The business behind the dividend
| Measure | FTCO | Median | Formula |
|---|---|---|---|
| Return on equity | 0.4% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | — | — | Operating income ÷ (equity + total debt) |
| Owner earnings | $926.00k | $120.90m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $-14.96m | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | 2.4% | 14.3% | Operating income ÷ revenue |
| Net margin | 2.3% | 10.1% | Net income ÷ revenue |
| Debt to equity | — | — | Total debt ÷ shareholders’ equity |
| Interest cover | 2.01x | 4.22x | Operating income ÷ interest expense |
| Current ratio | 4.26x | 1.55x | Current assets ÷ current liabilities |
| Long-term debt to working capital | — | — | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | -30.99x | 1.66x | Operating cash flow ÷ net income |
| Accruals | 9.9% | -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 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | Median |
|---|---|---|---|---|---|---|---|
| Return on equity | 0.4% | -1.9% | 14.1% | 12.7% | 15.9% | 10.4% | 10.4% |
| Return on capital employed | — | — | — | — | 20.9% | 10.5% | 10.5% |
| Operating margin | 2.4% | 3.7% | 28.7% | 24.1% | 28.7% | 19.3% | 19.3% |
| Net margin | 2.3% | -5.5% | 23.3% | 19.7% | 21.8% | 18.9% | 18.9% |
| Debt to equity | — | — | — | — | 0.00x | 0.01x | 0.00x |
| Current ratio | 4.26x | 10.13x | 9.46x | 9.82x | 15.31x | 4.78x | 9.46x |
| Cash conversion | -30.99x | — | 1.35x | 1.95x | 1.38x | 1.27x | 1.35x |