The business behind the dividend
| Measure | ELTK | Median | Formula |
|---|---|---|---|
| Return on equity | 1.8% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | — | — | Operating income ÷ (equity + total debt) |
| Owner earnings | $-2.42m | $120.90m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $-4.21m | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | 4.5% | 14.3% | Operating income ÷ revenue |
| Net margin | 1.6% | 10.1% | Net income ÷ revenue |
| Debt to equity | — | — | Total debt ÷ shareholders’ equity |
| Interest cover | 1.84x | 4.22x | Operating income ÷ interest expense |
| Current ratio | 2.82x | 1.55x | Current assets ÷ current liabilities |
| Long-term debt to working capital | — | — | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | 1.39x | 1.66x | Operating cash flow ÷ net income |
| Accruals | -0.5% | -3.1% | (Net income − operating cash flow) ÷ total assets |
Not computed here: 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 | 1.8% | 10.3% | 23.6% | 15.2% | 23.9% | 17.1% | 28.6% | -295.6% | -109.1% | -54.6% | 10.3% |
| Return on capital employed | — | — | 27.1% | 12.1% | 7.6% | 17.7% | 19.0% | -129.0% | -82.4% | -20.9% | 12.1% |
| Operating margin | 4.5% | 9.4% | 15.6% | 7.5% | 5.8% | 8.3% | 4.0% | -6.1% | -10.4% | -5.4% | 4.5% |
| Net margin | 1.6% | 9.1% | 13.6% | 8.1% | 14.9% | 7.1% | 5.2% | -7.7% | -11.5% | -9.8% | 5.2% |
| Debt to equity | — | — | 0.00x | 0.17x | 0.22x | 0.12x | 0.17x | 0.82x | 0.20x | 0.44x | 0.20x |
| Current ratio | 2.82x | 2.93x | 2.15x | 2.23x | 2.44x | 1.94x | 0.92x | 0.68x | 0.75x | 0.99x | 1.94x |
| Cash conversion | 1.39x | 1.07x | 1.39x | 1.20x | 0.77x | 1.25x | 1.44x | — | — | — | 1.25x |