The business behind the dividend
| Measure | CVEO | Median | Formula |
|---|---|---|---|
| Return on equity | -11.5% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | 1.2% | 10.0% | Operating income ÷ (equity + total debt) |
| Owner earnings | $32.36m | $120.90m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $2.15m | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | 0.6% | 14.3% | Operating income ÷ revenue |
| Net margin | -3.1% | 10.1% | Net income ÷ revenue |
| Debt to equity | 1.05x | 0.73x | Total debt ÷ shareholders’ equity |
| Interest cover | 0.36x | 4.22x | Operating income ÷ interest expense |
| Current ratio | 1.54x | 1.55x | Current assets ÷ current liabilities |
| Long-term debt to working capital | 3.95x | 1.88x | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | — | — | Operating cash flow ÷ net income |
| Accruals | -8.9% | -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 | -11.5% | -7.2% | 9.4% | 1.3% | 0.4% | -35.8% | -11.9% | -15.4% | -22.2% | -20.3% | -11.9% |
| Return on capital employed | 1.2% | 0.5% | 10.2% | 3.9% | 1.1% | -23.6% | -5.8% | -9.7% | -12.7% | -11.6% | -5.8% |
| Operating margin | 0.6% | 0.2% | 5.6% | 2.4% | 1.0% | -27.8% | -9.3% | -18.9% | -25.6% | -24.1% | -9.3% |
| Net margin | -3.1% | -2.5% | 4.3% | 0.6% | 0.2% | -25.3% | -11.1% | -17.6% | -27.7% | -24.3% | -11.1% |
| Debt to equity | 1.05x | 0.18x | 0.20x | 0.44x | 0.48x | 0.66x | 0.73x | 0.70x | 0.62x | 0.74x | 0.62x |
| Current ratio | 1.54x | 1.19x | 1.53x | 1.20x | 1.15x | 1.02x | 1.19x | 1.24x | 1.75x | 1.37x | 1.20x |
| Cash conversion | — | — | 3.20x | 22.96x | — | — | — | — | — | — | 3.20x |
How it compares in consumer discretionary
Among the 169 consumer discretionary companies here measured on free cash flow, Civeo pays out less than 6 of them. The median for that group is 33.1%, against this company’s 160.1%.
Closest on free cash flow
- Winmark (WINA) 109.9%
- Nike (NKE) 110.2%
- Starbucks (SBUX) 113.5%
- BUUU Group (BUUU) 153.8%
Same sector and same denominator, so the figures are comparable. All 197 in consumer discretionary →