The business behind the dividend
| Measure | NPK | Median | Formula |
|---|---|---|---|
| Return on equity | 8.4% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | — | — | Operating income ÷ (equity + total debt) |
| Owner earnings | $9.67m | $120.90m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $-36.17m | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | 8.0% | 14.3% | Operating income ÷ revenue |
| Net margin | 6.6% | 10.1% | Net income ÷ revenue |
| Debt to equity | — | — | Total debt ÷ shareholders’ equity |
| Interest cover | 48.37x | 4.22x | Operating income ÷ interest expense |
| Current ratio | 4.24x | 1.55x | Current assets ÷ current liabilities |
| Long-term debt to working capital | — | — | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | -0.28x | 1.66x | Operating cash flow ÷ net income |
| Accruals | 8.4% | -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 | 8.4% | 11.3% | 9.7% | 5.9% | 7.2% | 12.5% | 11.5% | 10.9% | 14.5% | 12.7% | 10.9% |
| Operating margin | 8.0% | 11.6% | 10.3% | 6.9% | 8.4% | 15.9% | 15.0% | 14.8% | 18.5% | 18.3% | 11.6% |
| Net margin | 6.6% | 10.7% | 10.1% | 6.4% | 7.2% | 13.3% | 13.7% | 12.4% | 15.9% | 13.0% | 10.7% |
| Current ratio | 4.24x | 4.93x | 5.00x | 6.09x | 6.55x | 6.48x | 8.60x | 7.42x | 7.44x | 5.29x | 6.09x |
| Cash conversion | -0.28x | -1.29x | 1.31x | 0.42x | 1.35x | 0.87x | 0.23x | 1.91x | 0.46x | 1.49x | 0.46x |