The business behind the dividend
| Measure | CLAR | Median | Formula |
|---|---|---|---|
| Return on equity | -23.7% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | -30.4% | 10.0% | Operating income ÷ (equity + total debt) |
| Owner earnings | $-48.08m | $120.90m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $-9.91m | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | -23.8% | 14.3% | Operating income ÷ revenue |
| Net margin | -18.6% | 10.1% | Net income ÷ revenue |
| Debt to equity | 0.00x | 0.73x | Total debt ÷ shareholders’ equity |
| Interest cover | — | — | Operating income ÷ interest expense |
| Current ratio | 4.23x | 1.55x | Current assets ÷ current liabilities |
| Long-term debt to working capital | 0.00x | 1.88x | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | — | — | Operating cash flow ÷ net income |
| Accruals | -16.8% | -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 | -23.7% | -22.4% | -3.5% | -23.9% | 7.0% | 2.7% | 10.5% | 4.4% | -0.4% | -5.6% | -3.5% |
| Return on capital employed | -30.4% | -29.7% | -4.0% | -24.7% | -2.5% | 1.6% | 5.6% | 4.3% | -2.6% | -2.9% | -2.9% |
| Operating margin | -23.8% | -26.6% | -7.4% | -33.8% | -4.8% | 1.8% | 5.0% | 3.9% | -2.8% | -4.0% | -4.8% |
| Net margin | -18.6% | -19.8% | -3.5% | -22.1% | 9.8% | 2.5% | 8.3% | 3.4% | -0.4% | -6.1% | -3.5% |
| Debt to equity | 0.00x | 0.02x | 0.82x | 0.48x | 0.38x | 0.17x | 0.13x | 0.13x | 0.13x | 0.27x | 0.13x |
| Current ratio | 4.23x | 4.93x | 1.75x | 3.69x | 3.11x | 3.59x | 4.92x | 4.99x | 5.03x | 4.11x | 4.11x |
| Cash conversion | — | — | — | — | -0.01x | 5.30x | 0.50x | 1.56x | — | — | 1.56x |