The business behind the dividend
| Measure | MAN | Median | Formula |
|---|---|---|---|
| Return on equity | -0.6% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | 4.1% | 10.0% | Operating income ÷ (equity + total debt) |
| Owner earnings | $15.40m | $120.90m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $-161.40m | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | 0.8% | 14.3% | Operating income ÷ revenue |
| Net margin | -0.1% | 10.1% | Net income ÷ revenue |
| Debt to equity | 0.80x | 0.73x | Total debt ÷ shareholders’ equity |
| Interest cover | 1.57x | 4.22x | Operating income ÷ interest expense |
| Current ratio | 1.11x | 1.55x | Current assets ÷ current liabilities |
| Long-term debt to working capital | 1.89x | 1.88x | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | — | — | Operating cash flow ÷ net income |
| Accruals | 1.0% | -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 | -0.6% | 6.8% | 4.0% | 15.3% | 15.2% | 1.0% | 17.0% | 21.2% | 19.7% | 18.8% | 15.2% |
| Return on capital employed | 4.1% | 10.0% | 8.0% | 17.0% | 16.2% | 5.3% | 16.9% | 21.8% | 21.2% | 23.4% | 16.2% |
| Operating margin | 0.8% | 1.7% | 1.4% | 2.9% | 2.8% | 1.0% | 3.1% | 3.6% | 3.8% | 3.8% | 2.8% |
| Net margin | -0.1% | 0.8% | 0.5% | 1.9% | 1.8% | 0.1% | 2.2% | 2.5% | 2.6% | 2.3% | 1.8% |
| Debt to equity | 0.80x | 0.44x | 0.45x | 0.39x | 0.44x | 0.46x | 0.39x | 0.39x | 0.34x | 0.35x | 0.39x |
| Current ratio | 1.11x | 1.12x | 1.16x | 1.21x | 1.11x | 1.42x | 1.46x | 1.44x | 1.28x | 1.40x | 1.21x |
| Cash conversion | — | 2.13x | 3.92x | 1.13x | 1.69x | 39.34x | 1.75x | 0.87x | 0.74x | 1.35x | 1.69x |