The business behind the dividend
| Measure | CMCO | Median | Formula |
|---|---|---|---|
| Return on equity | -15.8% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | -3.1% | 10.0% | Operating income ÷ (equity + total debt) |
| Owner earnings | $-170.36m | $120.90m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $-164.07m | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | -10.0% | 14.3% | Operating income ÷ revenue |
| Net margin | -19.2% | 10.1% | Net income ÷ revenue |
| Debt to equity | 1.64x | 0.73x | Total debt ÷ shareholders’ equity |
| Interest cover | -1.95x | 4.22x | Operating income ÷ interest expense |
| Current ratio | 2.02x | 1.55x | Current assets ÷ current liabilities |
| Long-term debt to working capital | 3.71x | 1.88x | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | — | — | Operating cash flow ÷ net income |
| Accruals | -1.7% | -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 | 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | Median |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on equity | -15.8% | -0.6% | 5.3% | 5.8% | 3.8% | 1.7% | 12.9% | 9.9% | 5.4% | 2.6% | 3.8% |
| Return on capital employed | -3.1% | 4.1% | 7.7% | 7.6% | 5.8% | 5.4% | 12.6% | 9.5% | 8.9% | 3.1% | 5.8% |
| Operating margin | -10.0% | 5.7% | 10.6% | 10.5% | 8.1% | 6.5% | 11.1% | 7.9% | 8.1% | 3.7% | 7.9% |
| Net margin | -19.2% | -0.5% | 4.6% | 5.2% | 3.3% | 1.4% | 7.4% | 4.9% | 2.6% | 1.4% | 2.6% |
| Debt to equity | 1.64x | 0.52x | 0.59x | 0.55x | 0.64x | 0.47x | 0.54x | 0.70x | 0.89x | 1.23x | 0.59x |
| Current ratio | 2.02x | 1.81x | 1.96x | 2.05x | 1.87x | 2.40x | 2.46x | 1.72x | 1.74x | 1.79x | 1.87x |
| Cash conversion | — | — | 1.44x | 1.73x | 1.65x | 10.86x | 1.79x | 1.87x | 3.16x | 6.73x | 1.87x |