The business behind the dividend
| Measure | TSQ | Median | Formula |
|---|---|---|---|
| Return on equity | — | — | Net income ÷ shareholders’ equity |
| Return on capital employed | 11.3% | 10.0% | Operating income ÷ (equity + total debt) |
| Owner earnings | $-8.33m | $120.90m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $15.38m | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | 10.3% | 14.3% | Operating income ÷ revenue |
| Net margin | -2.7% | 10.1% | Net income ÷ revenue |
| Debt to equity | — | — | Total debt ÷ shareholders’ equity |
| Interest cover | 0.92x | 4.22x | Operating income ÷ interest expense |
| Current ratio | 0.84x | 1.55x | Current assets ÷ current liabilities |
| Long-term debt to working capital | — | — | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | — | — | Operating cash flow ÷ net income |
| Accruals | -8.0% | -3.1% | (Net income − operating cash flow) ÷ total assets |
Not computed here: Cash conversion, Debt to equity, Long-term debt to working capital, Return on equity — 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 | — | — | -453.6% | 17.9% | 33.8% | -81.9% | -37.1% | -38.6% | -3.8% | 5.9% | -3.8% |
| Return on capital employed | 11.3% | 5.0% | -3.8% | 9.4% | 12.6% | -11.6% | -5.0% | 2.2% | 5.1% | 7.7% | 5.0% |
| Operating margin | 10.3% | 4.8% | -4.2% | 12.0% | 17.8% | -20.2% | -8.6% | 4.4% | 12.2% | 17.7% | 4.8% |
| Net margin | -2.7% | -2.8% | -9.9% | 2.7% | 4.0% | -22.2% | -15.7% | -24.2% | -3.5% | 5.5% | -3.5% |
| Debt to equity | — | — | — | 7.59x | 10.92x | 5.39x | 3.05x | 2.17x | 1.58x | 1.48x | 3.05x |
| Current ratio | 0.84x | 1.38x | 1.74x | 1.68x | 1.58x | 2.35x | 2.25x | 2.41x | 2.28x | 1.88x | 1.74x |
| Cash conversion | — | — | — | 4.07x | 3.65x | — | — | — | — | 2.54x | 3.65x |
How it compares in communications
Among the 33 communications companies here measured on free cash flow, Townsquare Media pays out less than 5 of them. The median for that group is 30.4%, against this company’s 85.9%.
Closest on free cash flow
- Ennis (EBF) 63.1%
- E.W. Scripps (SSP) 92.3%
- Spok Holdings (SPOK) 108.2%
- Optimum Communications (OPTU) 110.7%
Same sector and same denominator, so the figures are comparable. All 43 in communications →