The business behind the dividend
| Measure | DNUT | Median | Formula |
|---|---|---|---|
| Return on equity | -79.3% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | -30.0% | 10.0% | Operating income ÷ (equity + total debt) |
| Owner earnings | $-476.62m | $120.90m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $-64.00m | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | -30.8% | 14.3% | Operating income ÷ revenue |
| Net margin | -33.9% | 10.1% | Net income ÷ revenue |
| Debt to equity | 1.40x | 0.73x | Total debt ÷ shareholders’ equity |
| Interest cover | — | — | Operating income ÷ interest expense |
| Current ratio | 0.38x | 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 | -21.2% | -3.1% | (Net income − operating cash flow) ÷ total assets |
Not computed here: Cash conversion, Long-term debt to working capital, Interest cover — 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 | 2023 | 2022 | 2021 | 2019 | Median |
|---|---|---|---|---|---|---|---|---|
| Return on equity | -79.3% | 0.3% | -3.2% | -1.3% | -2.0% | -9.4% | -4.2% | -3.2% |
| Return on capital employed | -30.0% | -0.4% | 0.7% | 1.5% | 2.1% | 0.3% | — | 0.3% |
| Operating margin | -30.8% | -0.5% | 0.8% | 1.9% | 3.0% | 0.4% | 4.0% | 0.8% |
| Net margin | -33.9% | 0.2% | -2.2% | -1.0% | -1.8% | -5.7% | -3.9% | -2.2% |
| Debt to equity | 1.40x | 0.74x | 0.72x | 0.62x | 0.55x | 1.15x | — | 0.72x |
| Current ratio | 0.38x | 0.36x | 0.33x | 0.35x | 0.30x | 0.33x | — | 0.33x |
| Cash conversion | — | 14.81x | — | — | — | — | — | 14.81x |