The business behind the dividend
| Measure | GPUS | Median | Formula |
|---|---|---|---|
| Return on equity | -55.4% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | -30.7% | 10.0% | Operating income ÷ (equity + total debt) |
| Owner earnings | $-71.12m | $120.90m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $-87.06m | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | -61.0% | 14.3% | Operating income ÷ revenue |
| Net margin | -65.0% | 10.1% | Net income ÷ revenue |
| Debt to equity | 0.69x | 0.73x | Total debt ÷ shareholders’ equity |
| Interest cover | -3.86x | 4.22x | Operating income ÷ interest expense |
| Current ratio | 0.76x | 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 | -1.2% | -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 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | Median |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on equity | -55.4% | -650.8% | -516.6% | -88.0% | -10.2% | -60.9% | -474.2% | -178.8% | -59.0% | -31.5% | -88.0% |
| Return on capital employed | -30.7% | -54.1% | -150.5% | -38.4% | -5.3% | -11.5% | -181.7% | -59.3% | -30.4% | -33.9% | -38.4% |
| Operating margin | -61.0% | -53.4% | -110.7% | -118.6% | -35.0% | -25.3% | -110.4% | -72.2% | -58.8% | -16.0% | -61.0% |
| Net margin | -65.0% | -52.7% | -171.3% | -154.6% | -44.4% | -123.2% | -147.2% | -118.7% | -104.3% | -14.8% | -118.7% |
| Debt to equity | 0.69x | 11.19x | 1.22x | 0.76x | 0.54x | 0.08x | 0.96x | 0.83x | 0.09x | 0.01x | 0.69x |
| Current ratio | 0.76x | 0.27x | 0.45x | 0.87x | 1.34x | 1.57x | 0.37x | 0.40x | 0.80x | 2.04x | 0.76x |