The business behind the dividend
| Measure | INSW | Median | Formula |
|---|---|---|---|
| Return on equity | 15.3% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | 13.3% | 10.0% | Operating income ÷ (equity + total debt) |
| Owner earnings | $132.37m | $120.90m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $39.57m | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | 41.0% | 14.3% | Operating income ÷ revenue |
| Net margin | 36.7% | 10.1% | Net income ÷ revenue |
| Debt to equity | 0.28x | 0.73x | Total debt ÷ shareholders’ equity |
| Interest cover | 8.09x | 4.22x | Operating income ÷ interest expense |
| Current ratio | 3.71x | 1.55x | Current assets ÷ current liabilities |
| Long-term debt to working capital | 2.02x | 1.88x | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | 1.23x | 1.66x | Operating cash flow ÷ net income |
| Accruals | -2.7% | -3.1% | (Net income − operating cash flow) ÷ total assets |
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 | 15.3% | 22.5% | 32.4% | 26.1% | -11.4% | -0.6% | -0.1% | -8.8% | -9.8% | -1.5% | -0.6% |
| Return on capital employed | 13.3% | 17.9% | 25.2% | 17.6% | -4.9% | 2.6% | 3.3% | -3.0% | -6.6% | 0.4% | 2.6% |
| Operating margin | 41.0% | 47.8% | 57.4% | 51.2% | -41.1% | 9.5% | 15.1% | -20.2% | -37.2% | 1.8% | 9.5% |
| Net margin | 36.7% | 43.8% | 51.9% | 44.9% | -49.0% | -1.3% | -0.2% | -32.9% | -36.6% | -4.6% | -1.3% |
| Debt to equity | 0.28x | 0.37x | 0.42x | 0.69x | 0.94x | 0.55x | 0.65x | 0.80x | 0.51x | 0.37x | 0.51x |
| Current ratio | 3.71x | 2.87x | 2.38x | 2.50x | 0.96x | 2.36x | 1.64x | 2.23x | 2.79x | 3.79x | 2.38x |
| Cash conversion | 1.23x | 1.31x | 1.24x | 0.74x | — | — | — | — | — | — | 1.24x |
How it compares in industrials
Among the 289 industrials companies here measured on free cash flow, International Seaways pays out less than 2 of them. The median for that group is 24.4%, against this company’s 365.4%.
Closest on free cash flow
- Concrete Pumping Holdings (BBCP) 303.1%
- Wesco International (WCC) 350.8%
- Park Ohio Holdings (PKOH) 390.0%
- Autoscope Technologies (AATC) 406.7%
Same sector and same denominator, so the figures are comparable. All 348 in industrials →