The business behind the dividend
| Measure | JL | Median | Formula |
|---|---|---|---|
| Return on equity | 17.2% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | 14.6% | 10.0% | Operating income ÷ (equity + total debt) |
| Owner earnings | $1.79m | $120.90m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $6.20m | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | 6.1% | 14.3% | Operating income ÷ revenue |
| Net margin | 6.6% | 10.1% | Net income ÷ revenue |
| Debt to equity | 0.09x | 0.73x | Total debt ÷ shareholders’ equity |
| Interest cover | 23.59x | 4.22x | Operating income ÷ interest expense |
| Current ratio | 2.68x | 1.55x | Current assets ÷ current liabilities |
| Long-term debt to working capital | — | — | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | 2.79x | 1.66x | Operating cash flow ÷ net income |
| Accruals | -19.8% | -3.1% | (Net income − operating cash flow) ÷ total assets |
Not computed here: Long-term debt to working capital — 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 | Median |
|---|---|---|---|---|---|
| Return on equity | 17.2% | 7.7% | 58.7% | 63.5% | 58.7% |
| Return on capital employed | 14.6% | 3.1% | 44.6% | — | 14.6% |
| Operating margin | 6.1% | 1.3% | 16.3% | 14.4% | 14.4% |
| Net margin | 6.6% | 2.8% | 17.4% | 11.7% | 11.7% |
| Debt to equity | 0.09x | 0.20x | 0.23x | — | 0.20x |
| Current ratio | 2.68x | 2.67x | 2.34x | — | 2.67x |
| Cash conversion | 2.79x | -1.91x | 0.29x | 1.26x | 1.26x |
How it compares in consumer discretionary
Among the 169 consumer discretionary companies here measured on free cash flow, J-Long Group pays out less than 156 of them. The median for that group is 33.1%, against this company’s 6.5%.
Closest on free cash flow
- Group 1 Automotive (GPI) 6.0%
- PROG Holdings (PRG) 6.4%
- WillScot Holdings (WSC) 6.9%
- Baozun (BZUN) 7.1%
Same sector and same denominator, so the figures are comparable. All 197 in consumer discretionary →