The business behind the dividend
| Measure | EPSN | Median | Formula |
|---|---|---|---|
| Return on equity | -4.6% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | — | — | Operating income ÷ (equity + total debt) |
| Owner earnings | — | — | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $5.78m | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | -20.4% | 14.3% | Operating income ÷ revenue |
| Net margin | -11.2% | 10.1% | Net income ÷ revenue |
| Debt to equity | — | — | Total debt ÷ shareholders’ equity |
| Interest cover | -16.85x | 4.22x | Operating income ÷ interest expense |
| Current ratio | 1.31x | 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 | -11.6% | -3.1% | (Net income − operating cash flow) ÷ total assets |
Not computed here: Cash conversion, Debt to equity, Long-term debt to working capital, Owner earnings, 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 | Median |
|---|---|---|---|---|---|---|---|---|---|
| Return on equity | -4.6% | 2.0% | 6.9% | 33.9% | 14.7% | 1.3% | 11.4% | 9.5% | 9.5% |
| Operating margin | -20.4% | 10.9% | 17.6% | 67.1% | 48.6% | -4.0% | 30.7% | 31.8% | 30.7% |
| Net margin | -11.2% | 6.1% | 22.6% | 50.5% | 27.4% | 3.6% | 32.6% | 22.4% | 22.6% |
| Current ratio | 1.31x | 2.02x | 5.21x | 8.92x | 4.20x | 3.94x | 2.99x | 3.14x | 3.94x |
| Cash conversion | — | 8.73x | 2.62x | 1.07x | 1.72x | 16.93x | 1.49x | 1.55x | 1.72x |
How it compares in energy
Among the 47 energy companies here measured on free cash flow, Epsilon Energy pays out less than 5 of them. The median for that group is 38.2%, against this company’s 103.8%.
Closest on free cash flow
- Helmerich & Payne (HP) 86.4%
- Alliance Resource Partners (ARLP) 86.9%
- Core Natural Resources (CNR) 124.1%
- CKX Lands (CKX) 125.2%
Same sector and same denominator, so the figures are comparable. All 66 in energy →