The business behind the dividend
| Measure | CLPS | Median | Formula |
|---|---|---|---|
| Return on equity | -12.7% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | -6.3% | 10.0% | Operating income ÷ (equity + total debt) |
| Owner earnings | $-6.43m | $120.90m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $-3.80m | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | -3.3% | 14.3% | Operating income ÷ revenue |
| Net margin | -4.3% | 10.1% | Net income ÷ revenue |
| Debt to equity | 0.54x | 0.73x | Total debt ÷ shareholders’ equity |
| Interest cover | -11.15x | 4.22x | Operating income ÷ interest expense |
| Current ratio | 1.58x | 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 | -3.8% | -3.1% | (Net income − operating cash flow) ÷ total assets |
Not computed here: Cash conversion, 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 | -12.7% | -3.7% | 0.3% | 6.7% | 11.8% | 11.3% | -16.5% | 15.0% | 46.0% | 42.4% | 6.7% |
| Return on capital employed | -6.3% | -3.0% | 0.1% | 9.1% | 14.5% | 11.7% | -13.5% | — | — | — | 0.1% |
| Operating margin | -3.3% | -1.8% | 0.1% | 4.9% | 6.6% | 3.6% | -4.8% | 3.5% | 5.1% | 2.1% | 2.1% |
| Net margin | -4.3% | -1.6% | 0.1% | 2.9% | 5.4% | 3.4% | -5.3% | 5.5% | 7.1% | 6.1% | 2.9% |
| Debt to equity | 0.54x | 0.37x | 0.16x | 0.22x | 0.00x | 0.00x | 0.11x | — | — | — | 0.16x |
| Current ratio | 1.58x | 1.96x | 2.77x | 2.53x | 3.30x | 2.48x | 2.64x | 2.27x | 1.50x | — | 2.48x |
| Cash conversion | — | — | — | 0.72x | -0.38x | 1.93x | — | -1.76x | 0.28x | 2.50x | 0.28x |