The business behind the dividend
| Measure | ESP | Median | Formula |
|---|---|---|---|
| Return on equity | 16.0% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | — | — | Operating income ÷ (equity + total debt) |
| Owner earnings | $4.23m | $120.90m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $16.63m | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | — | — | Operating income ÷ revenue |
| Net margin | — | — | Net income ÷ revenue |
| Debt to equity | — | — | Total debt ÷ shareholders’ equity |
| Interest cover | — | — | Operating income ÷ interest expense |
| Current ratio | 2.66x | 1.55x | Current assets ÷ current liabilities |
| Long-term debt to working capital | — | — | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | 2.58x | 1.66x | Operating cash flow ÷ net income |
| Accruals | -16.2% | -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 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | Median |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on equity | 16.0% | 14.1% | 10.2% | 3.9% | -0.6% | 3.7% | 7.3% | 9.2% | 3.6% | 9.8% | 7.3% |
| Operating margin | — | — | 12.1% | 4.8% | -1.5% | 3.7% | 7.3% | 11.9% | 6.8% | 15.8% | 7.3% |
| Net margin | — | — | 10.3% | 3.9% | -0.7% | 3.7% | 6.4% | 9.5% | 5.0% | 11.6% | 6.4% |
| Current ratio | 2.66x | 3.49x | 3.89x | 4.87x | 4.68x | 5.15x | 9.14x | 9.96x | 9.84x | 17.25x | 4.87x |
| Cash conversion | 2.58x | 1.82x | 1.06x | 1.75x | — | 5.13x | -1.54x | 0.08x | 5.65x | 1.81x | 1.81x |
How it compares in technology
Among the 101 technology companies here measured on free cash flow, Espey Mfg & Electronics pays out less than 71 of them. The median for that group is 27.8%, against this company’s 15.6%.
Closest on free cash flow
- Atkore (ATKR) 15.0%
- SS&C Technologies Holdings (SSNC) 15.3%
- Apple (AAPL) 15.6%
- Pitney Bowes (PBI) 16.1%
Same sector and same denominator, so the figures are comparable. All 115 in technology →