The business behind the dividend
| Measure | UG | Median | Formula |
|---|---|---|---|
| Return on equity | 18.7% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | — | — | Operating income ÷ (equity + total debt) |
| Owner earnings | $2.15m | $120.90m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $1.91m | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | 21.3% | 14.3% | Operating income ÷ revenue |
| Net margin | 20.0% | 10.1% | Net income ÷ revenue |
| Debt to equity | — | — | Total debt ÷ shareholders’ equity |
| Interest cover | — | — | Operating income ÷ interest expense |
| Current ratio | 7.31x | 1.55x | Current assets ÷ current liabilities |
| Long-term debt to working capital | — | — | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | 0.93x | 1.66x | Operating cash flow ÷ net income |
| Accruals | 1.1% | -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 | 18.7% | 27.4% | 22.7% | 27.7% | 47.4% | 31.9% | 44.8% | 39.8% | 33.7% | 18.7% | 27.7% |
| Operating margin | 21.3% | 29.9% | 26.3% | 31.8% | 40.7% | 33.1% | — | 41.5% | 40.4% | 31.5% | 31.8% |
| Net margin | 20.0% | 26.7% | 23.7% | 20.2% | 33.4% | 30.1% | — | 32.4% | 29.6% | 24.0% | 26.7% |
| Current ratio | 7.31x | 6.62x | 7.99x | 7.26x | 4.95x | 7.95x | 8.61x | 8.55x | 8.33x | 13.11x | 7.95x |
| Cash conversion | 0.93x | 1.07x | 1.22x | 0.98x | 1.14x | 1.09x | 0.94x | 1.14x | 1.04x | 0.89x | 1.04x |
How it compares in consumer staples
Among the 64 consumer staples companies here measured on free cash flow, United Guardian pays out less than 4 of them. The median for that group is 53.9%, against this company’s 145.0%.
Closest on free cash flow
- Hormel Foods (HRL) 118.5%
- Sanfilippo John B & Son (JBSS) 130.8%
- Stepan (SCL) 138.1%
- Coca Cola (KO) 165.8%
Same sector and same denominator, so the figures are comparable. All 72 in consumer staples →