The business behind the dividend
| Measure | HTLD | Median | Formula |
|---|---|---|---|
| Return on equity | -6.9% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | -6.3% | 10.0% | Operating income ÷ (equity + total debt) |
| Owner earnings | $-49.42m | $120.90m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $-66.85m | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | -98.8% | 14.3% | Operating income ÷ revenue |
| Net margin | -90.3% | 10.1% | Net income ÷ revenue |
| Debt to equity | 0.21x | 0.73x | Total debt ÷ shareholders’ equity |
| Interest cover | -5.00x | 4.22x | Operating income ÷ interest expense |
| Current ratio | 1.04x | 1.55x | Current assets ÷ current liabilities |
| Long-term debt to working capital | 34.73x | 1.88x | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | — | — | Operating cash flow ÷ net income |
| Accruals | -11.9% | -3.1% | (Net income − operating cash flow) ÷ total assets |
Not computed here: Cash conversion — 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 | -6.9% | -3.6% | 1.7% | 15.6% | 10.9% | 9.8% | 10.7% | 11.8% | 13.1% | 11.1% | 10.7% |
| Return on capital employed | -6.3% | -2.0% | 3.7% | 15.0% | 14.5% | — | 13.8% | — | — | — | 3.7% |
| Operating margin | -98.8% | -25.9% | 44.7% | — | — | — | — | — | — | — | -25.9% |
| Net margin | -90.3% | -38.1% | 15.6% | — | — | — | — | — | — | — | -38.1% |
| Debt to equity | 0.21x | 0.24x | 0.34x | 0.47x | 0.00x | — | 0.00x | — | — | — | 0.21x |
| Current ratio | 1.04x | 1.08x | 1.37x | 1.47x | 3.26x | 2.72x | 2.39x | 3.59x | 2.27x | 3.08x | 2.27x |
| Cash conversion | — | — | 11.19x | 1.46x | 1.56x | 2.53x | 2.01x | 2.02x | 1.46x | 2.76x | 2.02x |