The business behind the dividend
| Measure | CSAI | Median | Formula |
|---|---|---|---|
| Return on equity | -95.0% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | — | — | Operating income ÷ (equity + total debt) |
| Owner earnings | $-8.69m | $120.90m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $-7.23m | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | -160.8% | 14.3% | Operating income ÷ revenue |
| Net margin | -167.1% | 10.1% | Net income ÷ revenue |
| Debt to equity | — | — | Total debt ÷ shareholders’ equity |
| Interest cover | — | — | Operating income ÷ interest expense |
| Current ratio | 8.10x | 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 | -15.3% | -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 | Median |
|---|---|---|---|---|
| Return on equity | -95.0% | — | -192.4% | -192.4% |
| Operating margin | -160.8% | -453.8% | — | -453.8% |
| Net margin | -167.1% | -479.0% | — | -479.0% |
| Current ratio | 8.10x | 0.48x | 17.76x | 8.10x |