) |
| Owner earnings | $-7.68m | $120.90m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $70.75m | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | 5.3% | 14.3% | Operating income ÷ revenue |
| Net margin | -2.4% | 10.1% | Net income ÷ revenue |
| Debt to equity | 4.31x | 0.73x | Total debt ÷ shareholders’ equity |
| Interest cover | 0.65x | 4.22x | Operating income ÷ interest expense |
| Current ratio | 3.32x | 1.55x | Current assets ÷ current liabilities |
| Long-term debt to working capital | 3.76x | 1.88x | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | — | — | Operating cash flow ÷ net income |
| Accruals | -5.1% | -3.1% | (Net income − operating cash flow) ÷ total assets |
Not computed here: Cash conversion — 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 | 2026 | 2024 | 2023 | 2022 | 2022 | 2021 | 2019 | 2018 | 2017 | 2016 | Median |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on equity | -9.6% | -47.9% | -7.9% | -1.3% | 7.3% | 15.9% | 9.4% | 19.2% | 24.7% | 13.9% | 7.3% |
| Return on capital employed | 4.0% | -7.0% | 2.8% | 3.0% | 6.2% | 8.7% | 7.6% | 13.4% | 7.7% | 10.1% | 6.2% |
| Operating margin | 5.3% | -9.2% | 3.9% | 4.6% | 9.5% | 14.0% | 12.3% | 20.0% | 14.5% | 18.4% | 9.5% |
| Net margin | -2.4% | -13.0% | -3.2% | -0.5% | 3.3% | 6.7% | 4.6% | 10.1% | 13.2% | 8.0% | 3.3% |
| Debt to equity | 4.31x | 3.85x | 2.45x | 2.75x | 2.46x | 2.81x | 2.31x | 1.82x | 2.52x | 2.20x | 2.46x |
| Current ratio | 3.32x | 3.30x | 3.06x | 3.75x | 3.42x | 3.00x | 3.05x | 2.27x | 4.40x | 2.63x | 3.06x |
| Cash conversion | — | — | — | — | 1.39x | 2.13x | 0.61x | 1.21x | 0.17x | 2.65x | 1.21x |
How it compares in consumer staples
Among the 64 consumer staples companies here measured on free cash flow, B&G Foods pays out less than 11 of them. The median for that group is 53.9%, against this company’s 85.7%.
Closest on free cash flow
- General Mills (GIS) 80.9%
- Philip Morris International (PM) 80.9%
- Keurig Dr Pepper (KDP) 83.1%
- Kenvue (KVUE) 91.8%
Same sector and same denominator, so the figures are comparable. All 72 in consumer staples →