The business behind the dividend
| Measure | DOLE | Median | Formula |
|---|---|---|---|
| Return on equity | 3.8% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | 10.0% | 10.0% | Operating income ÷ (equity + total debt) |
| Owner earnings | $42.48m | $120.90m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $1.71m | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | 2.4% | 14.3% | Operating income ÷ revenue |
| Net margin | 0.6% | 10.1% | Net income ÷ revenue |
| Debt to equity | 0.63x | 0.73x | Total debt ÷ shareholders’ equity |
| Interest cover | 3.35x | 4.22x | Operating income ÷ interest expense |
| Current ratio | 1.17x | 1.55x | Current assets ÷ current liabilities |
| Long-term debt to working capital | 3.11x | 1.88x | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | 2.40x | 1.66x | Operating cash flow ÷ net income |
| Accruals | -1.6% | -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 | Median |
|---|---|---|---|---|---|---|---|---|
| Return on equity | 3.8% | 9.7% | 9.9% | 7.4% | -0.7% | 9.8% | 9.0% | 9.0% |
| Return on capital employed | 10.0% | 12.5% | 11.7% | 7.3% | -0.4% | 7.7% | — | 7.7% |
| Operating margin | 2.4% | 3.3% | 3.3% | 2.2% | -0.1% | 1.5% | 1.1% | 2.2% |
| Net margin | 0.6% | 1.5% | 1.5% | 1.1% | -0.1% | 1.2% | 1.3% | 1.2% |
| Debt to equity | 0.63x | 0.73x | 0.85x | 1.05x | 1.25x | 0.63x | — | 0.73x |
| Current ratio | 1.17x | 1.17x | 1.12x | 1.10x | 1.20x | 1.06x | — | 1.12x |
| Cash conversion | 2.40x | 2.09x | 2.41x | 2.76x | — | 2.75x | 1.37x | 2.40x |