The business behind the dividend
| Measure | WERN | Median | Formula |
|---|---|---|---|
| Return on equity | -1.1% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | 0.6% | 10.0% | Operating income ÷ (equity + total debt) |
| Owner earnings | $11.54m | $120.90m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $-68.53m | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | 0.4% | 14.3% | Operating income ÷ revenue |
| Net margin | -0.5% | 10.1% | Net income ÷ revenue |
| Debt to equity | 0.55x | 0.73x | Total debt ÷ shareholders’ equity |
| Interest cover | 0.30x | 4.22x | Operating income ÷ interest expense |
| Current ratio | 1.95x | 1.55x | Current assets ÷ current liabilities |
| Long-term debt to working capital | 2.52x | 1.88x | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | — | — | Operating cash flow ÷ net income |
| Accruals | -6.8% | -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 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | Median |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on equity | -1.1% | 2.4% | 7.4% | 16.7% | 19.5% | 14.1% | 15.0% | 13.3% | 17.1% | 8.0% | 13.3% |
| Return on capital employed | 0.6% | 3.1% | 8.1% | 15.1% | 17.6% | 16.3% | — | — | — | — | 8.1% |
| Operating margin | 0.4% | 2.2% | 5.5% | 10.0% | 11.3% | 9.6% | 9.2% | 9.1% | 6.8% | 6.3% | 6.8% |
| Net margin | -0.5% | 1.2% | 3.5% | 7.5% | 9.5% | 7.1% | 6.8% | 6.8% | 9.6% | 3.9% | 6.8% |
| Debt to equity | 0.55x | 0.45x | 0.42x | 0.48x | 0.32x | 0.17x | — | — | — | — | 0.42x |
| Current ratio | 1.95x | 1.52x | 1.92x | 2.46x | 2.35x | 1.67x | 1.51x | 1.47x | 1.72x | 1.74x | 1.72x |
| Cash conversion | — | 9.63x | 4.22x | 1.86x | 1.28x | 2.64x | 2.56x | 2.49x | 1.39x | 3.91x | 2.56x |