The business behind the dividend
| Measure | HCC | Median | Formula |
|---|---|---|---|
| Return on equity | 2.7% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | 2.0% | 10.0% | Operating income ÷ (equity + total debt) |
| Owner earnings | $-74.70m | $120.90m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $-91.02m | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | 3.5% | 14.3% | Operating income ÷ revenue |
| Net margin | 4.4% | 10.1% | Net income ÷ revenue |
| Debt to equity | 0.07x | 0.73x | Total debt ÷ shareholders’ equity |
| Interest cover | 4.69x | 4.22x | Operating income ÷ interest expense |
| Current ratio | 3.19x | 1.55x | Current assets ÷ current liabilities |
| Long-term debt to working capital | 0.27x | 1.88x | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | 4.02x | 1.66x | Operating cash flow ÷ net income |
| Accruals | -6.2% | -3.1% | (Net income − operating cash flow) ÷ total assets |
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 | 2.7% | 12.0% | 25.5% | 44.3% | 17.3% | -4.9% | 39.4% | 97.8% | 110.2% | -6.6% | 17.3% |
| Return on capital employed | 2.0% | 11.4% | 26.7% | 45.8% | 20.1% | -2.5% | 34.7% | 43.0% | 55.8% | — | 26.7% |
| Operating margin | 3.5% | 16.7% | 32.3% | 46.1% | 23.0% | -3.5% | 30.2% | 36.9% | 36.2% | — | 30.2% |
| Net margin | 4.4% | 16.4% | 28.5% | 36.9% | 14.2% | -4.6% | 23.8% | 50.6% | 38.9% | -16.7% | 16.4% |
| Debt to equity | 0.07x | 0.07x | 0.08x | 0.21x | 0.39x | 0.52x | 0.44x | 0.66x | 0.84x | 0.01x | 0.21x |
| Current ratio | 3.19x | 5.20x | 7.24x | 7.66x | 5.14x | 2.74x | 3.44x | 3.77x | 2.48x | 4.50x | 3.77x |
| Cash conversion | 4.02x | 1.47x | 1.46x | 1.31x | 2.33x | — | 1.77x | 0.80x | 0.95x | — | 1.47x |