The business behind the dividend
| Measure | CNNE | Median | Formula |
|---|---|---|---|
| Return on equity | -50.1% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | -10.9% | 10.0% | Operating income ÷ (equity + total debt) |
| Owner earnings | $-511.70m | $120.90m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $-28.50m | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | -28.2% | 14.3% | Operating income ÷ revenue |
| Net margin | -121.2% | 10.1% | Net income ÷ revenue |
| Debt to equity | 0.07x | 0.73x | Total debt ÷ shareholders’ equity |
| Interest cover | -10.05x | 4.22x | Operating income ÷ interest expense |
| Current ratio | 2.07x | 1.55x | Current assets ÷ current liabilities |
| Long-term debt to working capital | 0.47x | 1.88x | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | — | — | Operating cash flow ÷ net income |
| Accruals | -37.5% | -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 | -50.1% | -16.6% | -13.5% | -15.7% | -8.6% | 47.3% | 5.2% | 2.5% | 10.3% | -1.4% | -8.6% |
| Return on capital employed | -10.9% | -5.1% | -4.9% | -5.1% | -4.0% | -4.9% | -7.3% | -12.4% | -6.5% | -0.2% | -5.1% |
| Operating margin | -28.2% | -22.9% | -20.9% | -21.8% | -18.0% | -32.2% | -11.0% | -12.7% | -6.7% | -0.2% | -20.9% |
| Net margin | -121.2% | -67.3% | -55.0% | -64.7% | -38.7% | — | 7.2% | 2.4% | 9.4% | -1.1% | -38.7% |
| Debt to equity | 0.07x | 0.10x | 0.05x | 0.04x | 0.00x | 0.02x | 0.09x | 0.04x | 0.13x | 0.12x | 0.05x |
| Current ratio | 2.07x | 1.34x | 1.65x | 2.53x | 0.68x | 4.18x | 3.18x | 2.82x | 1.40x | 1.71x | 1.71x |
| Cash conversion | — | — | — | — | — | -0.06x | -1.09x | -0.83x | -0.83x | — | -0.83x |