The business behind the dividend
| Measure | LADR | Median | Formula |
|---|---|---|---|
| Return on equity | 4.3% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | — | — | Operating income ÷ (equity + total debt) |
| Owner earnings | $87.35m | $120.90m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $78.68m | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | 25.2% | 14.3% | Operating income ÷ revenue |
| Net margin | 23.9% | 10.1% | Net income ÷ revenue |
| Debt to equity | — | — | Total debt ÷ shareholders’ equity |
| Interest cover | 0.43x | 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 | 1.37x | 1.66x | Operating cash flow ÷ net income |
| Accruals | -0.5% | -3.1% | (Net income − operating cash flow) ÷ total assets |
Not computed here: 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 | 4.3% | 7.0% | 6.6% | 10.8% | 3.8% | -0.6% | 9.4% | 15.3% | 10.2% | 11.7% | 7.0% |
| Operating margin | 25.2% | 30.9% | 25.7% | 58.0% | 32.8% | -8.0% | 42.3% | 66.2% | 50.7% | 50.8% | 32.8% |
| Net margin | 23.9% | 30.0% | 24.7% | 56.3% | 32.3% | -3.9% | 41.5% | 64.3% | 47.7% | 48.1% | 32.3% |
| Cash conversion | 1.37x | 1.25x | 1.80x | 0.65x | 1.40x | — | 1.34x | 0.90x | 0.10x | 2.98x | 1.34x |
How it compares in real estate
Among the 11 real estate companies here measured on free cash flow, Ladder Capital pays out less than 2 of them. The median for that group is 112.8%, against this company’s 149.2%.
Closest on free cash flow
- Procaccianti Hotel Reit (PRXA) 112.8%
- Rayonier (RYN) 124.7%
- Regency Centers (REG) 130.3%
- BrightSpire Capital (BRSP) 150.7%
Same sector and same denominator, so the figures are comparable. All 130 in real estate →