The business behind the dividend
| Measure | MMED | Median | Formula |
|---|---|---|---|
| Return on equity | -9.2% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | — | — | Operating income ÷ (equity + total debt) |
| Owner earnings | $-400.00m | $120.90m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $-420.00m | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | -6.1% | 14.3% | Operating income ÷ revenue |
| Net margin | -10.7% | 10.1% | Net income ÷ revenue |
| Debt to equity | — | — | Total debt ÷ shareholders’ equity |
| Interest cover | — | — | Operating income ÷ interest expense |
| Current ratio | 1.92x | 1.55x | Current assets ÷ current liabilities |
| Long-term debt to working capital | — | — | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | — | — | Operating cash flow ÷ net income |
| Accruals | -2.9% | -3.1% | (Net income − operating cash flow) ÷ total assets |
Not computed here: Cash conversion, Debt to equity, Long-term debt to working capital, Interest cover, Return on capital employed — 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 | 2026 | 2025 | 2024 | Median |
|---|---|---|---|---|
| Return on equity | -9.2% | -6.4% | -3.2% | -6.4% |
| Operating margin | -6.1% | -5.4% | -2.8% | -5.4% |
| Net margin | -10.7% | -7.8% | -4.5% | -7.8% |
| Current ratio | 1.92x | 1.32x | — | 1.32x |