The business behind the dividend
| Measure | BRSL | Median | Formula |
|---|---|---|---|
| Return on equity | 16.8% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | 5.9% | 10.0% | Operating income ÷ (equity + total debt) |
| Owner earnings | $52.00m | $120.90m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $-415.00m | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | 11.9% | 14.3% | Operating income ÷ revenue |
| Net margin | 5.9% | 10.1% | Net income ÷ revenue |
| Debt to equity | 4.77x | 0.73x | Total debt ÷ shareholders’ equity |
| Interest cover | 1.74x | 4.22x | Operating income ÷ interest expense |
| Current ratio | 0.76x | 1.55x | Current assets ÷ current liabilities |
| Long-term debt to working capital | — | — | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | -0.67x | 1.66x | Operating cash flow ÷ net income |
| Accruals | 2.7% | -3.1% | (Net income − operating cash flow) ÷ total assets |
Not computed here: Long-term debt to working capital — 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 | 16.8% | 21.1% | 10.8% | 19.2% | 37.6% | -115.6% | -1.1% | -1.2% | -53.3% | 6.9% | 6.9% |
| Return on capital employed | 5.9% | 9.8% | 10.6% | 10.3% | 11.6% | -1.2% | 4.9% | 4.8% | -0.5% | 6.0% | 5.9% |
| Operating margin | 11.9% | 27.3% | 29.7% | 28.6% | 22.1% | -3.4% | 11.9% | 11.9% | -1.0% | 12.8% | 11.9% |
| Net margin | 5.9% | 13.9% | 6.2% | 10.6% | 11.8% | -28.8% | -0.5% | -0.5% | -21.6% | 4.1% | 4.1% |
| Debt to equity | 4.77x | 3.25x | 3.92x | 4.02x | 5.05x | 10.62x | 4.86x | 4.41x | 4.18x | 2.56x | 4.18x |
| Current ratio | 0.76x | 2.29x | 1.26x | 1.15x | 1.30x | 1.32x | 1.07x | 1.14x | 0.83x | 0.98x | 1.14x |
| Cash conversion | -0.67x | 3.02x | 6.49x | 3.27x | 2.03x | — | — | — | — | 1.60x | 2.03x |