The business behind the dividend
| Measure | FDXF | Median | Formula |
|---|---|---|---|
| Return on equity | — | — | Net income ÷ shareholders’ equity |
| Return on capital employed | 14.3% | 10.0% | Operating income ÷ (equity + total debt) |
| Owner earnings | $788.00m | $120.90m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $-212.00m | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | 6.1% | 14.3% | Operating income ÷ revenue |
| Net margin | 7.4% | 10.1% | Net income ÷ revenue |
| Debt to equity | — | — | Total debt ÷ shareholders’ equity |
| Interest cover | 9.47x | 4.22x | Operating income ÷ interest expense |
| Current ratio | 1.52x | 1.55x | Current assets ÷ current liabilities |
| Long-term debt to working capital | 8.31x | 1.88x | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | 0.25x | 1.66x | Operating cash flow ÷ net income |
| Accruals | 7.1% | -3.1% | (Net income − operating cash flow) ÷ total assets |
Not computed here: Debt to equity, Return on equity — 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 | 2026 | 2025 | 2024 | Median |
|---|---|---|---|---|
| Return on equity | — | 56.2% | 74.1% | 56.2% |
| Return on capital employed | 14.3% | 57.1% | — | 14.3% |
| Operating margin | 6.1% | 15.8% | 18.6% | 15.8% |
| Net margin | 7.4% | 15.1% | 16.7% | 15.1% |
| Debt to equity | — | 0.03x | — | 0.03x |
| Current ratio | 1.52x | 0.37x | — | 0.37x |
| Cash conversion | 0.25x | 1.14x | 0.98x | 0.98x |