The business behind the dividend
| Measure | VRTS | Median | Formula |
|---|---|---|---|
| Return on equity | 14.6% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | 12.7% | 10.0% | Operating income ÷ (equity + total debt) |
| Owner earnings | $192.72m | $120.90m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $-74.09m | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | 19.8% | 14.3% | Operating income ÷ revenue |
| Net margin | 15.9% | 10.1% | Net income ÷ revenue |
| Debt to equity | 0.42x | 0.73x | Total debt ÷ shareholders’ equity |
| Interest cover | — | — | 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 | — | — | Operating cash flow ÷ net income |
| Accruals | 4.7% | -3.1% | (Net income − operating cash flow) ÷ total assets |
Not computed here: Cash conversion, Current ratio, Interest cover — 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 | 14.6% | 17.0% | 16.4% | 13.1% | 25.1% | 11.2% | 14.2% | 12.0% | 6.3% | 15.1% | 14.2% |
| Return on capital employed | 12.7% | 16.2% | 13.6% | 18.4% | 29.7% | 15.7% | — | — | — | — | 15.7% |
| Operating margin | 19.8% | 20.1% | 17.9% | 22.3% | 33.2% | 23.7% | 22.1% | 20.5% | 13.6% | 15.8% | 20.1% |
| Net margin | 15.9% | 16.8% | 16.7% | 12.0% | 21.3% | 13.2% | 17.0% | 13.7% | 8.7% | 15.0% | 15.0% |
| Debt to equity | 0.42x | 0.26x | 0.29x | 0.31x | 0.32x | 0.28x | — | — | — | — | 0.29x |