The business behind the dividend
| Measure | FENG | Median | Formula |
|---|---|---|---|
| Return on equity | 22.3% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | — | — | Operating income ÷ (equity + total debt) |
| Owner earnings | $60.09m | $120.90m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $-17.66m | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | -8.5% | 14.3% | Operating income ÷ revenue |
| Net margin | 30.2% | 10.1% | Net income ÷ revenue |
| Debt to equity | — | — | Total debt ÷ shareholders’ equity |
| Interest cover | -92.47x | 4.22x | Operating income ÷ interest expense |
| Current ratio | 2.28x | 1.55x | Current assets ÷ current liabilities |
| Long-term debt to working capital | — | — | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | -0.28x | 1.66x | Operating cash flow ÷ net income |
| Accruals | 16.9% | -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 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | Median |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on equity | 22.3% | 21.7% | -2.1% | 1.4% | 3.7% | 4.1% | 15.3% | 17.8% | 7.9% | 7.8% | 7.8% |
| Operating margin | -8.5% | -20.0% | -9.0% | 1.0% | 2.4% | 4.9% | 14.5% | 17.4% | 7.6% | 9.0% | 2.4% |
| Net margin | 30.2% | 47.3% | -4.8% | 2.2% | 5.6% | 4.6% | 16.1% | 19.6% | 9.7% | 10.8% | 9.7% |
| Current ratio | 2.28x | 1.70x | 1.88x | 2.09x | 2.16x | 2.60x | 3.48x | 4.13x | 5.07x | 5.97x | 2.28x |
| Cash conversion | -0.28x | -0.46x | — | 5.03x | 2.53x | 3.00x | 1.04x | 1.24x | 1.02x | 0.63x | 1.04x |