The business behind the dividend
| Measure | ITRN | Median | Formula |
|---|---|---|---|
| Return on equity | 26.6% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | — | — | Operating income ÷ (equity + total debt) |
| Owner earnings | $49.98m | $120.90m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $66.80m | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | 21.5% | 14.3% | Operating income ÷ revenue |
| Net margin | 16.1% | 10.1% | Net income ÷ revenue |
| Debt to equity | — | — | Total debt ÷ shareholders’ equity |
| Interest cover | — | — | Operating income ÷ interest expense |
| Current ratio | 2.28x | 1.55x | Current assets ÷ current liabilities |
| Long-term debt to working capital | — | — | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | 1.53x | 1.66x | Operating cash flow ÷ net income |
| Accruals | -7.9% | -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 | 26.6% | 29.0% | 27.6% | 25.4% | 25.9% | 12.7% | 5.3% | 39.5% | 34.8% | 31.4% | 26.6% |
| Return on capital employed | — | — | 37.7% | 34.6% | 30.1% | 13.8% | 10.5% | 26.8% | — | — | 26.8% |
| Operating margin | 21.5% | 21.2% | 20.6% | 20.1% | 20.2% | 11.3% | 8.1% | 24.6% | 24.1% | 24.1% | 20.6% |
| Net margin | 16.1% | 16.0% | 15.0% | 12.7% | 12.6% | 6.6% | 2.5% | 24.0% | 18.7% | 16.1% | 15.0% |
| Debt to equity | — | — | 0.00x | 0.16x | 0.37x | 0.58x | 0.67x | 0.52x | — | — | 0.37x |
| Current ratio | 2.28x | 2.22x | 1.93x | 1.62x | 1.56x | 1.59x | 1.72x | 1.80x | 2.09x | 1.98x | 1.80x |
| Cash conversion | 1.53x | 1.38x | 1.60x | 1.22x | 1.63x | 3.73x | 8.66x | 0.88x | 1.00x | 1.29x | 1.38x |
How it compares in industrials
Among the 289 industrials companies here measured on free cash flow, Ituran Location & Control pays out less than 48 of them. The median for that group is 24.4%, against this company’s 56.3%.
Closest on free cash flow
- ZTO Express (ZTO) 55.6%
- Seanergy Maritime Holdings (SHIP) 55.7%
- Norfolk Southern (NSC) 56.3%
- CSX (CSX) 56.8%
Same sector and same denominator, so the figures are comparable. All 348 in industrials →