The business behind the dividend
| Measure | MATW | Median | Formula |
|---|---|---|---|
| Return on equity | -5.1% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | 6.3% | 10.0% | Operating income ÷ (equity + total debt) |
| Owner earnings | $11.46m | $120.90m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $-59.37m | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | 5.0% | 14.3% | Operating income ÷ revenue |
| Net margin | -1.6% | 10.1% | Net income ÷ revenue |
| Debt to equity | 1.48x | 0.73x | Total debt ÷ shareholders’ equity |
| Interest cover | 1.20x | 4.22x | Operating income ÷ interest expense |
| Current ratio | 1.48x | 1.55x | Current assets ÷ current liabilities |
| Long-term debt to working capital | 4.15x | 1.88x | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | — | — | Operating cash flow ÷ net income |
| Accruals | -0.1% | -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 | -5.1% | -13.6% | 7.5% | -20.5% | 0.5% | -14.3% | -5.3% | 12.4% | 9.4% | 9.4% | -5.1% |
| Return on capital employed | 6.3% | -1.0% | 6.7% | -3.4% | 3.0% | -4.4% | 0.6% | 7.6% | 7.1% | 7.5% | 3.0% |
| Operating margin | 5.0% | -0.7% | 4.7% | -2.5% | 2.5% | -4.3% | 0.7% | 8.6% | 8.0% | 8.0% | 2.5% |
| Net margin | -1.6% | -3.3% | 2.1% | -5.7% | 0.2% | -5.8% | -2.5% | 6.7% | 4.9% | 4.5% | -1.6% |
| Debt to equity | 1.48x | 1.78x | 1.50x | 1.64x | 1.20x | 1.37x | 1.31x | 1.11x | 1.15x | 1.23x | 1.31x |
| Current ratio | 1.48x | 1.45x | 1.64x | 1.53x | 1.76x | 1.82x | 2.09x | 2.15x | 2.09x | 2.21x | 1.76x |
| Cash conversion | — | — | 2.02x | — | — | — | — | 1.37x | 2.01x | 2.10x | 2.02x |