The business behind the dividend
| Measure | HKHC | Median | Formula |
|---|---|---|---|
| Return on equity | 1.5% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | — | — | Operating income ÷ (equity + total debt) |
| Owner earnings | $5.92m | $120.90m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $-43.38m | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | 15.2% | 14.3% | Operating income ÷ revenue |
| Net margin | 7.0% | 10.1% | Net income ÷ revenue |
| Debt to equity | — | — | Total debt ÷ shareholders’ equity |
| Interest cover | — | — | Operating income ÷ interest expense |
| Current ratio | — | — | 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 | 2.4% | -3.1% | (Net income − operating cash flow) ÷ total assets |
Not computed here: Cash conversion, Current ratio, Debt to equity, 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 | 1.5% | 27.2% | -2.1% | -4.0% | -96.1% | -6.9% | -2.8% | 9.2% | 22.0% | 11.4% | -2.1% |
| Return on capital employed | — | — | — | -4.3% | -45.3% | -8.7% | — | — | 34.1% | 17.7% | -4.3% |
| Operating margin | 15.2% | -27.0% | -3.8% | -332.7% | -21.9% | -8.4% | -4.7% | 7.9% | 18.1% | 9.1% | -4.7% |
| Net margin | 7.0% | — | -9.5% | -297.0% | -37.3% | -5.4% | -2.3% | 6.0% | 11.1% | 5.3% | -2.3% |
| Debt to equity | — | — | — | 0.03x | 0.25x | 0.25x | — | — | 0.05x | 0.12x | 0.12x |
| Current ratio | — | — | 5.80x | 1.38x | 2.26x | 2.86x | 5.47x | 7.61x | 4.33x | 3.11x | 4.33x |