The business behind the dividend
| Measure | GRNT | Median | Formula |
|---|---|---|---|
| Return on equity | 4.0% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | 4.6% | 10.0% | Operating income ÷ (equity + total debt) |
| Owner earnings | — | — | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $-4.35m | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | 10.3% | 14.3% | Operating income ÷ revenue |
| Net margin | 5.4% | 10.1% | Net income ÷ revenue |
| Debt to equity | 0.66x | 0.73x | Total debt ÷ shareholders’ equity |
| Interest cover | 1.82x | 4.22x | Operating income ÷ interest expense |
| Current ratio | 1.25x | 1.55x | Current assets ÷ current liabilities |
| Long-term debt to working capital | 16.14x | 1.88x | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | 12.17x | 1.66x | Operating cash flow ÷ net income |
| Accruals | -23.3% | -3.1% | (Net income − operating cash flow) ÷ total assets |
Not computed here: Owner earnings — 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 | 4.0% | 3.0% | 12.1% | 39.5% | 22.8% | -6.5% | 4.0% |
| Return on capital employed | 4.6% | 7.1% | 11.6% | 45.5% | 27.2% | — | 11.6% |
| Operating margin | 10.3% | 15.6% | 23.0% | 60.7% | 49.4% | -40.3% | 15.6% |
| Net margin | 5.4% | 4.9% | 20.6% | 52.7% | 37.4% | -27.5% | 5.4% |
| Debt to equity | 0.66x | 0.32x | 0.16x | 0.00x | 0.11x | — | 0.16x |
| Current ratio | 1.25x | 1.33x | 2.44x | 2.28x | 1.45x | — | 1.45x |
| Cash conversion | 12.17x | 14.70x | 3.73x | 1.32x | 1.67x | — | 3.73x |