The business behind the dividend
| Measure | CNS | Median | Formula |
|---|---|---|---|
| Return on equity | 27.3% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | — | — | Operating income ÷ (equity + total debt) |
| Owner earnings | $157.02m | $120.90m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $-126.42m | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | 32.0% | 14.3% | Operating income ÷ revenue |
| Net margin | 27.6% | 10.1% | Net income ÷ revenue |
| Debt to equity | — | — | Total debt ÷ shareholders’ equity |
| Interest cover | — | — | Operating income ÷ interest expense |
| Current ratio | — | — | 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 | 31.2% | -3.1% | (Net income − operating cash flow) ÷ total assets |
Not computed here: Cash conversion, Current ratio, Debt to equity, Interest cover, Return on capital employed — 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 | 27.3% | 29.6% | 33.9% | 50.7% | 82.8% | 44.0% | 63.0% | 51.2% | 33.4% | 35.0% | 35.0% |
| Operating margin | 32.0% | 33.4% | 33.6% | 38.1% | 44.6% | 22.2% | 39.0% | 38.6% | 40.9% | 38.6% | 38.1% |
| Net margin | 27.6% | 29.2% | 26.4% | 30.2% | 36.2% | 17.9% | 32.8% | 29.9% | 24.3% | 26.4% | 27.6% |