The business behind the dividend
| Measure | WELPP | Median | Formula |
|---|---|---|---|
| Return on equity | 9.2% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | 10.4% | 10.0% | Operating income ÷ (equity + total debt) |
| Owner earnings | $-1.49bn | $120.90m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $-1.62bn | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | 26.1% | 14.3% | Operating income ÷ revenue |
| Net margin | 13.9% | 10.1% | Net income ÷ revenue |
| Debt to equity | 0.67x | 0.73x | Total debt ÷ shareholders’ equity |
| Interest cover | 2.39x | 4.22x | Operating income ÷ interest expense |
| Current ratio | 0.76x | 1.55x | Current assets ÷ current liabilities |
| Long-term debt to working capital | — | — | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | 1.80x | 1.66x | Operating cash flow ÷ net income |
| Accruals | -2.5% | -3.1% | (Net income − operating cash flow) ÷ total assets |
Not computed here: Long-term debt to working capital — 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 | 9.2% | 9.3% | 9.5% | 9.5% | 9.7% | 9.9% | 10.1% | 10.3% | 9.9% | 10.4% | 9.7% |
| Return on capital employed | 10.4% | 11.2% | 12.1% | 12.5% | 12.7% | 13.3% | 12.0% | 6.5% | 10.4% | 10.3% | 11.2% |
| Operating margin | 26.1% | 26.7% | 25.3% | 23.1% | 23.7% | 25.6% | 21.7% | 11.1% | 17.0% | 16.7% | 23.1% |
| Net margin | 13.9% | 12.9% | 11.9% | 9.7% | 10.4% | 10.9% | 10.4% | 9.9% | 9.1% | 9.6% | 10.4% |
| Debt to equity | 0.67x | 0.72x | 0.66x | 0.81x | 0.73x | 0.75x | 0.77x | 0.78x | 0.78x | 0.76x | 0.75x |
| Current ratio | 0.76x | 0.87x | 0.81x | 0.88x | 0.92x | 0.71x | 1.14x | 0.94x | 0.88x | 1.24x | 0.88x |
| Cash conversion | 1.80x | 2.46x | 1.95x | 1.61x | 2.10x | 2.10x | 2.36x | 2.68x | 2.07x | 2.32x | 2.10x |