The business behind the dividend
| Measure | SGA | Median | Formula |
|---|---|---|---|
| Return on equity | -5.2% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | -7.1% | 10.0% | Operating income ÷ (equity + total debt) |
| Owner earnings | $-5.76m | $120.90m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $2.42m | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | -10.3% | 14.3% | Operating income ÷ revenue |
| Net margin | -7.4% | 10.1% | Net income ÷ revenue |
| Debt to equity | 0.03x | 0.73x | Total debt ÷ shareholders’ equity |
| Interest cover | -25.45x | 4.22x | Operating income ÷ interest expense |
| Current ratio | 3.04x | 1.55x | Current assets ÷ current liabilities |
| Long-term debt to working capital | 0.15x | 1.88x | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | — | — | Operating cash flow ÷ net income |
| Accruals | -6.6% | -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 | -5.2% | 2.1% | 5.6% | 5.2% | 5.7% | -1.0% | 6.9% | 7.4% | 30.5% | 13.5% | 5.6% |
| Return on capital employed | -7.1% | 1.4% | 6.7% | 7.3% | 7.6% | -0.6% | 9.3% | 9.6% | 8.4% | 13.2% | 7.3% |
| Operating margin | -10.3% | 2.1% | 9.9% | 11.4% | 13.9% | -1.3% | 15.3% | 15.8% | 14.6% | 18.9% | 11.4% |
| Net margin | -7.4% | 3.1% | 8.2% | 8.0% | 10.3% | -2.0% | 10.8% | 11.0% | 46.3% | 15.3% | 8.2% |
| Debt to equity | 0.03x | 0.03x | 0.00x | 0.00x | 0.00x | 0.05x | 0.05x | 0.11x | 0.14x | 0.26x | 0.03x |
| Current ratio | 3.04x | 2.84x | 2.16x | 2.31x | 3.88x | 5.09x | 3.81x | 2.96x | 3.64x | 3.29x | 3.04x |
| Cash conversion | — | 3.98x | 1.62x | 1.86x | 1.71x | — | 1.91x | 1.87x | 0.10x | 1.61x | 1.86x |
How it compares in communications
Among the 33 communications companies here measured on free cash flow, Saga Communications pays out less than 0 of them. The median for that group is 30.4%, against this company’s 265.5%.
Closest on free cash flow
- E.W. Scripps (SSP) 92.3%
- Spok Holdings (SPOK) 108.2%
- Optimum Communications (OPTU) 110.7%
- Qwest (CTGG) 149.2%
Same sector and same denominator, so the figures are comparable. All 43 in communications →