The business behind the dividend
| Measure | HIMX | Median | Formula |
|---|---|---|---|
| Return on equity | 6.1% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | — | — | Operating income ÷ (equity + total debt) |
| Owner earnings | $4.83m | $120.90m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $-10.43m | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | 1.2% | 14.3% | Operating income ÷ revenue |
| Net margin | 4.1% | 10.1% | Net income ÷ revenue |
| Debt to equity | — | — | Total debt ÷ shareholders’ equity |
| Interest cover | 14.42x | 4.22x | Operating income ÷ interest expense |
| Current ratio | 1.96x | 1.55x | Current assets ÷ current liabilities |
| Long-term debt to working capital | — | — | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | 1.05x | 1.66x | Operating cash flow ÷ net income |
| Accruals | -0.2% | -3.1% | (Net income − operating cash flow) ÷ total assets |
Not computed here: Debt to equity, Long-term debt to working capital, 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 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | Median |
|---|---|---|---|---|---|---|---|---|---|---|
| Return on equity | 6.1% | 10.9% | 5.7% | 14.1% | 13.7% | 12.1% | 2.7% | 8.2% | 9.3% | 9.3% |
| Operating margin | 1.2% | 7.4% | 4.4% | 8.7% | 9.6% | 9.1% | 2.6% | 5.5% | 6.3% | 6.3% |
| Net margin | 4.1% | 6.3% | 3.6% | 7.9% | 8.0% | 7.0% | 1.7% | 5.2% | 5.7% | 5.7% |
| Current ratio | 1.96x | 2.16x | 1.98x | 2.05x | 2.11x | 2.34x | 2.10x | 2.36x | — | 2.11x |
| Cash conversion | 1.05x | 1.66x | 0.89x | 1.41x | 0.83x | 1.01x | 4.06x | 1.74x | 1.86x | 1.41x |