The business behind the dividend
| Measure | CVR | Median | Formula |
|---|---|---|---|
| Return on equity | -5.8% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | — | — | Operating income ÷ (equity + total debt) |
| Owner earnings | $-197.24k | $120.90m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $-1.56m | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | -4.3% | 14.3% | Operating income ÷ revenue |
| Net margin | -3.9% | 10.1% | Net income ÷ revenue |
| Debt to equity | — | — | Total debt ÷ shareholders’ equity |
| Interest cover | -48.07x | 4.22x | Operating income ÷ interest expense |
| Current ratio | 5.21x | 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 | 0.6% | -3.1% | (Net income − operating cash flow) ÷ total assets |
Not computed here: Cash conversion, Debt to equity, Long-term debt to working capital, 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 | 2016 | Median |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on equity | -5.8% | -28.0% | -17.0% | 9.3% | 3.8% | 0.2% | 1.8% | 6.7% | 7.2% | 8.5% | 1.8% |
| Return on capital employed | — | -25.8% | — | — | — | — | — | — | — | — | -25.8% |
| Operating margin | -4.3% | -19.1% | -18.5% | 10.6% | 4.0% | -0.3% | 1.5% | 6.5% | 6.6% | 9.4% | 1.5% |
| Net margin | -3.9% | -20.8% | -14.0% | 8.5% | 3.3% | 0.2% | 1.6% | 5.4% | 5.8% | 6.4% | 1.6% |
| Debt to equity | — | 0.00x | — | — | — | — | — | — | — | — | 0.00x |
| Current ratio | 5.21x | 5.67x | 8.50x | 12.87x | 10.31x | 11.89x | 11.13x | 7.79x | 8.68x | 8.21x | 8.50x |
| Cash conversion | — | — | — | -0.44x | -0.91x | 12.36x | 5.89x | 0.94x | 1.44x | 1.71x | 1.44x |