The business behind the dividend
| Measure | GROW | Median | Formula |
|---|---|---|---|
| Return on equity | -0.7% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | — | — | Operating income ÷ (equity + total debt) |
| Owner earnings | $-280.00k | $120.90m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $-829.00k | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | -35.3% | 14.3% | Operating income ÷ revenue |
| Net margin | -4.0% | 10.1% | Net income ÷ revenue |
| Debt to equity | — | — | Total debt ÷ shareholders’ equity |
| Interest cover | — | — | Operating income ÷ interest expense |
| Current ratio | 20.87x | 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 | 1.0% | -3.1% | (Net income − operating cash flow) ÷ total assets |
Not computed here: Cash conversion, Debt to equity, Long-term debt to working capital, Interest cover, 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 | -0.7% | 2.7% | 6.1% | 6.4% | 58.8% | -27.9% | -15.6% | 2.5% | -2.1% | -15.0% | -0.7% |
| Return on capital employed | — | — | — | — | — | — | -12.7% | -9.0% | -3.7% | -17.0% | -9.0% |
| Operating margin | -35.3% | -4.4% | 23.4% | 45.0% | 37.7% | -53.7% | -79.7% | -36.5% | -12.9% | — | -12.9% |
| Net margin | -4.0% | 12.1% | 20.9% | 13.9% | — | -104.6% | -97.9% | 10.3% | -7.6% | — | 10.3% |
| Debt to equity | — | — | — | — | — | — | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x |
| Current ratio | 20.87x | 18.63x | 13.74x | 9.20x | 5.20x | 5.25x | 9.14x | 9.66x | 14.98x | 13.98x | 9.66x |