The business behind the dividend
| Measure | VSTS | Median | Formula |
|---|---|---|---|
| Return on equity | -4.6% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | 3.2% | 10.0% | Operating income ÷ (equity + total debt) |
| Owner earnings | $44.33m | $120.90m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $5.77m | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | 2.4% | 14.3% | Operating income ÷ revenue |
| Net margin | -1.5% | 10.1% | Net income ÷ revenue |
| Debt to equity | 1.33x | 0.73x | Total debt ÷ shareholders’ equity |
| Interest cover | 0.69x | 4.22x | Operating income ÷ interest expense |
| Current ratio | 2.08x | 1.55x | Current assets ÷ current liabilities |
| Long-term debt to working capital | 2.62x | 1.88x | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | — | — | Operating cash flow ÷ net income |
| Accruals | -3.6% | -3.1% | (Net income − operating cash flow) ÷ total assets |
Not computed here: Cash conversion — 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 | Median |
|---|---|---|---|---|---|
| Return on equity | -4.6% | 2.3% | 24.3% | 6.1% | 6.1% |
| Return on capital employed | 3.2% | 7.7% | 9.2% | — | 7.7% |
| Operating margin | 2.4% | 5.6% | 7.7% | 7.2% | 7.2% |
| Net margin | -1.5% | 0.7% | 7.5% | 5.3% | 5.3% |
| Debt to equity | 1.33x | 1.27x | 1.70x | — | 1.33x |
| Current ratio | 2.08x | 1.78x | 2.58x | — | 2.08x |
| Cash conversion | — | 22.50x | 1.21x | 1.64x | 1.64x |
How it compares in industrials
Among the 289 industrials companies here measured on free cash flow, Vestis pays out less than 6 of them. The median for that group is 24.4%, against this company’s 239.6%.
Closest on free cash flow
- Northern Technologies International (NTIC) 165.3%
- Ashland (ASH) 211.1%
- Boise Cascade (BCC) 272.3%
- Concrete Pumping Holdings (BBCP) 303.1%
Same sector and same denominator, so the figures are comparable. All 348 in industrials →