The business behind the dividend
| Measure | WLY | Median | Formula |
|---|---|---|---|
| Return on equity | 26.1% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | 18.1% | 10.0% | Operating income ÷ (equity + total debt) |
| Owner earnings | $313.93m | $120.90m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $209.35m | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | 16.5% | 14.3% | Operating income ÷ revenue |
| Net margin | 13.2% | 10.1% | Net income ÷ revenue |
| Debt to equity | 0.81x | 0.73x | Total debt ÷ shareholders’ equity |
| Interest cover | 6.31x | 4.22x | Operating income ÷ interest expense |
| Current ratio | 0.54x | 1.55x | Current assets ÷ current liabilities |
| Long-term debt to working capital | — | — | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | 1.18x | 1.66x | Operating cash flow ÷ net income |
| Accruals | -1.5% | -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 | 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | Median |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on equity | 26.1% | 11.2% | -27.1% | 1.6% | 13.0% | 13.6% | -8.0% | 14.2% | 16.1% | 11.3% | 11.3% |
| Return on capital employed | 18.1% | 14.3% | 3.5% | 3.1% | 11.4% | 9.7% | -3.2% | 13.5% | 14.9% | 15.5% | 11.4% |
| Operating margin | 16.5% | 13.2% | 2.8% | 2.8% | 10.5% | 9.6% | -3.0% | 12.4% | 12.9% | 12.3% | 10.5% |
| Net margin | 13.2% | 5.0% | -10.7% | 0.9% | 7.1% | 7.6% | -4.1% | 9.3% | 10.7% | 6.6% | 6.6% |
| Debt to equity | 0.81x | 1.06x | 1.05x | 0.72x | 0.69x | 0.75x | 0.83x | 0.41x | 0.30x | 0.36x | 0.72x |
| Current ratio | 0.54x | 0.54x | 0.52x | 0.60x | 0.57x | 0.53x | 0.66x | 0.57x | 0.55x | 0.46x | 0.54x |
| Cash conversion | 1.18x | 2.41x | — | 16.08x | 2.29x | 2.43x | — | 1.49x | 1.99x | 2.77x | 2.41x |
How it compares in communications
Among the 33 communications companies here measured on free cash flow, John Wiley & Sons pays out less than 14 of them. The median for that group is 30.4%, against this company’s 35.5%.
Closest on free cash flow
- Nexstar Media Group (NXST) 30.4%
- Deluxe (DLX) 31.5%
- ATN International (ATNI) 35.7%
- Fullnet Communications (FULO) 37.2%
Same sector and same denominator, so the figures are comparable. All 43 in communications →