The business behind the dividend
| Measure | ACHC | Median | Formula |
|---|---|---|---|
| Return on equity | -56.6% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | -24.0% | 10.0% | Operating income ÷ (equity + total debt) |
| Owner earnings | $-1.49bn | $120.90m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $-439.91m | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | -32.2% | 14.3% | Operating income ÷ revenue |
| Net margin | -33.3% | 10.1% | Net income ÷ revenue |
| Debt to equity | 1.28x | 0.73x | Total debt ÷ shareholders’ equity |
| Interest cover | -8.55x | 4.22x | Operating income ÷ interest expense |
| Current ratio | 1.55x | 1.55x | Current assets ÷ current liabilities |
| Long-term debt to working capital | 8.55x | 1.88x | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | — | — | Operating cash flow ÷ net income |
| Accruals | -22.3% | -3.1% | (Net income − operating cash flow) ÷ total assets |
Not computed here: Cash conversion — 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 | -56.6% | 8.3% | -0.8% | 9.7% | 7.6% | -35.4% | 4.3% | -7.5% | 7.8% | 0.3% | 0.3% |
| Return on capital employed | -24.0% | 6.8% | -0.6% | 8.9% | 6.9% | 3.7% | 10.4% | 10.7% | 10.4% | 11.2% | 6.9% |
| Operating margin | -32.2% | 10.8% | -0.9% | 14.3% | 11.9% | 8.8% | 29.2% | 31.2% | 21.3% | 21.7% | 11.9% |
| Net margin | -33.3% | 8.1% | -0.7% | 10.5% | 8.2% | -32.2% | 5.4% | -9.2% | 7.0% | 0.2% | 0.2% |
| Debt to equity | 1.28x | 0.64x | 0.49x | 0.49x | 0.59x | 1.64x | 1.26x | 1.37x | 1.26x | 1.52x | 1.26x |
| Current ratio | 1.55x | 1.00x | 0.67x | 1.30x | 1.22x | 1.93x | 1.17x | 1.08x | 1.25x | 1.25x | 1.22x |
| Cash conversion | — | 0.51x | — | 1.39x | 1.96x | — | 3.06x | — | 2.00x | — | 1.96x |