The business behind the dividend
| Measure | FIP | Median | Formula |
|---|---|---|---|
| Return on equity | -713.1% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | -4.1% | 10.0% | Operating income ÷ (equity + total debt) |
| Owner earnings | $-300.09m | $120.90m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $-398.53m | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | -30.9% | 14.3% | Operating income ÷ revenue |
| Net margin | -30.3% | 10.1% | Net income ÷ revenue |
| Debt to equity | — | — | Total debt ÷ shareholders’ equity |
| Interest cover | -0.58x | 4.22x | Operating income ÷ interest expense |
| Current ratio | 1.18x | 1.55x | Current assets ÷ current liabilities |
| Long-term debt to working capital | 50.11x | 1.88x | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | — | — | Operating cash flow ÷ net income |
| Accruals | -0.6% | -3.1% | (Net income − operating cash flow) ÷ total assets |
Not computed here: Cash conversion — 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 | Median |
|---|---|---|---|---|---|---|---|
| Return on equity | -713.1% | -131.3% | -33.0% | -34.0% | -7.3% | -7.2% | -34.0% |
| Return on capital employed | -4.1% | -14.7% | -8.6% | -10.3% | -5.0% | — | -8.6% |
| Operating margin | -30.9% | -79.3% | -49.1% | -69.9% | -91.5% | -107.5% | -79.3% |
| Net margin | -30.3% | -80.3% | -49.8% | -71.6% | -88.5% | -104.6% | -80.3% |
| Debt to equity | — | 7.84x | 2.77x | 2.23x | 0.49x | — | 2.77x |
| Current ratio | 1.18x | 0.88x | 1.23x | 1.74x | 3.19x | — | 1.23x |