The business behind the dividend
| Measure | KRO | Median | Formula |
|---|---|---|---|
| Return on equity | -14.8% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | -2.8% | 10.0% | Operating income ÷ (equity + total debt) |
| Owner earnings | $-93.30m | $120.90m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $-40.40m | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | -2.0% | 14.3% | Operating income ÷ revenue |
| Net margin | -6.0% | 10.1% | Net income ÷ revenue |
| Debt to equity | 0.74x | 0.73x | Total debt ÷ shareholders’ equity |
| Interest cover | -0.69x | 4.22x | Operating income ÷ interest expense |
| Current ratio | 2.70x | 1.55x | Current assets ÷ current liabilities |
| Long-term debt to working capital | 0.89x | 1.88x | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | — | — | Operating cash flow ÷ net income |
| Accruals | -6.2% | -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 | -14.8% | 10.6% | -6.1% | 10.9% | 13.0% | 8.0% | 10.7% | 24.4% | 47.0% | 11.0% | 10.7% |
| Return on capital employed | -2.8% | 9.3% | -4.5% | 11.5% | 14.2% | 9.1% | 11.6% | 25.5% | 28.3% | 12.7% | 11.5% |
| Operating margin | -2.0% | 6.5% | -3.4% | 8.3% | 9.6% | 7.1% | 8.4% | 19.9% | 20.1% | 6.8% | 7.1% |
| Net margin | -6.0% | 4.6% | -2.9% | 5.4% | 5.8% | 3.9% | 5.0% | 12.3% | 20.5% | 3.2% | 4.6% |
| Debt to equity | 0.74x | 0.62x | 0.55x | 0.44x | 0.52x | 0.61x | 0.55x | 0.54x | 0.63x | 0.85x | 0.55x |
| Current ratio | 2.70x | 2.32x | 3.01x | 3.80x | 4.36x | 4.68x | 4.51x | 5.15x | 4.59x | 3.57x | 3.80x |
| Cash conversion | — | 0.84x | — | 0.78x | 1.83x | 1.60x | 1.84x | 0.92x | 0.78x | 2.07x | 1.60x |