The business behind the dividend
| Measure | AEBI | Median | Formula |
|---|---|---|---|
| Return on equity | 1.2% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | 5.2% | 10.0% | Operating income ÷ (equity + total debt) |
| Owner earnings | $39.73m | $120.90m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $-5.23m | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | 4.8% | 14.3% | Operating income ÷ revenue |
| Net margin | 0.6% | 10.1% | Net income ÷ revenue |
| Debt to equity | 0.73x | 0.73x | Total debt ÷ shareholders’ equity |
| Interest cover | 1.75x | 4.22x | Operating income ÷ interest expense |
| Current ratio | 1.90x | 1.55x | Current assets ÷ current liabilities |
| Long-term debt to working capital | 1.32x | 1.88x | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | 0.92x | 1.66x | Operating cash flow ÷ net income |
| Accruals | 0.0% | -3.1% | (Net income − operating cash flow) ÷ total assets |
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 | Median |
|---|---|---|---|---|
| Return on equity | 1.2% | 8.4% | 3.3% | 3.3% |
| Return on capital employed | 5.2% | 9.0% | — | 5.2% |
| Operating margin | 4.8% | 6.3% | 5.8% | 5.8% |
| Net margin | 0.6% | 2.8% | 1.1% | 1.1% |
| Debt to equity | 0.73x | 1.10x | — | 0.73x |
| Current ratio | 1.90x | 1.94x | — | 1.90x |
| Cash conversion | 0.92x | 2.24x | 2.69x | 2.24x |