The business behind the dividend
| Measure | NVEC | Median | Formula |
|---|---|---|---|
| Return on equity | 26.1% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | — | — | Operating income ÷ (equity + total debt) |
| Owner earnings | $13.47m | $120.90m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $14.47m | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | — | — | Operating income ÷ revenue |
| Net margin | — | — | Net income ÷ revenue |
| Debt to equity | — | — | Total debt ÷ shareholders’ equity |
| Interest cover | — | — | Operating income ÷ interest expense |
| Current ratio | 28.21x | 1.55x | Current assets ÷ current liabilities |
| Long-term debt to working capital | — | — | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | 1.10x | 1.66x | Operating cash flow ÷ net income |
| Accruals | -2.4% | -3.1% | (Net income − operating cash flow) ÷ total assets |
Not computed here: Debt to equity, Long-term debt to working capital, Interest cover, 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 | 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | Median |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on equity | 26.1% | 24.2% | 26.1% | 33.8% | 22.5% | 16.5% | 18.6% | 17.5% | 16.1% | 14.0% | 18.6% |
| Operating margin | — | — | — | — | — | 59.6% | 61.1% | 60.2% | 61.8% | 61.6% | 61.1% |
| Net margin | — | — | — | — | — | 54.7% | 57.2% | 54.8% | 46.6% | 45.7% | 54.7% |
| Current ratio | 28.21x | 28.40x | 32.05x | 16.80x | 16.90x | 23.71x | 43.19x | 32.84x | 33.03x | 32.13x | 28.40x |
| Cash conversion | 1.10x | 0.95x | 1.07x | 0.84x | 0.86x | 1.14x | 1.09x | 0.98x | 1.09x | 0.96x | 0.98x |
How it compares in technology
Among the 101 technology companies here measured on free cash flow, NVE pays out less than 7 of them. The median for that group is 27.8%, against this company’s 133.7%.
Closest on free cash flow
- Hewlett Packard Enterprise (HPE) 109.1%
- Mind Cti (MNDO) 113.7%
- Microchip Technology (MCHP) 115.6%
- Energizer Holdings (ENR) 137.8%
Same sector and same denominator, so the figures are comparable. All 115 in technology →