The business behind the dividend
| Measure | MCRI | Median | Formula |
|---|---|---|---|
| Return on equity | 18.9% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | — | — | Operating income ÷ (equity + total debt) |
| Owner earnings | $119.09m | $120.90m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $128.43m | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | 23.7% | 14.3% | Operating income ÷ revenue |
| Net margin | 18.6% | 10.1% | Net income ÷ revenue |
| Debt to equity | — | — | Total debt ÷ shareholders’ equity |
| Interest cover | 519.81x | 4.22x | Operating income ÷ interest expense |
| Current ratio | 0.86x | 1.55x | Current assets ÷ current liabilities |
| Long-term debt to working capital | — | — | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | 1.62x | 1.66x | Operating cash flow ÷ net income |
| Accruals | -8.9% | -3.1% | (Net income − operating cash flow) ÷ total assets |
Not computed here: Debt to equity, Long-term debt to working capital, 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 | 18.9% | 14.1% | 16.1% | 16.2% | 15.3% | 6.4% | 9.3% | 11.3% | 9.6% | 10.5% | 11.3% |
| Return on capital employed | — | — | 20.9% | — | — | — | — | — | — | 14.8% | 14.8% |
| Operating margin | 23.7% | 17.7% | 21.6% | 22.8% | 21.6% | 8.1% | 15.9% | 17.7% | 14.6% | 14.6% | 17.7% |
| Net margin | 18.6% | 13.9% | 16.4% | 18.3% | 17.3% | 12.8% | 12.8% | 14.2% | 9.1% | 9.3% | 13.9% |
| Debt to equity | — | — | 0.01x | — | — | — | — | — | — | 0.11x | 0.01x |
| Current ratio | 0.86x | 0.62x | 0.61x | 0.76x | 0.60x | 0.67x | 1.00x | 0.79x | 1.17x | 1.12x | 0.76x |
| Cash conversion | 1.62x | 1.93x | 2.10x | 1.60x | 1.87x | 1.33x | 1.99x | 1.72x | 1.94x | 1.78x | 1.78x |
How it compares in consumer discretionary
Among the 169 consumer discretionary companies here measured on free cash flow, Monarch Casino & Resort pays out less than 135 of them. The median for that group is 33.1%, against this company’s 17.0%.
Closest on free cash flow
- Perdoceo Education (PRDO) 17.2%
- Barrett Business Services (BBSI) 17.3%
- Unifirst (UNF) 17.3%
- Carriage Services (CSV) 17.5%
Same sector and same denominator, so the figures are comparable. All 197 in consumer discretionary →