The business behind the dividend
| Measure | QUAD | Median | Formula |
|---|---|---|---|
| Return on equity | — | — | Net income ÷ shareholders’ equity |
| Return on capital employed | 31.2% | 10.0% | Operating income ÷ (equity + total debt) |
| Owner earnings | $55.20m | $120.90m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $50.70m | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | 4.0% | 14.3% | Operating income ÷ revenue |
| Net margin | 1.1% | 10.1% | Net income ÷ revenue |
| Debt to equity | — | — | Total debt ÷ shareholders’ equity |
| Interest cover | 1.92x | 4.22x | Operating income ÷ interest expense |
| Current ratio | 0.86x | 1.55x | Current assets ÷ current liabilities |
| Long-term debt to working capital | — | — | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | 3.55x | 1.66x | Operating cash flow ÷ net income |
| Accruals | -5.5% | -3.1% | (Net income − operating cash flow) ÷ total assets |
Not computed here: Debt to equity, Long-term debt to working capital, Return on equity — 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 | — | — | — | 5.4% | 27.6% | -152.6% | -69.0% | 1.9% | 20.5% | 10.2% | 5.4% |
| Return on capital employed | 31.2% | 7.8% | 6.5% | 7.2% | 9.9% | -4.6% | 2.6% | 6.4% | 11.8% | 7.6% | 7.2% |
| Operating margin | 4.0% | 0.7% | 0.9% | 1.7% | 3.1% | -1.6% | 0.9% | 2.2% | 4.4% | 2.7% | 1.7% |
| Net margin | 1.1% | -1.9% | -1.9% | 0.3% | 1.3% | -4.4% | -4.0% | 0.2% | 2.7% | 1.0% | 0.2% |
| Debt to equity | — | — | — | 3.28x | 5.85x | 10.98x | 4.85x | 2.09x | 1.81x | 2.50x | 3.28x |
| Current ratio | 0.86x | 0.76x | 0.74x | 0.89x | 0.85x | 0.99x | 1.12x | 1.11x | 1.22x | 1.17x | 0.89x |
| Cash conversion | 3.55x | — | — | 16.62x | 3.61x | — | — | 30.66x | 3.21x | 7.88x | 3.61x |
How it compares in communications
Among the 33 communications companies here measured on free cash flow, Quad/Graphics pays out less than 18 of them. The median for that group is 30.4%, against this company’s 28.4%.
Closest on free cash flow
- Paramount Skydance (PSKY) 28.4%
- Sirius XM Holdings (SIRI) 29.3%
- Nexstar Media Group (NXST) 30.4%
- Deluxe (DLX) 31.5%
Same sector and same denominator, so the figures are comparable. All 43 in communications →