The business behind the dividend
| Measure | INVU | Median | Formula |
|---|---|---|---|
| Return on equity | -99.9% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | — | — | Operating income ÷ (equity + total debt) |
| Owner earnings | $-8.73m | $120.90m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $-4.24m | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | -22.8% | 14.3% | Operating income ÷ revenue |
| Net margin | -24.6% | 10.1% | Net income ÷ revenue |
| Debt to equity | — | — | Total debt ÷ shareholders’ equity |
| Interest cover | -8.88x | 4.22x | Operating income ÷ interest expense |
| Current ratio | 2.13x | 1.55x | 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 | -24.3% | -3.1% | (Net income − operating cash flow) ÷ total assets |
Not computed here: Cash conversion, 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 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | Median |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on equity | -99.9% | 6.9% | 15.1% | -74.5% | — | — | -384.4% | — | — | — | -74.5% |
| Return on capital employed | — | — | 23.0% | -33.3% | 6.4% | — | — | — | — | — | 6.4% |
| Operating margin | -22.8% | 3.2% | 6.8% | -13.9% | 2.0% | -55.1% | -13.3% | -59.6% | -15.1% | -470.4% | -15.1% |
| Net margin | -24.6% | 2.3% | 4.2% | -20.9% | 1.5% | -88.0% | -16.9% | -83.2% | -18.9% | -594.6% | -20.9% |
| Debt to equity | — | — | 0.06x | 0.49x | — | — | — | — | — | — | 0.06x |
| Current ratio | 2.13x | 2.23x | 2.03x | 2.21x | 1.19x | 0.32x | 0.78x | 0.39x | 0.10x | 0.00x | 0.78x |
| Cash conversion | — | 11.75x | 2.14x | — | 12.17x | — | — | — | — | — | 11.75x |