The business behind the dividend
| Measure | METC | Median | Formula |
|---|---|---|---|
| Return on equity | -10.6% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | -5.9% | 10.0% | Operating income ÷ (equity + total debt) |
| Owner earnings | $-46.07m | $120.90m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $-60.81m | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | -10.4% | 14.3% | Operating income ÷ revenue |
| Net margin | -9.6% | 10.1% | Net income ÷ revenue |
| Debt to equity | 0.97x | 0.73x | Total debt ÷ shareholders’ equity |
| Interest cover | -7.17x | 4.22x | Operating income ÷ interest expense |
| Current ratio | 5.46x | 1.55x | Current assets ÷ current liabilities |
| Long-term debt to working capital | 0.96x | 1.88x | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | — | — | Operating cash flow ÷ net income |
| Accruals | -4.7% | -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 | -10.6% | 3.1% | 22.3% | 37.5% | 18.8% | -2.9% | 14.7% | 17.8% | -13.6% | — | 14.7% |
| Return on capital employed | -5.9% | 4.6% | 22.3% | 41.4% | 17.8% | -10.2% | 16.1% | 16.0% | — | -133.4% | 16.0% |
| Operating margin | -10.4% | 2.5% | 13.7% | 26.6% | 13.9% | -11.3% | 17.5% | 10.6% | -26.0% | -144.4% | 2.5% |
| Net margin | -9.6% | 1.7% | 11.9% | 20.5% | 14.0% | -2.9% | 14.8% | 11.0% | -25.3% | -144.1% | 1.7% |
| Debt to equity | 0.97x | 0.00x | 0.15x | 0.18x | 0.05x | 0.10x | 0.08x | 0.07x | — | — | 0.10x |
| Current ratio | 5.46x | 1.37x | 1.12x | 0.91x | 1.86x | 1.46x | 1.68x | 1.17x | 1.31x | 4.12x | 1.37x |
| Cash conversion | — | 10.07x | 1.96x | 1.62x | 1.34x | — | 1.70x | 1.44x | — | — | 1.62x |