The business behind the dividend
| Measure | PRGO | Median | Formula |
|---|---|---|---|
| Return on equity | -48.6% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | -17.1% | 10.0% | Operating income ÷ (equity + total debt) |
| Owner earnings | $-1.18bn | $120.90m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $145.10m | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | -26.4% | 14.3% | Operating income ÷ revenue |
| Net margin | -33.5% | 10.1% | Net income ÷ revenue |
| Debt to equity | 1.24x | 0.73x | Total debt ÷ shareholders’ equity |
| Interest cover | -5.56x | 4.22x | Operating income ÷ interest expense |
| Current ratio | 2.76x | 1.55x | Current assets ÷ current liabilities |
| Long-term debt to working capital | 2.02x | 1.88x | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | — | — | Operating cash flow ÷ net income |
| Accruals | -19.5% | -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 | -48.6% | -4.0% | -0.3% | -2.9% | -1.3% | -2.9% | 2.5% | 2.3% | 1.9% | -67.4% | -2.9% |
| Return on capital employed | -17.1% | 1.4% | 1.7% | 0.9% | 4.7% | 2.9% | 1.9% | 2.7% | 6.3% | -17.0% | 1.7% |
| Operating margin | -26.4% | 2.6% | 3.3% | 1.8% | 9.9% | 6.5% | 4.5% | 5.0% | 12.1% | -37.9% | 3.3% |
| Net margin | -33.5% | -3.9% | -0.3% | -3.2% | -1.7% | -4.0% | 3.8% | 2.8% | 2.4% | -76.0% | -3.2% |
| Debt to equity | 1.24x | 0.84x | 0.85x | 0.85x | 0.68x | 0.63x | 0.58x | 0.57x | 0.54x | 0.97x | 0.68x |
| Current ratio | 2.76x | 2.38x | 1.79x | 2.44x | 2.43x | 2.27x | 2.04x | 1.89x | 1.96x | 1.53x | 2.04x |
| Cash conversion | — | — | — | — | — | — | 2.65x | 4.53x | 5.84x | — | 4.53x |
How it compares in health care
Among the 60 health care companies here measured on free cash flow, PERRIGO pays out less than 3 of them. The median for that group is 29.8%, against this company’s 109.8%.
Closest on free cash flow
- Baxter International (BAX) 104.8%
- Pfizer (PFE) 107.7%
- 3M (MMM) 111.9%
- Humana (HUM) 114.7%
Same sector and same denominator, so the figures are comparable. All 76 in health care →