The business behind the dividend
| Measure | WNC | Median | Formula |
|---|---|---|---|
| Return on equity | 57.6% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | 38.0% | 10.0% | Operating income ÷ (equity + total debt) |
| Owner earnings | $222.64m | $120.90m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $-35.88m | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | 19.9% | 14.3% | Operating income ÷ revenue |
| Net margin | 13.7% | 10.1% | Net income ÷ revenue |
| Debt to equity | 1.21x | 0.73x | Total debt ÷ shareholders’ equity |
| Interest cover | 14.43x | 4.22x | Operating income ÷ interest expense |
| Current ratio | 1.39x | 1.55x | Current assets ÷ current liabilities |
| Long-term debt to working capital | 3.79x | 1.88x | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | 0.06x | 1.66x | Operating cash flow ÷ net income |
| Accruals | 17.1% | -3.1% | (Net income − operating cash flow) ÷ total assets |
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 | 57.6% | -150.4% | 42.1% | 28.2% | 0.4% | -24.1% | 17.2% | 14.7% | 22.0% | 25.3% | 17.2% |
| Return on capital employed | 38.0% | -60.8% | 33.0% | 21.0% | 4.4% | -10.0% | 14.6% | 11.3% | 12.4% | 28.6% | 12.4% |
| Operating margin | 19.9% | -18.3% | 12.3% | 6.7% | 1.9% | -5.8% | 6.2% | 4.9% | 7.4% | 11.0% | 6.2% |
| Net margin | 13.7% | -14.6% | 9.1% | 4.5% | 0.1% | -6.6% | 3.9% | 3.1% | 6.3% | 6.5% | 3.9% |
| Debt to equity | 1.21x | 2.10x | 0.72x | 1.00x | 1.32x | 1.11x | 0.87x | 1.07x | 1.09x | 0.50x | 1.07x |
| Current ratio | 1.39x | 1.93x | 1.93x | 1.71x | 1.83x | 2.31x | 2.09x | 2.02x | 2.03x | 2.89x | 1.93x |
| Cash conversion | 0.06x | — | 1.38x | 1.11x | -6.42x | — | 1.63x | 1.62x | 1.30x | 1.50x | 1.38x |