The business behind the dividend
| Measure | NC | Median | Formula |
|---|---|---|---|
| Return on equity | 4.1% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | 4.1% | 10.0% | Operating income ÷ (equity + total debt) |
| Owner earnings | $-5.77m | $120.90m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $2.28m | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | 7.9% | 14.3% | Operating income ÷ revenue |
| Net margin | 6.3% | 10.1% | Net income ÷ revenue |
| Debt to equity | 0.23x | 0.73x | Total debt ÷ shareholders’ equity |
| Interest cover | 3.82x | 4.22x | Operating income ÷ interest expense |
| Current ratio | 3.09x | 1.55x | Current assets ÷ current liabilities |
| Long-term debt to working capital | 0.69x | 1.88x | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | 2.90x | 1.66x | Operating cash flow ÷ net income |
| Accruals | -5.0% | -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 | 4.1% | 8.3% | -10.4% | 17.4% | 13.7% | 4.9% | 13.7% | 13.9% | 13.8% | 13.4% | 13.4% |
| Return on capital employed | 4.1% | 7.1% | -16.8% | 15.7% | 14.9% | 3.9% | 12.7% | 16.9% | 12.5% | -0.5% | 7.1% |
| Operating margin | 7.9% | 15.0% | -32.7% | 29.0% | 28.9% | 10.5% | 27.5% | 32.2% | 31.3% | -1.5% | 15.0% |
| Net margin | 6.3% | 14.2% | -18.4% | 30.7% | 25.1% | 11.5% | 28.1% | 25.7% | 29.0% | 26.7% | 25.1% |
| Debt to equity | 0.23x | 0.25x | 0.09x | 0.04x | 0.06x | 0.15x | 0.06x | 0.03x | 0.20x | 0.44x | 0.09x |
| Current ratio | 3.09x | 4.08x | 3.31x | 5.88x | 4.41x | 3.60x | 3.24x | 3.89x | 3.28x | 1.72x | 3.31x |
| Cash conversion | 2.90x | 0.66x | — | 0.91x | 1.56x | -0.17x | 1.33x | 1.57x | 1.36x | 3.17x | 1.36x |
How it compares in energy
Among the 47 energy companies here measured on free cash flow, Nacco Industries pays out less than 1 of them. The median for that group is 38.2%, against this company’s 321.1%.
Closest on free cash flow
- Core Natural Resources (CNR) 124.1%
- CKX Lands (CKX) 125.2%
- Vitesse Energy (VTS) 186.9%
- Liberty Energy (LBRT) 386.2%
Same sector and same denominator, so the figures are comparable. All 66 in energy →