The business behind the dividend
| Measure | IEP | Median | Formula |
|---|---|---|---|
| Return on equity | -15.4% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | — | — | Operating income ÷ (equity + total debt) |
| Owner earnings | $-37.00m | $120.90m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $-654.00m | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | -3.6% | 14.3% | Operating income ÷ revenue |
| Net margin | -3.1% | 10.1% | Net income ÷ revenue |
| Debt to equity | — | — | Total debt ÷ shareholders’ equity |
| Interest cover | -0.68x | 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 | — | — | Operating cash flow ÷ net income |
| Accruals | 0.1% | -3.1% | (Net income − operating cash flow) ÷ total assets |
Not computed here: Cash conversion, Current ratio, Debt to equity, 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 | -15.4% | -18.0% | -21.3% | -4.7% | -14.6% | -48.9% | -20.1% | 22.7% | 48.1% | -52.4% | -18.0% |
| Operating margin | -3.6% | -5.7% | -8.4% | 0.1% | -5.1% | -42.2% | -19.3% | 1.9% | 14.8% | -32.2% | -5.7% |
| Net margin | -3.1% | -4.4% | -6.3% | -1.3% | -4.6% | -27.0% | -12.2% | 12.6% | 19.4% | -15.3% | -4.6% |
| Cash conversion | — | — | — | — | — | — | — | 0.62x | -0.55x | — | -0.55x |