The business behind the dividend
| Measure | EHLD | Median | Formula |
|---|---|---|---|
| Return on equity | 73.4% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | 36.8% | 10.0% | Operating income ÷ (equity + total debt) |
| Owner earnings | $-16.92m | $120.90m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $-28.04m | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | — | — | Operating income ÷ revenue |
| Net margin | — | — | Net income ÷ revenue |
| Debt to equity | 0.99x | 0.73x | Total debt ÷ shareholders’ equity |
| Interest cover | — | — | Operating income ÷ interest expense |
| Current ratio | 1.70x | 1.55x | Current assets ÷ current liabilities |
| Long-term debt to working capital | 6.16x | 1.88x | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | 0.27x | 1.66x | Operating cash flow ÷ net income |
| Accruals | 25.3% | -3.1% | (Net income − operating cash flow) ÷ total assets |
Not computed here: 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 | 2022 | Median |
|---|---|---|---|---|---|
| Return on equity | 73.4% | 60.5% | 136.7% | 222.7% | 136.7% |
| Return on capital employed | 36.8% | 61.4% | 105.4% | — | 61.4% |
| Operating margin | — | 24.5% | 48.3% | 58.2% | 48.3% |
| Net margin | — | 24.1% | 46.9% | 57.3% | 46.9% |
| Debt to equity | 0.99x | 0.00x | 0.33x | — | 0.33x |
| Current ratio | 1.70x | 1.00x | 1.66x | — | 1.66x |
| Cash conversion | 0.27x | 1.31x | 1.20x | 1.00x | 1.20x |