The business behind the dividend
| Measure | DK | Median | Formula |
|---|---|---|---|
| Return on equity | -4.2% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | 8.0% | 10.0% | Operating income ÷ (equity + total debt) |
| Owner earnings | $-154.50m | $120.90m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $6.30m | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | 2.8% | 14.3% | Operating income ÷ revenue |
| Net margin | -0.2% | 10.1% | Net income ÷ revenue |
| Debt to equity | 5.91x | 0.73x | Total debt ÷ shareholders’ equity |
| Interest cover | 0.88x | 4.22x | Operating income ÷ interest expense |
| Current ratio | 0.82x | 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 | -8.2% | -3.1% | (Net income − operating cash flow) ÷ total assets |
Not computed here: Cash conversion, Long-term debt to working capital — 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 | -4.2% | -97.4% | 2.1% | 24.0% | -12.7% | -54.8% | 16.9% | 18.8% | 14.7% | -13.0% | -4.2% |
| Return on capital employed | 8.0% | -14.7% | 6.9% | 11.1% | -1.1% | -21.1% | 12.6% | 17.0% | 5.3% | -2.4% | 5.3% |
| Operating margin | 2.8% | -4.1% | 1.5% | 2.3% | -0.3% | -10.0% | 5.3% | 6.0% | 2.5% | -1.2% | 1.5% |
| Net margin | -0.2% | -4.7% | 0.1% | 1.3% | -1.2% | -8.4% | 3.3% | 3.3% | 4.0% | -3.7% | -0.2% |
| Debt to equity | 5.91x | 4.81x | 2.71x | 2.86x | 2.19x | 2.10x | 1.13x | 0.99x | 0.75x | 0.70x | 2.10x |
| Current ratio | 0.82x | 0.93x | 0.99x | 1.20x | 0.97x | 1.21x | 1.26x | 1.45x | 0.98x | 1.49x | 0.99x |
| Cash conversion | — | — | — | 1.65x | — | — | 1.85x | 1.65x | 1.11x | — | 1.65x |