The business behind the dividend
| Measure | SIGA | Median | Formula |
|---|---|---|---|
| Return on equity | 11.7% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | — | — | Operating income ÷ (equity + total debt) |
| Owner earnings | $23.49m | $120.90m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $43.12m | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | 25.1% | 14.3% | Operating income ÷ revenue |
| Net margin | 24.6% | 10.1% | Net income ÷ revenue |
| Debt to equity | — | — | Total debt ÷ shareholders’ equity |
| Interest cover | — | — | Operating income ÷ interest expense |
| Current ratio | 11.83x | 1.55x | Current assets ÷ current liabilities |
| Long-term debt to working capital | — | — | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | 1.87x | 1.66x | Operating cash flow ÷ net income |
| Accruals | -9.2% | -3.1% | (Net income − operating cash flow) ÷ total assets |
Not computed here: Debt to equity, Long-term debt to working capital, Interest cover, 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 | 11.7% | 27.4% | 34.6% | 19.9% | 39.8% | 43.4% | -7.4% | 409.9% | — | — | 34.6% |
| Operating margin | 25.1% | 50.4% | 59.8% | 38.5% | 66.7% | 67.6% | -8.7% | 74.4% | -153.6% | -206.9% | 38.5% |
| Net margin | 24.6% | 42.7% | 48.6% | 30.6% | 52.0% | 45.1% | -27.1% | 88.4% | -295.3% | -264.9% | 30.6% |
| Current ratio | 11.83x | 9.12x | 4.42x | 8.63x | 6.85x | 13.70x | 1.96x | 10.70x | 5.49x | 9.74x | 8.63x |
| Cash conversion | 1.87x | 0.82x | 1.39x | 1.23x | 0.17x | 1.27x | — | 0.16x | — | — | 1.23x |
How it compares in health care
Among the 60 health care companies here measured on free cash flow, SIGA Technologies pays out less than 6 of them. The median for that group is 29.8%, against this company’s 100.0%.
Closest on free cash flow
- Baxter International (BAX) 104.8%
- Pfizer (PFE) 107.7%
- PERRIGO (PRGO) 109.8%
- 3M (MMM) 111.9%
Same sector and same denominator, so the figures are comparable. All 76 in health care →