The business behind the dividend
| Measure | ODC | Median | Formula |
|---|---|---|---|
| Return on equity | 20.8% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | — | — | Operating income ÷ (equity + total debt) |
| Owner earnings | $43.48m | $120.90m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $47.62m | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | 14.0% | 14.3% | Operating income ÷ revenue |
| Net margin | 11.1% | 10.1% | Net income ÷ revenue |
| Debt to equity | — | — | Total debt ÷ shareholders’ equity |
| Interest cover | 28.03x | 4.22x | Operating income ÷ interest expense |
| Current ratio | 2.56x | 1.55x | Current assets ÷ current liabilities |
| Long-term debt to working capital | — | — | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | 1.48x | 1.66x | Operating cash flow ÷ net income |
| Accruals | -6.7% | -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 | 20.8% | 18.7% | 16.7% | 3.8% | 7.0% | 12.8% | 9.3% | 6.2% | 8.6% | 11.8% | 9.3% |
| Return on capital employed | — | — | — | — | — | — | — | — | 11.0% | 11.8% | 11.0% |
| Operating margin | 14.0% | 11.8% | 9.9% | 1.4% | 4.3% | 8.8% | 3.8% | 6.0% | 5.8% | 5.9% | 5.9% |
| Net margin | 11.1% | 9.0% | 7.2% | 1.6% | 3.6% | 6.7% | 4.6% | 3.1% | 4.1% | 5.2% | 4.6% |
| Debt to equity | — | — | — | — | — | — | — | — | 0.10x | 0.13x | 0.10x |
| Current ratio | 2.56x | 2.21x | 2.32x | 2.31x | 2.61x | 2.35x | 2.74x | 2.68x | 2.86x | 2.97x | 2.56x |
| Cash conversion | 1.48x | 1.53x | 1.68x | 1.59x | 1.23x | 2.25x | 2.12x | 1.29x | 2.50x | 1.85x | 1.59x |
How it compares in consumer discretionary
Among the 169 consumer discretionary companies here measured on free cash flow, Oil-Dri Corp of America pays out less than 130 of them. The median for that group is 33.1%, against this company’s 17.6%.
Closest on free cash flow
- Barrett Business Services (BBSI) 17.3%
- Unifirst (UNF) 17.3%
- Carriage Services (CSV) 17.5%
- Walt Disney (DIS) 17.9%
Same sector and same denominator, so the figures are comparable. All 197 in consumer discretionary →