The business behind the dividend
| Measure | EZRA | Median | Formula |
|---|---|---|---|
| Return on equity | -108.7% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | -78.2% | 10.0% | Operating income ÷ (equity + total debt) |
| Owner earnings | $-5.67m | $120.90m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $-3.11m | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | -72.5% | 14.3% | Operating income ÷ revenue |
| Net margin | -56.2% | 10.1% | Net income ÷ revenue |
| Debt to equity | 0.79x | 0.73x | Total debt ÷ shareholders’ equity |
| Interest cover | — | — | Operating income ÷ interest expense |
| Current ratio | 1.78x | 1.55x | Current assets ÷ current liabilities |
| Long-term debt to working capital | 2.17x | 1.88x | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | — | — | Operating cash flow ÷ net income |
| Accruals | -28.7% | -3.1% | (Net income − operating cash flow) ÷ total assets |
Not computed here: Cash conversion, 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 | 2021 | 2020 | 2019 | Median |
|---|---|---|---|---|---|---|---|---|
| Return on equity | -108.7% | -302.7% | -168.0% | 72.6% | — | — | -467.7% | -168.0% |
| Return on capital employed | -78.2% | -54.7% | -70.9% | -29.4% | — | -41.3% | -30.9% | -54.7% |
| Operating margin | -72.5% | -54.8% | -101.1% | -55.9% | -30.0% | -49.7% | -69.7% | -55.9% |
| Net margin | -56.2% | -64.5% | -87.5% | 55.0% | -217.3% | -50.4% | -78.5% | -64.5% |
| Debt to equity | 0.79x | 3.69x | 1.74x | 1.51x | — | — | 12.42x | 1.74x |
| Current ratio | 1.78x | 1.12x | 1.37x | 0.42x | 0.18x | 0.21x | 0.14x | 0.42x |