The business behind the dividend
| Measure | SPGI | Median | Formula |
|---|---|---|---|
| Return on equity | 14.4% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | 14.7% | 10.0% | Operating income ÷ (equity + total debt) |
| Owner earnings | $5.46bn | $120.90m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $5.46bn | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | 42.2% | 14.3% | Operating income ÷ revenue |
| Net margin | 29.2% | 10.1% | Net income ÷ revenue |
| Debt to equity | 0.42x | 0.73x | Total debt ÷ shareholders’ equity |
| Interest cover | 22.57x | 4.22x | Operating income ÷ interest expense |
| Current ratio | 0.82x | 1.55x | Current assets ÷ current liabilities |
| Long-term debt to working capital | — | — | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | 1.26x | 1.66x | Operating cash flow ÷ net income |
| Accruals | -1.9% | -3.1% | (Net income − operating cash flow) ÷ total assets |
Not computed here: Long-term debt to working capital — 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 | 14.4% | 11.6% | 7.7% | 8.9% | 148.8% | 459.5% | 443.2% | 311.8% | 211.0% | 324.0% | 148.8% |
| Return on capital employed | 14.7% | 12.5% | 8.8% | 10.4% | 68.7% | 78.3% | 72.9% | 65.0% | 60.4% | 79.3% | 60.4% |
| Operating margin | 42.2% | 39.3% | 32.2% | 44.2% | 50.9% | 48.6% | 48.2% | 44.6% | 42.6% | 59.0% | 44.2% |
| Net margin | 29.2% | 27.1% | 21.0% | 29.0% | 36.4% | 31.4% | 31.7% | 31.3% | 24.7% | 37.2% | 29.2% |
| Debt to equity | 0.42x | 0.34x | 0.34x | 0.30x | 2.02x | 8.07x | 8.24x | 5.83x | 5.03x | 5.48x | 2.02x |
| Current ratio | 0.82x | 0.85x | 0.84x | 0.94x | 2.31x | 1.67x | 1.52x | 1.36x | 1.35x | 1.41x | 1.35x |
| Cash conversion | 1.26x | 1.48x | 1.41x | 0.80x | 1.19x | 1.53x | 1.31x | 1.05x | 1.35x | 0.74x | 1.26x |
How it compares in consumer discretionary
Among the 169 consumer discretionary companies here measured on free cash flow, S&P Global pays out less than 120 of them. The median for that group is 33.1%, against this company’s 21.4%.
Closest on free cash flow
- Equifax (EFX) 20.5%
- Table Trac (TBTC) 20.9%
- Dollar General (DG) 21.7%
- Flanigans Enterprises (BDL) 21.8%
Same sector and same denominator, so the figures are comparable. All 197 in consumer discretionary →