The business behind the dividend
| Measure | NWL | Median | Formula |
|---|---|---|---|
| Return on equity | -11.9% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | 0.6% | 10.0% | Operating income ÷ (equity + total debt) |
| Owner earnings | $-221.00m | $120.90m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $17.00m | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | 0.5% | 14.3% | Operating income ÷ revenue |
| Net margin | -4.0% | 10.1% | Net income ÷ revenue |
| Debt to equity | 1.95x | 0.73x | Total debt ÷ shareholders’ equity |
| Interest cover | 0.11x | 4.22x | Operating income ÷ interest expense |
| Current ratio | 1.07x | 1.55x | Current assets ÷ current liabilities |
| Long-term debt to working capital | 24.83x | 1.88x | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | — | — | Operating cash flow ÷ net income |
| Accruals | -5.1% | -3.1% | (Net income − operating cash flow) ÷ total assets |
Not computed here: Cash conversion — 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 | -11.9% | -7.9% | -12.5% | 5.6% | 15.0% | -19.8% | 2.2% | -133.0% | 19.4% | 4.7% | -7.9% |
| Return on capital employed | 0.6% | 0.9% | -1.1% | 3.5% | 11.2% | -6.6% | -4.5% | -61.7% | 2.9% | 1.3% | 0.6% |
| Operating margin | 0.5% | 0.9% | -1.0% | 3.3% | 9.6% | -6.7% | -5.0% | -74.4% | 6.3% | 3.2% | 0.5% |
| Net margin | -4.0% | -2.8% | -4.8% | 2.1% | 5.9% | -8.2% | 1.1% | -68.4% | 24.6% | 5.7% | -2.8% |
| Debt to equity | 1.95x | 1.67x | 1.58x | 1.53x | 1.18x | 1.45x | 1.15x | 1.34x | 0.75x | 1.05x | 1.34x |
| Current ratio | 1.07x | 1.14x | 1.16x | 1.32x | 1.31x | 1.28x | 1.38x | 1.80x | 2.19x | 1.74x | 1.31x |
| Cash conversion | — | — | — | -1.38x | 1.42x | — | 9.76x | — | 0.35x | 3.49x | 1.42x |