The business behind the dividend
| Measure | WTI | Median | Formula |
|---|---|---|---|
| Return on equity | — | — | Net income ÷ shareholders’ equity |
| Return on capital employed | -35.0% | 10.0% | Operating income ÷ (equity + total debt) |
| Owner earnings | $-82.31m | $120.90m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $28.59m | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | -10.5% | 14.3% | Operating income ÷ revenue |
| Net margin | -29.9% | 10.1% | Net income ÷ revenue |
| Debt to equity | — | — | Total debt ÷ shareholders’ equity |
| Interest cover | -1.47x | 4.22x | Operating income ÷ interest expense |
| Current ratio | 1.02x | 1.55x | Current assets ÷ current liabilities |
| Long-term debt to working capital | 68.61x | 1.88x | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | — | — | Operating cash flow ÷ net income |
| Accruals | -23.8% | -3.1% | (Net income − operating cash flow) ÷ total assets |
Not computed here: Cash conversion, Debt to equity, Return on equity — 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 | — | — | 50.0% | — | — | — | — | — | — | — | 50.0% |
| Return on capital employed | -35.0% | -12.4% | 7.0% | 64.8% | 39.2% | 0.2% | 25.2% | 80.0% | 26.3% | -91.4% | 7.0% |
| Operating margin | -10.5% | -8.0% | 5.5% | 49.3% | 34.0% | 0.2% | 22.2% | 42.5% | 22.6% | -82.6% | 5.5% |
| Net margin | -29.9% | -16.6% | 2.9% | 25.1% | -7.4% | 10.9% | 13.9% | 42.8% | 16.4% | -62.3% | 2.9% |
| Debt to equity | — | — | 12.52x | — | — | — | — | — | — | — | 12.52x |
| Current ratio | 1.02x | 0.89x | 1.22x | 0.72x | 1.10x | 0.93x | 0.75x | 1.21x | 1.13x | 0.94x | 0.94x |
| Cash conversion | — | — | 7.39x | 1.47x | — | 2.87x | 3.13x | 1.29x | 2.00x | — | 2.00x |
How it compares in energy
Among the 47 energy companies here measured on free cash flow, W&T Offshore pays out less than 34 of them. The median for that group is 38.2%, against this company’s 21.0%.
Closest on free cash flow
- Devon Energy (DVN) 19.8%
- APA (APA) 19.9%
- Ovintiv (OVV) 20.5%
- Marathon Petroleum (MPC) 23.9%
Same sector and same denominator, so the figures are comparable. All 66 in energy →