The business behind the dividend
| Measure | NP | Median | Formula |
|---|---|---|---|
| Return on equity | — | — | Net income ÷ shareholders’ equity |
| Return on capital employed | — | — | Operating income ÷ (equity + total debt) |
| Owner earnings | — | — | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | — | — | Operating cash flow − capital expenditure |
| Operating margin | 44.5% | 14.3% | Operating income ÷ revenue |
| Net margin | 23.4% | 10.1% | Net income ÷ revenue |
| Debt to equity | — | — | Total debt ÷ shareholders’ equity |
| Interest cover | — | — | Operating income ÷ interest expense |
| Current ratio | 0.99x | 1.55x | Current assets ÷ current liabilities |
| Long-term debt to working capital | — | — | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | — | — | Operating cash flow ÷ net income |
| Accruals | -21.8% | -3.1% | (Net income − operating cash flow) ÷ total assets |
Not computed here: Cash conversion, Debt to equity, Long-term debt to working capital, Free cash flow, Interest cover, Owner earnings, Return on capital employed, Return on equity — 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 | Median |
|---|---|---|---|---|
| Operating margin | 44.5% | 57.4% | 53.5% | 53.5% |
| Net margin | 23.4% | 29.0% | 21.1% | 23.4% |
| Current ratio | 0.99x | 0.73x | — | 0.73x |
How it compares in financial services
Among the 7 financial services companies here measured on operating cash flow, Neptune Insurance Holdings pays out less than 0 of them. The median for that group is 52.7%, against this company’s 338.7%.
Closest on operating cash flow
- Equitable Holdings (EQH) 44.0%
- Brookfield Oaktree Holdings LLC (OAK-PA) 52.7%
- Alliancebernstein Holding L.P. (AB) 100.0%
- KKR (KKR) 136.0%
Same sector and same denominator, so the figures are comparable. All 67 in financial services →