The business behind the dividend
| Measure | VTS | Median | Formula |
|---|---|---|---|
| Return on equity | 4.0% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | — | — | Operating income ÷ (equity + total debt) |
| Owner earnings | — | — | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $49.31m | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | 6.3% | 14.3% | Operating income ÷ revenue |
| Net margin | 9.2% | 10.1% | Net income ÷ revenue |
| Debt to equity | — | — | Total debt ÷ shareholders’ equity |
| Interest cover | 1.68x | 4.22x | Operating income ÷ interest expense |
| Current ratio | 1.02x | 1.55x | Current assets ÷ current liabilities |
| Long-term debt to working capital | — | — | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | 6.74x | 1.66x | Operating cash flow ÷ net income |
| Accruals | -16.2% | -3.1% | (Net income − operating cash flow) ÷ total assets |
Not computed here: Debt to equity, Long-term debt to working capital, Owner earnings, 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 | Median |
|---|---|---|---|---|---|---|---|
| Return on equity | 4.0% | 4.2% | -3.6% | 21.1% | 3.7% | -1.8% | 3.7% |
| Operating margin | 6.3% | 16.9% | 14.9% | 54.6% | 32.1% | -34.8% | 14.9% |
| Net margin | 9.2% | 8.7% | -8.4% | 42.2% | 10.8% | -9.1% | 8.7% |
| Current ratio | 1.02x | 0.51x | 0.97x | 1.48x | 1.13x | — | 1.02x |
| Cash conversion | 6.74x | 7.36x | — | 1.24x | 4.80x | — | 6.74x |
How it compares in energy
Among the 47 energy companies here measured on free cash flow, Vitesse Energy pays out less than 2 of them. The median for that group is 38.2%, against this company’s 186.9%.
Closest on free cash flow
- Alliance Resource Partners (ARLP) 86.9%
- Epsilon Energy (EPSN) 103.8%
- Core Natural Resources (CNR) 124.1%
- CKX Lands (CKX) 125.2%
Same sector and same denominator, so the figures are comparable. All 66 in energy →