The business behind the dividend
| Measure | HY | Median | Formula |
|---|---|---|---|
| Return on equity | -12.7% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | -1.9% | 10.0% | Operating income ÷ (equity + total debt) |
| Owner earnings | $-76.80m | $120.90m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $23.60m | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | -0.6% | 14.3% | Operating income ÷ revenue |
| Net margin | -1.6% | 10.1% | Net income ÷ revenue |
| Debt to equity | 1.52x | 0.73x | Total debt ÷ shareholders’ equity |
| Interest cover | -0.71x | 4.22x | Operating income ÷ interest expense |
| Current ratio | 1.34x | 1.55x | Current assets ÷ current liabilities |
| Long-term debt to working capital | 1.37x | 1.88x | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | — | — | Operating cash flow ÷ net income |
| Accruals | -7.2% | -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 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | Median |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on equity | -12.7% | 30.0% | 32.3% | -36.3% | -48.4% | 6.0% | 6.6% | 6.6% | 8.6% | 9.2% | 6.6% |
| Return on capital employed | -1.9% | 26.7% | 23.6% | -5.2% | -17.4% | 5.5% | 6.5% | 4.8% | 8.7% | 5.5% | 5.5% |
| Operating margin | -0.6% | 5.7% | 5.1% | -1.1% | -5.0% | 1.8% | 1.6% | 1.2% | 2.6% | 1.3% | 1.3% |
| Net margin | -1.6% | 3.3% | 3.1% | -2.1% | -5.6% | 1.3% | 1.1% | 1.1% | 1.7% | 1.7% | 1.1% |
| Debt to equity | 1.52x | 0.93x | 1.27x | 2.70x | 1.45x | 0.47x | 0.51x | 0.55x | 0.50x | 0.29x | 0.55x |
| Current ratio | 1.34x | 1.35x | 1.22x | 1.09x | 1.22x | 1.49x | 1.41x | 1.46x | 1.63x | 1.41x | 1.35x |
| Cash conversion | — | 1.20x | 1.20x | — | — | 4.50x | 2.14x | 1.95x | 3.39x | -1.14x | 1.95x |
How it compares in industrials
Among the 289 industrials companies here measured on free cash flow, Hyster-Yale pays out less than 20 of them. The median for that group is 24.4%, against this company’s 107.6%.
Closest on free cash flow
- Universal (UVV) 101.3%
- Park Aerospace (PKE) 105.3%
- United Parcel Service (UPS) 113.3%
- Genco Shipping & Trading (GNK) 114.3%
Same sector and same denominator, so the figures are comparable. All 348 in industrials →