The business behind the dividend
| Measure | NCMI | Median | Formula |
|---|---|---|---|
| Return on equity | -2.8% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | -3.6% | 10.0% | Operating income ÷ (equity + total debt) |
| Owner earnings | — | — | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $2.80m | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | -5.7% | 14.3% | Operating income ÷ revenue |
| Net margin | -4.4% | 10.1% | Net income ÷ revenue |
| Debt to equity | 0.03x | 0.73x | Total debt ÷ shareholders’ equity |
| Interest cover | -23.17x | 4.22x | Operating income ÷ interest expense |
| Current ratio | 2.22x | 1.55x | Current assets ÷ current liabilities |
| Long-term debt to working capital | 0.16x | 1.88x | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | — | — | Operating cash flow ÷ net income |
| Accruals | -3.9% | -3.1% | (Net income − operating cash flow) ÷ total assets |
Not computed here: Cash conversion, Owner earnings — 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 | 2026 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | Median |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on equity | -2.8% | -5.4% | 162.3% | — | — | — | — | — | — | — | -2.8% |
| Return on capital employed | -3.6% | -4.6% | -6.1% | 0.4% | -12.0% | -10.5% | 29.5% | 27.8% | 27.4% | 30.6% | -3.6% |
| Operating margin | -5.7% | -8.1% | -16.5% | 2.8% | -59.9% | -67.5% | 36.3% | 35.0% | 36.1% | 38.7% | -5.7% |
| Net margin | -4.4% | -9.3% | — | -11.5% | -42.5% | -72.3% | 8.1% | 6.8% | 13.7% | 7.4% | -4.4% |
| Debt to equity | 0.03x | 0.02x | 0.02x | — | — | — | — | — | — | — | 0.02x |
| Current ratio | 2.22x | 2.42x | 2.46x | 0.14x | 2.27x | 4.00x | 2.13x | 2.09x | 1.94x | 1.83x | 2.13x |
| Cash conversion | — | — | -0.01x | — | — | — | 3.98x | 5.04x | 2.38x | 4.06x | 3.98x |
How it compares in consumer discretionary
Among the 169 consumer discretionary companies here measured on free cash flow, National CineMedia pays out less than 0 of them. The median for that group is 33.1%, against this company’s 407.1%.
Closest on free cash flow
- Park Hotels & Resorts (PK) 274.5%
- Arcos Dorados Holdings (ARCO) 337.2%
- Whirlpool (WHR) 370.4%
- Oxford Industries (OXM) 372.6%
Same sector and same denominator, so the figures are comparable. All 197 in consumer discretionary →