The business behind the dividend
| Measure | CWH | Median | Formula |
|---|---|---|---|
| Return on equity | -39.3% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | 10.6% | 10.0% | Operating income ÷ (equity + total debt) |
| Owner earnings | $-246.75m | $120.90m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $-384.27m | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | 2.8% | 14.3% | Operating income ÷ revenue |
| Net margin | -1.4% | 10.1% | Net income ÷ revenue |
| Debt to equity | 6.44x | 0.73x | Total debt ÷ shareholders’ equity |
| Interest cover | 0.93x | 4.22x | Operating income ÷ interest expense |
| Current ratio | 1.20x | 1.55x | Current assets ÷ current liabilities |
| Long-term debt to working capital | 3.25x | 1.88x | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | — | — | Operating cash flow ÷ net income |
| Accruals | 0.8% | -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 | -39.3% | -11.8% | 19.8% | 83.7% | 176.2% | 457.0% | — | 23.3% | 59.1% | — | 59.1% |
| Return on capital employed | 10.6% | 8.1% | 15.8% | 34.3% | 51.5% | 41.0% | 0.8% | 16.4% | 36.0% | 44.9% | 16.4% |
| Operating margin | 2.8% | 2.4% | 4.3% | 8.2% | 11.6% | 8.7% | 0.2% | 4.2% | 8.3% | 7.9% | 4.3% |
| Net margin | -1.4% | -0.6% | 0.5% | 1.8% | 4.0% | 2.2% | -1.2% | 0.2% | 0.7% | 5.4% | 0.5% |
| Debt to equity | 6.44x | 4.64x | 9.04x | 10.21x | 8.82x | 42.39x | — | 26.60x | 18.55x | — | 10.21x |
| Current ratio | 1.20x | 1.35x | 1.21x | 1.33x | 1.43x | 1.44x | 1.30x | 1.45x | 1.36x | 1.30x | 1.33x |
| Cash conversion | — | — | 9.31x | 1.53x | 0.55x | 6.11x | — | 13.11x | -0.55x | 1.14x | 1.53x |