The business behind the dividend
| Measure | GENK | Median | Formula |
|---|---|---|---|
| Return on equity | -11.4% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | -49.8% | 10.0% | Operating income ÷ (equity + total debt) |
| Owner earnings | $-21.66m | $120.90m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $-24.32m | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | -9.4% | 14.3% | Operating income ÷ revenue |
| Net margin | -1.4% | 10.1% | Net income ÷ revenue |
| Debt to equity | 0.51x | 0.73x | Total debt ÷ shareholders’ equity |
| Interest cover | -79.97x | 4.22x | Operating income ÷ interest expense |
| Current ratio | 0.42x | 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 | -2.5% | -3.1% | (Net income − operating cash flow) ÷ total assets |
Not computed here: Cash conversion, Long-term debt to working capital — 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 | Median |
|---|---|---|---|---|---|
| Return on equity | -11.4% | 1.3% | 23.3% | — | 1.3% |
| Return on capital employed | -49.8% | 0.9% | 19.9% | — | 0.9% |
| Operating margin | -9.4% | 0.2% | 4.5% | 7.5% | 4.5% |
| Net margin | -1.4% | 0.3% | 4.6% | 6.3% | 4.6% |
| Debt to equity | 0.51x | 0.16x | 0.13x | — | 0.16x |
| Current ratio | 0.42x | 0.83x | 1.18x | 0.40x | 0.83x |
| Cash conversion | — | 30.11x | 2.64x | 2.28x | 2.64x |