The business behind the dividend
| Measure | GBX | Median | Formula |
|---|---|---|---|
| Return on equity | 13.3% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | 11.0% | 10.0% | Operating income ÷ (equity + total debt) |
| Owner earnings | $45.20m | $120.90m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $-14.70m | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | 11.1% | 14.3% | Operating income ÷ revenue |
| Net margin | 6.3% | 10.1% | Net income ÷ revenue |
| Debt to equity | 1.14x | 0.73x | Total debt ÷ shareholders’ equity |
| Interest cover | 4.38x | 4.22x | 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 | 1.30x | 1.66x | Operating cash flow ÷ net income |
| Accruals | -1.4% | -3.1% | (Net income − operating cash flow) ÷ total assets |
Not computed here: Current ratio — 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 | 13.3% | 11.6% | 5.0% | 3.7% | 2.5% | 3.8% | 5.6% | 12.1% | 11.4% | 21.0% | 5.6% |
| Return on capital employed | 11.0% | 10.4% | 6.9% | 4.6% | 1.9% | 8.0% | 8.8% | 15.0% | 16.5% | 34.7% | 8.8% |
| Operating margin | 11.1% | 9.2% | 4.5% | 4.0% | 2.3% | 6.0% | 6.1% | 10.0% | — | — | 6.1% |
| Net margin | 6.3% | 4.5% | 1.6% | 1.6% | 1.9% | 1.8% | 2.3% | 6.0% | — | — | 2.3% |
| Debt to equity | 1.14x | 1.28x | 1.05x | 0.99x | 0.63x | 0.62x | 0.64x | 0.35x | 0.55x | 0.35x | 0.63x |
| Cash conversion | 1.30x | 2.06x | 1.14x | -3.21x | -1.25x | 5.56x | -0.30x | 0.68x | 2.46x | 1.84x | 1.14x |