The business behind the dividend
| Measure | HTCR | Median | Formula |
|---|---|---|---|
| Return on equity | 66.0% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | -33.6% | 10.0% | Operating income ÷ (equity + total debt) |
| Owner earnings | — | — | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | — | — | Operating cash flow − capital expenditure |
| Operating margin | -34.8% | 14.3% | Operating income ÷ revenue |
| Net margin | 64.6% | 10.1% | Net income ÷ revenue |
| Debt to equity | 0.06x | 0.73x | Total debt ÷ shareholders’ equity |
| Interest cover | — | — | Operating income ÷ interest expense |
| Current ratio | 1.58x | 1.55x | Current assets ÷ current liabilities |
| Long-term debt to working capital | 0.15x | 1.88x | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | -0.54x | 1.66x | Operating cash flow ÷ net income |
| Accruals | 68.2% | -3.1% | (Net income − operating cash flow) ÷ total assets |
Not computed here: Free cash flow, Owner earnings — 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 | Median |
|---|---|---|---|---|---|---|---|
| Return on equity | 66.0% | -31.8% | -81.1% | -138.9% | — | — | -31.8% |
| Return on capital employed | -33.6% | -3.1% | -56.4% | -101.0% | 2.7% | 8.6% | -33.6% |
| Operating margin | -34.8% | -0.7% | -18.9% | -75.9% | 0.5% | 2.9% | -18.9% |
| Net margin | 64.6% | -6.5% | -19.2% | -75.7% | -3.1% | 1.7% | -6.5% |
| Debt to equity | 0.06x | 0.12x | 0.41x | 0.38x | — | — | 0.38x |
| Current ratio | 1.58x | 1.27x | 0.84x | 2.34x | 1.01x | 1.17x | 1.17x |
| Cash conversion | -0.54x | — | — | — | — | 4.94x | -0.54x |