The business behind the dividend
| Measure | FBYD | Median | Formula |
|---|---|---|---|
| Return on equity | 52.9% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | -51.3% | 10.0% | Operating income ÷ (equity + total debt) |
| Owner earnings | $6.51m | $120.90m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $-24.76m | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | -90.0% | 14.3% | Operating income ÷ revenue |
| Net margin | 42.4% | 10.1% | Net income ÷ revenue |
| Debt to equity | 1.19x | 0.73x | Total debt ÷ shareholders’ equity |
| Interest cover | -3.96x | 4.22x | Operating income ÷ interest expense |
| Current ratio | 0.36x | 1.55x | Current assets ÷ current liabilities |
| Long-term debt to working capital | — | — | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | -3.90x | 1.66x | Operating cash flow ÷ net income |
| Accruals | 46.3% | -3.1% | (Net income − operating cash flow) ÷ total assets |
Not computed here: Long-term debt to working capital — 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 | 52.9% | — | — | -25.5% | -25.5% |
| Return on capital employed | -51.3% | -66.7% | — | -17.1% | -51.3% |
| Operating margin | -90.0% | -235.2% | — | -108.7% | -108.7% |
| Net margin | 42.4% | — | — | -109.3% | -109.3% |
| Debt to equity | 1.19x | — | — | 0.48x | 0.48x |
| Current ratio | 0.36x | 0.09x | 0.01x | 1.01x | 0.36x |
| Cash conversion | -3.90x | -0.08x | — | — | -3.90x |