The business behind the dividend
| Measure | JJSF | Median | Formula |
|---|---|---|---|
| Return on equity | 6.8% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | 8.7% | 10.0% | Operating income ÷ (equity + total debt) |
| Owner earnings | $56.05m | $120.90m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $82.25m | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | 5.3% | 14.3% | Operating income ÷ revenue |
| Net margin | 4.1% | 10.1% | Net income ÷ revenue |
| Debt to equity | 0.00x | 0.73x | Total debt ÷ shareholders’ equity |
| Interest cover | 56.48x | 4.22x | Operating income ÷ interest expense |
| Current ratio | 2.72x | 1.55x | Current assets ÷ current liabilities |
| Long-term debt to working capital | 0.00x | 1.88x | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | 2.52x | 1.66x | Operating cash flow ÷ net income |
| Accruals | -7.2% | -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 | 6.8% | 9.0% | 8.7% | 5.5% | 6.6% | 2.3% | 11.4% | 13.6% | 11.6% | 11.9% | 8.7% |
| Return on capital employed | 8.7% | 12.3% | 11.7% | 6.7% | 8.4% | — | — | — | — | 17.3% | 8.7% |
| Operating margin | 5.3% | 7.5% | 7.0% | 4.5% | 6.2% | 1.7% | 9.9% | 9.7% | 10.9% | 11.4% | 7.0% |
| Net margin | 4.1% | 5.5% | 5.1% | 3.4% | 4.9% | 1.8% | 8.0% | 9.1% | 7.3% | 7.7% | 5.1% |
| Debt to equity | 0.00x | 0.00x | 0.03x | 0.06x | 0.00x | — | — | — | — | 0.02x | 0.00x |
| Current ratio | 2.72x | 2.59x | 2.46x | 2.45x | 3.49x | 3.72x | 4.18x | 3.25x | 3.21x | 3.47x | 3.21x |
| Cash conversion | 2.52x | 2.00x | 2.18x | 0.55x | 1.83x | 5.03x | 1.56x | 1.19x | 1.58x | 1.60x | 1.60x |
How it compares in consumer staples
Among the 64 consumer staples companies here measured on free cash flow, J&J Snack Foods pays out less than 18 of them. The median for that group is 53.9%, against this company’s 73.9%.
Closest on free cash flow
- Cal-Maine Foods (CALM) 70.5%
- Edgewell Personal Care (EPC) 70.8%
- Altria Group (MO) 76.7%
- Mondelez International (MDLZ) 76.9%
Same sector and same denominator, so the figures are comparable. All 72 in consumer staples →