The business behind the dividend
| Measure | EBF | Median | Formula |
|---|---|---|---|
| Return on equity | 13.8% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | — | — | Operating income ÷ (equity + total debt) |
| Owner earnings | $39.97m | $120.90m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $41.03m | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | 13.4% | 14.3% | Operating income ÷ revenue |
| Net margin | 10.9% | 10.1% | Net income ÷ revenue |
| Debt to equity | — | — | Total debt ÷ shareholders’ equity |
| Interest cover | — | — | Operating income ÷ interest expense |
| Current ratio | 3.72x | 1.55x | Current assets ÷ current liabilities |
| Long-term debt to working capital | — | — | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | 1.24x | 1.66x | Operating cash flow ÷ net income |
| Accruals | -2.8% | -3.1% | (Net income − operating cash flow) ÷ total assets |
Not computed here: Debt to equity, Long-term debt to working capital, Interest cover, Return on capital employed — 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 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | Median |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on equity | 13.8% | 13.3% | 12.2% | 14.3% | 9.5% | 8.0% | 13.0% | 12.9% | 12.6% | 0.7% | 12.6% |
| Return on capital employed | — | — | — | — | — | — | — | 15.7% | 16.4% | 14.9% | 15.7% |
| Operating margin | 13.4% | 13.2% | 13.4% | 15.3% | 10.9% | 10.0% | 11.6% | 12.5% | 12.9% | 11.7% | 12.5% |
| Net margin | 10.9% | 10.2% | 10.1% | 11.0% | 7.2% | 6.7% | 8.7% | 9.3% | 8.9% | 0.5% | 8.9% |
| Debt to equity | — | — | — | — | — | — | — | 0.10x | 0.11x | 0.12x | 0.11x |
| Current ratio | 3.72x | 4.59x | 5.96x | 4.77x | 4.44x | 4.22x | 3.95x | 5.25x | 5.52x | 4.98x | 4.59x |
| Cash conversion | 1.24x | 1.64x | 1.62x | 0.99x | 1.75x | 2.19x | 1.49x | 1.37x | 1.38x | 33.08x | 1.49x |
How it compares in communications
Among the 33 communications companies here measured on free cash flow, Ennis pays out less than 6 of them. The median for that group is 30.4%, against this company’s 63.1%.
Closest on free cash flow
- Telephone & Data Systems (TDS) 44.0%
- ACCO Brands (ACCO) 54.9%
- Verizon Communications (VZ) 57.0%
- Sinclair (SBGI) 60.0%
Same sector and same denominator, so the figures are comparable. All 43 in communications →