The business behind the dividend
| Measure | HPK | Median | Formula |
|---|---|---|---|
| Return on equity | 1.2% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | 5.4% | 10.0% | Operating income ÷ (equity + total debt) |
| Owner earnings | $-74.64m | $120.90m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $-3.78m | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | 17.4% | 14.3% | Operating income ÷ revenue |
| Net margin | 2.2% | 10.1% | Net income ÷ revenue |
| Debt to equity | 0.75x | 0.73x | Total debt ÷ shareholders’ equity |
| Interest cover | 1.02x | 4.22x | Operating income ÷ interest expense |
| Current ratio | 1.13x | 1.55x | Current assets ÷ current liabilities |
| Long-term debt to working capital | 38.22x | 1.88x | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | 26.98x | 1.66x | Operating cash flow ÷ net income |
| Accruals | -15.3% | -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 | 2019 | Median |
|---|---|---|---|---|---|---|---|
| Return on equity | 1.2% | 5.9% | 13.9% | 20.2% | 10.0% | -2.5% | 5.9% |
| Return on capital employed | 5.4% | 12.7% | 15.8% | 22.5% | 15.6% | — | 15.6% |
| Operating margin | 17.4% | 30.2% | 37.7% | 55.9% | 46.2% | -142.7% | 30.2% |
| Net margin | 2.2% | 8.5% | 19.1% | 31.3% | 25.2% | -142.7% | 8.5% |
| Debt to equity | 0.75x | 0.65x | 0.74x | 0.60x | 0.18x | — | 0.65x |
| Current ratio | 1.13x | 0.69x | 1.14x | 0.54x | 0.84x | 2.97x | 0.84x |
| Cash conversion | 26.98x | 7.26x | 3.50x | 2.13x | 2.65x | — | 3.50x |