The business behind the dividend
| Measure | SEB | Median | Formula |
|---|---|---|---|
| Return on equity | 9.6% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | 3.9% | 10.0% | Operating income ÷ (equity + total debt) |
| Owner earnings | $257.00m | $120.90m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $6.00m | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | 2.5% | 14.3% | Operating income ÷ revenue |
| Net margin | 5.1% | 10.1% | Net income ÷ revenue |
| Debt to equity | 0.19x | 0.73x | Total debt ÷ shareholders’ equity |
| Interest cover | 3.41x | 4.22x | Operating income ÷ interest expense |
| Current ratio | 2.40x | 1.55x | Current assets ÷ current liabilities |
| Long-term debt to working capital | 0.46x | 1.88x | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | 1.13x | 1.66x | Operating cash flow ÷ net income |
| Accruals | -0.8% | -3.1% | (Net income − operating cash flow) ÷ total assets |
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 | 9.6% | 1.9% | 4.9% | 11.6% | 12.9% | 7.4% | 8.0% | 0.1% | 7.2% | 9.9% | 7.4% |
| Return on capital employed | 3.9% | 2.7% | -1.6% | 11.5% | 8.9% | 5.4% | 2.5% | 5.8% | 6.2% | 6.3% | 5.4% |
| Operating margin | 2.5% | 1.7% | -0.9% | 5.8% | 5.0% | 3.4% | 1.6% | 3.6% | 4.1% | 4.3% | 3.4% |
| Net margin | 5.1% | 1.0% | 2.4% | 5.2% | 6.2% | 4.0% | 4.2% | 0.0% | 4.2% | 5.8% | 4.2% |
| Debt to equity | 0.19x | 0.21x | 0.22x | 0.14x | 0.16x | 0.20x | 0.22x | 0.23x | 0.14x | 0.16x | 0.19x |
| Current ratio | 2.40x | 2.50x | 2.52x | 2.63x | 2.61x | 3.12x | 2.87x | 3.86x | 3.82x | 3.63x | 2.63x |
| Cash conversion | 1.13x | 5.77x | 3.13x | 1.16x | 0.16x | 1.03x | 0.60x | — | 1.00x | 1.36x | 1.13x |
How it compares in industrials
Among the 289 industrials companies here measured on free cash flow, Seaboard pays out less than 9 of them. The median for that group is 24.4%, against this company’s 150.0%.
Closest on free cash flow
- Compx International (CIX) 141.8%
- VSE (VSEC) 144.7%
- Standard Motor Products (SMP) 145.7%
- Northern Technologies International (NTIC) 165.3%
Same sector and same denominator, so the figures are comparable. All 348 in industrials →