The business behind the dividend
| Measure | JRSH | Median | Formula |
|---|---|---|---|
| Return on equity | 5.5% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | 9.4% | 10.0% | Operating income ÷ (equity + total debt) |
| Owner earnings | $-1.13m | $120.90m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $-2.63m | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | 3.8% | 14.3% | Operating income ÷ revenue |
| Net margin | 2.1% | 10.1% | Net income ÷ revenue |
| Debt to equity | 0.04x | 0.73x | Total debt ÷ shareholders’ equity |
| Interest cover | 3.89x | 4.22x | Operating income ÷ interest expense |
| Current ratio | 2.70x | 1.55x | Current assets ÷ current liabilities |
| Long-term debt to working capital | 0.08x | 1.88x | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | 0.71x | 1.66x | Operating cash flow ÷ net income |
| Accruals | 1.2% | -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 | 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | Median |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on equity | 5.5% | -1.4% | -3.1% | 3.5% | 11.4% | 7.4% | 11.9% | 10.2% | 30.8% | 49.3% | 7.4% |
| Return on capital employed | 9.4% | — | — | — | — | — | — | — | — | — | 9.4% |
| Operating margin | 3.8% | 1.0% | -0.6% | 3.2% | 7.3% | 6.0% | 8.2% | 7.5% | 17.1% | 17.2% | 6.0% |
| Net margin | 2.1% | -0.6% | -1.7% | 1.8% | 5.5% | 4.6% | 7.0% | 6.0% | 15.0% | 17.2% | 4.6% |
| Debt to equity | 0.04x | — | — | — | — | — | — | — | — | — | 0.04x |
| Current ratio | 2.70x | 2.75x | 3.45x | 3.97x | 4.94x | 4.36x | 5.44x | 7.30x | 4.65x | 2.55x | 3.97x |
| Cash conversion | 0.71x | — | — | 4.47x | 1.13x | -0.36x | 1.07x | 1.91x | 0.50x | 0.72x | 1.07x |