The business behind the dividend
| Measure | COHR | Median | Formula |
|---|---|---|---|
| Return on equity | 7.4% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | 6.0% | 10.0% | Operating income ÷ (equity + total debt) |
| Owner earnings | $223.98m | $120.90m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $-1.02bn | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | 11.9% | 14.3% | Operating income ÷ revenue |
| Net margin | 11.3% | 10.1% | Net income ÷ revenue |
| Debt to equity | 0.30x | 0.73x | Total debt ÷ shareholders’ equity |
| Interest cover | 4.48x | 4.22x | Operating income ÷ interest expense |
| Current ratio | 2.43x | 1.55x | Current assets ÷ current liabilities |
| Long-term debt to working capital | 0.79x | 1.88x | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | 0.10x | 1.66x | Operating cash flow ÷ net income |
| Accruals | 4.0% | -3.1% | (Net income − operating cash flow) ÷ total assets |
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 | 7.4% | 0.9% | -3.0% | -5.2% | 6.5% | 8.7% | -3.2% | 9.5% | 8.6% | 10.6% | 6.5% |
| Return on capital employed | 6.0% | 1.0% | 1.0% | -0.4% | 7.0% | 8.4% | 0.9% | 9.3% | 9.3% | 9.3% | 6.0% |
| Operating margin | 11.9% | 1.6% | 2.0% | -0.7% | 12.5% | 12.9% | 1.7% | 10.9% | 11.8% | 11.9% | 10.9% |
| Net margin | 11.3% | 0.8% | -3.3% | -5.0% | 7.1% | 9.6% | -2.8% | 7.9% | 7.6% | 9.8% | 7.1% |
| Debt to equity | 0.30x | 0.65x | 0.79x | 0.86x | 0.64x | 0.40x | 1.09x | 0.41x | 0.43x | 0.38x | 0.43x |
| Current ratio | 2.43x | 2.19x | 2.72x | 3.01x | 3.40x | 4.15x | 2.66x | 3.00x | 3.22x | 3.80x | 3.00x |
| Cash conversion | 0.10x | 12.84x | — | — | 1.76x | 1.93x | — | 1.66x | 1.83x | 1.24x | 1.76x |