The business behind the dividend
| Measure | FRD | Median | Formula |
|---|---|---|---|
| Return on equity | 4.6% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | — | — | Operating income ÷ (equity + total debt) |
| Owner earnings | $5.37m | $120.90m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $-8.41m | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | 0.7% | 14.3% | Operating income ÷ revenue |
| Net margin | 1.4% | 10.1% | Net income ÷ revenue |
| Debt to equity | — | — | Total debt ÷ shareholders’ equity |
| Interest cover | 1.03x | 4.22x | Operating income ÷ interest expense |
| Current ratio | 4.34x | 1.55x | Current assets ÷ current liabilities |
| Long-term debt to working capital | — | — | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | -0.72x | 1.66x | Operating cash flow ÷ net income |
| Accruals | 4.6% | -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 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | Median |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on equity | 4.6% | 13.6% | 18.5% | 17.7% | 17.5% | -7.9% | 7.0% | 5.7% | -4.4% | 0.5% | 5.7% |
| Return on capital employed | — | — | — | 35.8% | 24.0% | — | — | — | — | — | 24.0% |
| Operating margin | 0.7% | 4.7% | 3.8% | 10.0% | 12.5% | -4.8% | 3.4% | 4.7% | -5.4% | 0.0% | 3.4% |
| Net margin | 1.4% | 3.4% | 3.9% | 4.9% | 9.1% | -3.7% | 2.7% | 3.2% | -3.4% | 0.4% | 2.7% |
| Debt to equity | — | — | — | 0.00x | 0.00x | — | — | — | — | — | 0.00x |
| Current ratio | 4.34x | 3.14x | 3.19x | 2.06x | 2.67x | 6.76x | 6.02x | 6.10x | 19.28x | 17.34x | 4.34x |
| Cash conversion | -0.72x | 0.29x | 2.99x | -0.95x | 0.74x | — | 1.89x | 0.82x | — | 10.29x | 0.82x |