The business behind the dividend
| Measure | TRTN-PA | Median | Formula |
|---|---|---|---|
| Return on equity | 19.7% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | 8.9% | 10.0% | Operating income ÷ (equity + total debt) |
| Owner earnings | — | — | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | — | — | Operating cash flow − capital expenditure |
| Operating margin | — | — | Operating income ÷ revenue |
| Net margin | — | — | Net income ÷ revenue |
| Debt to equity | 2.56x | 0.73x | Total debt ÷ shareholders’ equity |
| Interest cover | 3.10x | 4.22x | Operating income ÷ interest expense |
| Current ratio | — | — | Current assets ÷ current liabilities |
| Long-term debt to working capital | — | — | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | 1.91x | 1.66x | Operating cash flow ÷ net income |
| Accruals | -4.7% | -3.1% | (Net income − operating cash flow) ÷ total assets |
Not computed here: Current ratio, Free cash flow, Owner earnings — 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 | 19.7% | 18.4% | 16.1% | 23.3% | 17.3% | 12.9% | 14.0% | 16.2% | 17.0% | -0.3% | 16.2% |
| Return on capital employed | 8.9% | 7.9% | 7.4% | 9.2% | 8.0% | 7.1% | 7.6% | 7.7% | 6.1% | 2.2% | 7.6% |
| Net margin | — | — | — | — | — | — | — | — | — | -35.2% | -35.2% |
| Debt to equity | 2.56x | 2.73x | 2.56x | 2.54x | 2.82x | 2.50x | 2.63x | 3.41x | 3.31x | 3.80x | 2.63x |
| Cash conversion | 1.91x | 2.15x | 2.43x | 2.52x | 2.65x | 2.86x | 3.01x | 2.79x | 2.45x | — | 2.52x |
How it compares in consumer discretionary
Among the 6 consumer discretionary companies here measured on operating cash flow, Triton International pays out less than 1 of them. The median for that group is 14.4%, against this company’s 25.7%.
Closest on operating cash flow
- AerCap Holdings N.V. (AER) 3.6%
- Aircastle (AYR) 13.0%
- TKO Group Holdings (TKO) 14.4%
- Lithia Motors (LAD) 15.5%
Same sector and same denominator, so the figures are comparable. All 197 in consumer discretionary →