The business behind the dividend
| Measure | FF | Median | Formula |
|---|---|---|---|
| Return on equity | -31.9% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | — | — | Operating income ÷ (equity + total debt) |
| Owner earnings | $-56.99m | $120.90m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $-45.98m | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | -55.3% | 14.3% | Operating income ÷ revenue |
| Net margin | -51.6% | 10.1% | Net income ÷ revenue |
| Debt to equity | — | — | Total debt ÷ shareholders’ equity |
| Interest cover | — | — | Operating income ÷ interest expense |
| Current ratio | 5.67x | 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 | -10.7% | -3.1% | (Net income − operating cash flow) ÷ total assets |
Not computed here: Cash conversion, 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 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | Median |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on equity | -31.9% | 7.5% | 12.1% | 5.4% | 9.1% | 12.5% | 18.9% | 13.7% | 6.7% | 16.9% | 9.1% |
| Operating margin | -55.3% | 2.6% | 7.4% | 4.4% | 4.0% | 10.9% | 31.8% | 21.8% | 3.6% | 14.4% | 4.4% |
| Net margin | -51.6% | 6.4% | 10.2% | 3.8% | 8.2% | 22.8% | 43.0% | 18.3% | 8.5% | 22.3% | 8.5% |
| Current ratio | 5.67x | 4.95x | 7.03x | 4.88x | 7.30x | 10.39x | 5.81x | 9.18x | 8.80x | 2.81x | 5.81x |
| Cash conversion | — | 1.60x | 0.57x | 3.45x | 1.68x | 2.07x | 0.39x | 1.61x | 1.67x | 1.61x | 1.61x |