The business behind the dividend
| Measure | ABX | Median | Formula |
|---|---|---|---|
| Return on equity | 8.7% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | 10.8% | 10.0% | Operating income ÷ (equity + total debt) |
| Owner earnings | $54.20m | $120.90m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $-26.61m | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | 37.7% | 14.3% | Operating income ÷ revenue |
| Net margin | 15.5% | 10.1% | Net income ÷ revenue |
| Debt to equity | 0.97x | 0.73x | Total debt ÷ shareholders’ equity |
| Interest cover | — | — | Operating income ÷ interest expense |
| Current ratio | 0.47x | 1.55x | Current assets ÷ current liabilities |
| Long-term debt to working capital | — | — | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | — | — | Operating cash flow ÷ net income |
| Accruals | 6.9% | -3.1% | (Net income − operating cash flow) ÷ total assets |
Not computed here: Cash conversion, Long-term debt to working capital, Interest cover — 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 | Median |
|---|---|---|---|---|---|---|
| Return on equity | 8.7% | -5.7% | 5.8% | — | — | 5.8% |
| Return on capital employed | 10.8% | -0.1% | 14.7% | — | — | 10.8% |
| Operating margin | 37.7% | -0.8% | 36.3% | 75.3% | — | 37.7% |
| Net margin | 15.5% | -21.4% | 14.3% | 70.9% | — | 15.5% |
| Debt to equity | 0.97x | 0.90x | 0.00x | — | — | 0.90x |
| Current ratio | 0.47x | 2.55x | 1.36x | 25.55x | — | 2.55x |