The business behind the dividend
| Measure | SLVM | Median | Formula |
|---|---|---|---|
| Return on equity | 13.7% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | 14.3% | 10.0% | Operating income ÷ (equity + total debt) |
| Owner earnings | $87.00m | $120.90m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $44.00m | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | 7.5% | 14.3% | Operating income ÷ revenue |
| Net margin | 3.9% | 10.1% | Net income ÷ revenue |
| Debt to equity | 0.81x | 0.73x | Total debt ÷ shareholders’ equity |
| Interest cover | 5.12x | 4.22x | Operating income ÷ interest expense |
| Current ratio | 1.50x | 1.55x | Current assets ÷ current liabilities |
| Long-term debt to working capital | 2.12x | 1.88x | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | 2.03x | 1.66x | Operating cash flow ÷ net income |
| Accruals | -4.9% | -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 | Median |
|---|---|---|---|---|---|---|---|---|
| Return on equity | 13.7% | 35.7% | 28.1% | 17.4% | 181.9% | 8.0% | 15.0% | 17.4% |
| Return on capital employed | 14.3% | 27.4% | 23.7% | 32.3% | 21.1% | 4.5% | — | 21.1% |
| Operating margin | 7.5% | 12.0% | 11.9% | 15.2% | 11.6% | 4.0% | 12.5% | 11.9% |
| Net margin | 3.9% | 8.0% | 6.8% | 3.3% | 11.7% | 7.1% | 9.4% | 7.1% |
| Debt to equity | 0.81x | 0.95x | 1.06x | 1.52x | 7.56x | 0.01x | — | 0.95x |
| Current ratio | 1.50x | 1.56x | 1.72x | 1.71x | 1.46x | 2.28x | — | 1.56x |
| Cash conversion | 2.03x | 1.55x | 1.99x | 3.71x | 1.66x | 2.11x | 1.39x | 1.99x |
How it compares in materials
Among the 79 materials companies here measured on free cash flow, Sylvamo pays out less than 5 of them. The median for that group is 34.3%, against this company’s 165.9%.
Closest on free cash flow
- Huntsman (HUN) 125.9%
- Chemours (CC) 152.9%
- International Flavors & Fragrances (IFF) 159.8%
- Sensient Technologies (SXT) 181.2%
Same sector and same denominator, so the figures are comparable. All 107 in materials →