The business behind the dividend
| Measure | CVLG | Median | Formula |
|---|---|---|---|
| Return on equity | 1.8% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | 0.4% | 10.0% | Operating income ÷ (equity + total debt) |
| Owner earnings | $-47.60m | $120.90m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $-33.92m | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | 0.3% | 14.3% | Operating income ÷ revenue |
| Net margin | 0.6% | 10.1% | Net income ÷ revenue |
| Debt to equity | 0.74x | 0.73x | Total debt ÷ shareholders’ equity |
| Interest cover | 0.24x | 4.22x | Operating income ÷ interest expense |
| Current ratio | 1.11x | 1.55x | Current assets ÷ current liabilities |
| Long-term debt to working capital | 10.25x | 1.88x | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | 15.70x | 1.66x | Operating cash flow ÷ net income |
| Accruals | -10.2% | -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 | 2025 | 2024 | 2023 | 2022 | 2021 | 2021 | 2020 | 2019 | 2018 | 2017 | Median |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on equity | 1.8% | 8.2% | 13.7% | 28.8% | 17.4% | — | -14.7% | 2.4% | 12.4% | 18.8% | 12.4% |
| Return on capital employed | 0.4% | 6.5% | 9.1% | 24.8% | 17.9% | — | -4.1% | 1.5% | 10.3% | 5.8% | 6.5% |
| Operating margin | 0.3% | 4.0% | 5.3% | 9.9% | 6.4% | — | -1.7% | 1.0% | 6.3% | 4.0% | 4.0% |
| Net margin | 0.6% | 3.2% | 5.0% | 8.9% | 5.8% | — | -5.1% | 1.0% | 4.8% | 7.9% | 4.8% |
| Debt to equity | 0.74x | 0.57x | 0.61x | 0.29x | 0.07x | — | 0.19x | 0.73x | 0.57x | 0.64x | 0.57x |
| Current ratio | 1.11x | 1.18x | 1.09x | 1.43x | 1.32x | — | 1.11x | 1.58x | 1.66x | 2.00x | 1.32x |
| Cash conversion | 15.70x | 3.42x | 1.54x | 1.47x | 1.21x | — | — | 7.55x | 2.94x | 1.49x | 2.94x |