The business behind the dividend
| Measure | CRON | Median | Formula |
|---|---|---|---|
| Return on equity | -0.9% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | — | — | Operating income ÷ (equity + total debt) |
| Owner earnings | $-20.93m | $120.90m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $149.00k | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | -11.9% | 14.3% | Operating income ÷ revenue |
| Net margin | -6.4% | 10.1% | Net income ÷ revenue |
| Debt to equity | — | — | Total debt ÷ shareholders’ equity |
| Interest cover | — | — | Operating income ÷ interest expense |
| Current ratio | 19.59x | 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 | -2.9% | -3.1% | (Net income − operating cash flow) ÷ total assets |
Not computed here: Cash conversion, Debt to equity, Long-term debt to working capital, 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 | Median |
|---|---|---|---|---|---|---|---|---|---|---|
| Return on equity | -0.9% | 3.9% | -6.7% | -14.8% | -29.6% | -4.3% | 66.7% | -14.6% | -2.3% | -4.3% |
| Operating margin | -11.9% | -65.1% | -97.2% | -128.4% | -452.2% | -469.6% | -645.5% | -168.7% | -194.5% | -168.7% |
| Net margin | -6.4% | 34.9% | -84.8% | -194.5% | -613.5% | -156.5% | — | -178.5% | -47.1% | -84.8% |
| Current ratio | 19.59x | 18.84x | 22.54x | 14.10x | 19.86x | 6.63x | 4.73x | 1.20x | — | 18.84x |
| Cash conversion | — | 0.46x | — | — | — | — | -0.11x | — | — | -0.11x |
How it compares in health care
Among the 5 health care companies here measured on operating cash flow, Cronos Group pays out less than 1 of them. The median for that group is 16.8%, against this company’s 24.8%.
Closest on operating cash flow
- Ensign Group (ENSG) 2.6%
- Royalty Pharma (RPRX) 15.2%
- Cigna Group (CI) 16.8%
- Teleflex (TFX) 62.3%
Same sector and same denominator, so the figures are comparable. All 76 in health care →