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We're pleased with our performance in the third quarter, which resulted in an annualized return on equity of 18.8%, DNII per share that continued to exceed the dividends paid to our shareholders, and a new record for NAV per share for the ninth consecutive quarter.
Meanwhile, the company's second-largest unit, vacuum trucks -- which accounts for 22% of sales -- is benefiting from the ongoing adoption of safe digging practices across North America. While only 19 states had adopted safe digging as a bestpractice as of 2020, several more appear to be in the pipeline.
With lower capex and higher free cash flow, we returned nearly $4 billion to stockholders. And we meaningfully improved our return on invested capital. And with the continued strong cash flow and lower capital intensity, we returned nearly $4 billion to stockholders. a year early. As far as Tricolor goes, no changes.
And it's been great to meet everyone and really experience the energy and the enthusiasm of Aon, and the commitment to deliver on our plans, which is most exciting for me is seeing firsthand the investment in the corresponding growth opportunity for our clients, colleagues and shareholders as we deliver on a 3x3 plan over 2024, '25, and '26.
I'm excited about all of the long-term growth opportunities we have in front of us as we work together to deliver more for our guests, for our team and for our shareholders. We're also making investments in technology to make it easier for our team members to serve our guests. Regarding the first priority, we've allocated $1.3
That's a good segue into the next area of focus, which is delivering the most efficient global operating model centered around cost discipline, margin expansion, and increasing returns on invested capital. But we had committed to our shareholders to a certain dividend in 2023 and when we decided to hold it flat in 2024.
Before I turn things over to Michael, I want to pause and thank our teams for yet another quarter of tirelessly supporting our guests, our shareholders, and each other. Now, I'll close my commentary on the quarter by covering our after-tax return on invested capital. a year ago.
Our goal is to recapture profitable sales, traffic, and market share gains by expanding what makes Target different and better for our guests, amplifying our appeal to consumers beyond our existing guest base and reinforcing the innovation and investment that drive durable and consistent results for our business and shareholders.
Advertisers and vendors consistently cite ease which they're able to deliver, creative campaigns that provide a strong return on investment. And with the potential for reduced volatility, combined with growth prospects ahead of us, there's a compelling opportunity to reward shareholders over time.
I hope you've all had the opportunity to read our shareholder letter, which was published on our investor relations website earlier today. Reconciliations to the most directly comparable GAAP financial measures are provided in the shareholder letter on our investor relations website. It's a one-year return on investment.
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