The business behind the dividend
| Measure | WMK | Median | Formula |
|---|---|---|---|
| Return on equity | 6.9% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | — | — | Operating income ÷ (equity + total debt) |
| Owner earnings | $16.10m | $120.90m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $4.83m | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | 2.3% | 14.3% | Operating income ÷ revenue |
| Net margin | 1.9% | 10.1% | Net income ÷ revenue |
| Debt to equity | — | — | Total debt ÷ shareholders’ equity |
| Interest cover | — | — | Operating income ÷ interest expense |
| Current ratio | 1.93x | 1.55x | Current assets ÷ current liabilities |
| Long-term debt to working capital | — | — | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | 2.21x | 1.66x | Operating cash flow ÷ net income |
| Accruals | -5.6% | -3.1% | (Net income − operating cash flow) ÷ total assets |
Not computed here: Debt to equity, Long-term debt to working capital, 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 | 2019 | 2018 | 2017 | 2016 | Median |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on equity | 6.9% | 7.4% | 7.4% | 9.7% | 8.9% | 10.4% | 6.4% | 6.1% | 9.9% | 9.4% | 7.4% |
| Return on capital employed | — | — | — | — | — | — | — | 8.1% | 7.6% | 9.9% | 8.1% |
| Operating margin | 2.3% | 2.6% | 2.8% | 3.3% | 3.5% | 4.0% | 2.4% | 2.4% | 2.3% | 3.1% | 2.6% |
| Net margin | 1.9% | 2.2% | 2.1% | 2.7% | 2.6% | 2.9% | 1.9% | 1.8% | 2.8% | 2.8% | 2.2% |
| Debt to equity | — | — | — | — | — | — | — | 0.00x | 0.04x | 0.07x | 0.04x |
| Current ratio | 1.93x | 2.41x | 2.41x | 2.12x | 1.95x | 1.81x | 1.74x | 1.76x | 1.76x | 1.75x | 1.81x |
| Cash conversion | 2.21x | 1.77x | 2.00x | 1.74x | 2.09x | 2.34x | 2.53x | 2.40x | 1.62x | 1.71x | 2.00x |