The business behind the dividend
| Measure | MERC | Median | Formula |
|---|---|---|---|
| Return on equity | -731.5% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | -23.8% | 10.0% | Operating income ÷ (equity + total debt) |
| Owner earnings | $-426.42m | $120.90m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $-80.00m | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | -21.3% | 14.3% | Operating income ÷ revenue |
| Net margin | -26.7% | 10.1% | Net income ÷ revenue |
| Debt to equity | 23.58x | 0.73x | Total debt ÷ shareholders’ equity |
| Interest cover | -3.46x | 4.22x | Operating income ÷ interest expense |
| Current ratio | 3.05x | 1.55x | Current assets ÷ current liabilities |
| Long-term debt to working capital | 2.76x | 1.88x | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | — | — | Operating cash flow ÷ net income |
| Accruals | -24.8% | -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 | -731.5% | -19.8% | -38.1% | 29.5% | 24.6% | -2.9% | -1.8% | 22.1% | 12.8% | 9.2% | -1.8% |
| Return on capital employed | -23.8% | 0.8% | -8.4% | 18.0% | 17.9% | 3.6% | 5.1% | 16.5% | 11.2% | 11.6% | 5.1% |
| Operating margin | -21.3% | 0.7% | -9.5% | 17.2% | 19.2% | 4.5% | 5.2% | 18.4% | 14.4% | 12.4% | 5.2% |
| Net margin | -26.7% | -4.2% | -12.1% | 10.8% | 9.5% | -1.2% | -0.6% | 8.8% | 6.0% | 3.8% | -0.6% |
| Debt to equity | 23.58x | 3.43x | 2.53x | 1.61x | 1.78x | 1.97x | 1.98x | 1.79x | 1.74x | 1.63x | 1.79x |
| Current ratio | 3.05x | 3.55x | 3.82x | 3.12x | 3.76x | 4.13x | 3.30x | 4.15x | 1.98x | 4.31x | 3.55x |
| Cash conversion | — | — | — | 1.46x | 1.07x | — | — | 1.84x | 2.01x | 4.03x | 1.84x |