Brunswick Corp key statistics and ratios
In fiscal 2025, Brunswick Corp had return on equity of -7.8%, an operating margin of -0.8%, debt equal to 148.3% of equity and a current ratio of 1.44. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.
Financial ratios
| Fiscal year | 2009Dec 2009 | 2010Dec 2010 | 2011Dec 2011 | 2012Dec 2012 | 2013Dec 2013 | 2014Dec 2014 | 2015Dec 2015 | 2016Dec 2016 | 2017Dec 2017 | 2018Dec 2018 | 2019Dec 2019 | 2020Dec 2020 | 2021Dec 2021 | 2022Dec 2022 | 2023Dec 2023 | 2024Dec 2024 | 2025Dec 2025 | LTMJul 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross margin | 11.4% | 21.6% | 23.9% | 27.6% | 26.4% | 27.0% | 29.5% | 26.3% | 33.2% | 25.4% | 27.3% | 27.9% | 28.5% | 28.6% | 27.9% | 25.8% | 24.8% | 25.6% |
| Operating margin | −20.6% | 1.9% | 5.8% | 6.9% | 7.8% | 8.6% | 8.8% | 10.7% | 8.7% | 8.6% | 11.5% | 12.4% | 13.9% | 13.9% | 11.5% | 5.9% | −0.8% | −0.4% |
| Net margin | −21.1% | −3.3% | 2.0% | 1.5% | 21.4% | 6.4% | 6.4% | 6.1% | 3.9% | 6.4% | −3.2% | 8.6% | 10.1% | 9.9% | 6.6% | 2.5% | −2.6% | −1.5% |
| Free-cash-flow margin | 3.3% | 4.5% | 0.1% | 1.8% | 1.3% | 3.2% | 5.7% | 5.4% | 5.8% | 3.8% | 4.9% | 14.2% | 5.2% | 2.9% | 6.9% | 5.0% | 7.4% | 6.1% |
| Return on equity | — | −78.8% | 142.0% | 92.1% | 137.8% | 22.2% | 19.7% | 20.3% | 10.0% | 17.3% | −9.1% | 26.5% | 34.7% | 34.2% | 20.4% | 6.5% | −7.8% | −5.2% |
| Return on assets | — | −4.1% | 2.8% | 2.0% | 28.8% | 8.1% | 7.7% | 8.6% | 4.4% | 6.9% | −3.3% | 10.2% | 12.9% | 11.5% | 6.7% | 2.2% | −2.5% | −1.6% |
| Asset turnover | — | 1.25 | 1.42 | 1.39 | 1.35 | 1.27 | 1.20 | 1.39 | 1.14 | 1.08 | 1.05 | 1.19 | 1.27 | 1.16 | 1.02 | 0.88 | 0.98 | 1.04 |
| Current ratio | — | 1.61 | 1.49 | 1.45 | 1.71 | 2.19 | 1.99 | 1.75 | 1.78 | 1.50 | 1.62 | 1.55 | 1.47 | 1.81 | 1.43 | 1.65 | 1.44 | 1.45 |
| Debt to equity | 0.0% | >999% | >999% | 735.9% | 44.9% | 38.6% | 35.0% | 30.7% | 29.6% | 77.5% | 87.0% | 67.8% | 96.4% | 124.8% | 118.0% | 131.5% | 148.3% | 142.4% |
| Interest cover (operating income ÷ interest) | n/m | 0.7x | 2.6x | 3.6x | 6.7x | 11.0x | 12.0x | 17.4x | 12.5x | 7.7x | 6.2x | 8.0x | 12.3x | 9.7x | 6.5x | 2.5x | n/m | n/m |
| Effective tax rate | — | — | 18.2% | 20.1% | — | 32.3% | 26.7% | 29.6% | 52.4% | 18.4% | 72.5% | 20.7% | 19.1% | 20.2% | 31.2% | 26.6% | — | — |
| R&D as % of revenue | 3.2% | 2.7% | 2.6% | 3.0% | 3.2% | 3.1% | 3.0% | 3.1% | 2.9% | 2.9% | 3.0% | 2.9% | 2.6% | 3.0% | 2.9% | 3.2% | 3.1% | 3.3% |
| SG&A as % of revenue | 22.5% | 15.9% | 14.9% | 15.0% | 14.9% | 14.5% | 14.0% | 13.3% | 12.0% | 12.5% | 12.4% | 12.5% | 11.9% | 11.3% | 12.7% | 14.3% | 15.9% | 16.3% |
| Capital spending as % of revenue | 1.2% | 1.6% | 2.4% | 2.9% | 3.5% | 3.3% | 3.0% | 4.3% | 4.7% | 4.4% | 5.7% | 4.2% | 4.6% | 5.7% | 4.5% | 3.2% | 3.1% | 3.2% |
| Free cash flow ÷ net income | — | — | 2.8% | 125.6% | 6.2% | 50.2% | 89.6% | 87.5% | 151.8% | 59.1% | — | 165.3% | 51.7% | 29.2% | 105.7% | 202.9% | — | — |
| Dividends ÷ net income | — | — | 6.3% | 9.0% | 1.2% | 17.0% | 20.0% | 20.1% | 41.4% | 25.6% | — | 21.0% | 16.7% | 16.0% | 26.6% | 86.3% | — | — |
| Dividends and buybacks ÷ free cash flow | 4.8% | 2.9% | 225.0% | 7.2% | 19.0% | 50.0% | 77.8% | 72.8% | 85.7% | 91.1% | 234.8% | 31.9% | 71.4% | 282.4% | 87.1% | 118.3% | 48.6% | 53.1% |
| Quarter | 2024 Q3Sept 2024 | 2024 Q4Dec 2024 | 2025 Q1Mar 2025 | 2025 Q2Jun 2025 | 2025 Q3Sept 2025 | 2025 Q4Dec 2025 | 2026 Q1Apr 2026 | 2026 Q2Jul 2026 |
|---|---|---|---|---|---|---|---|---|
| Gross margin | 26.2% | 21.9% | 24.9% | 25.5% | 25.8% | 23.1% | 24.9% | 28.1% |
| Operating margin | 7.7% | −4.8% | 4.6% | 7.1% | −17.8% | 3.1% | 3.6% | 8.3% |
| Net margin | 3.5% | −7.1% | 1.7% | 4.1% | −17.3% | 1.4% | 1.5% | 7.0% |
| Free-cash-flow margin | 2.5% | 23.9% | −5.3% | 18.7% | 7.8% | 6.3% | −8.8% | 17.5% |
| Current ratio | 1.97 | 1.65 | 1.57 | 1.68 | 1.78 | 1.44 | 1.38 | 1.45 |
| Debt to equity | 126.4% | 123.7% | 132.7% | 119.4% | 134.2% | 129.3% | 143.4% | 125.2% |
| R&D as % of revenue | 3.3% | 3.4% | 3.2% | 2.9% | 3.2% | 3.4% | 3.4% | 3.2% |
| SG&A as % of revenue | 14.2% | 15.7% | 17.0% | 15.0% | 15.9% | 15.8% | 17.6% | 16.1% |
Financial health
- Short-term assets cover short-term liabilities $2.2bn of assets due within a year against $1.5bn of liabilities due within a year.
- Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
- More cash than debt $288m of cash against $2.1bn of debt.
- Debt below 40% of shareholders' equity Debt is 125% of equity.
- Debt burden no higher than five years ago Debt to equity moved from 93% to 125% over five years.
- A year's operating cash flow covers at least 20% of debt $523m of operating cash flow against $2.1bn of debt.
- Operating profit covers interest at least five times over Operating income of −$21m against $101m of interest.
Moat
Moderate moat
How hard Brunswick's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.
- Returns on capital 18 / 20
Cash operating profit has been a median 13.7% of total assets over 10 years.
- Pricing power 10 / 20
Gross margin has been a median 27.0%, moving by 1.5 percentage points (standard deviation) across 10 years.
- Durability 2 / 20
Operating margin has been a median 10.5%; its worst year was -0.4%.
- Cash conversion 13 / 20
Free cash flow was positive in 10 of 10 years, at a median 5.8% of revenue.
- Discipline 20 / 20
The diluted share count fell 16.9% over five years; stock-based pay has been a median 0.4% of revenue.
AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (63 before it).
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