The business behind the dividend
| Measure | KMT | Median | Formula |
|---|---|---|---|
| Return on equity | 21.8% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | 21.0% | 10.0% | Operating income ÷ (equity + total debt) |
| Owner earnings | $408.64m | $120.90m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $-80.91m | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | 20.1% | 14.3% | Operating income ÷ revenue |
| Net margin | 14.5% | 10.1% | Net income ÷ revenue |
| Debt to equity | 0.44x | 0.73x | Total debt ÷ shareholders’ equity |
| Interest cover | 16.54x | 4.22x | Operating income ÷ interest expense |
| Current ratio | 2.62x | 1.55x | Current assets ÷ current liabilities |
| Long-term debt to working capital | 0.63x | 1.88x | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | -0.01x | 1.66x | Operating cash flow ÷ net income |
| Accruals | 10.9% | -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 | 21.8% | 7.3% | 8.7% | 9.3% | 11.5% | 4.1% | -0.5% | 18.1% | 16.8% | 4.8% | 8.7% |
| Return on capital employed | 21.0% | 7.6% | 9.2% | 10.3% | 11.8% | 5.3% | 1.2% | 17.1% | 13.3% | 5.5% | 9.2% |
| Operating margin | 20.1% | 7.3% | 8.3% | 9.3% | 10.8% | 5.5% | 1.2% | 13.8% | 12.3% | 4.6% | 8.3% |
| Net margin | 14.5% | 4.7% | 5.3% | 5.7% | 7.2% | 3.0% | -0.3% | 10.2% | 8.5% | 2.4% | 5.3% |
| Debt to equity | 0.44x | 0.46x | 0.48x | 0.47x | 0.47x | 0.45x | 0.48x | 0.44x | 0.83x | 0.68x | 0.47x |
| Current ratio | 2.62x | 2.46x | 2.41x | 2.37x | 2.11x | 2.30x | 1.60x | 2.58x | 1.74x | 2.41x | 2.37x |
| Cash conversion | -0.01x | 2.24x | 2.53x | 2.18x | -1.25x | 4.33x | — | 1.24x | 1.39x | 3.98x | 2.18x |