The business behind the dividend
| Measure | NAT | Median | Formula |
|---|---|---|---|
| Return on equity | 2.8% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | 5.3% | 10.0% | Operating income ÷ (equity + total debt) |
| Owner earnings | $-64.44m | $120.90m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $-114.63m | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | 15.9% | 14.3% | Operating income ÷ revenue |
| Net margin | 4.2% | 10.1% | Net income ÷ revenue |
| Debt to equity | 0.95x | 0.73x | Total debt ÷ shareholders’ equity |
| Interest cover | 1.30x | 4.22x | Operating income ÷ interest expense |
| Current ratio | 2.24x | 1.55x | Current assets ÷ current liabilities |
| Long-term debt to working capital | 4.66x | 1.88x | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | 1.62x | 1.66x | Operating cash flow ÷ net income |
| Accruals | -0.8% | -3.1% | (Net income − operating cash flow) ÷ total assets |
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 | 2.8% | 9.2% | 18.3% | 2.8% | -34.4% | 8.4% | -1.7% | -15.8% | -28.8% | -0.5% | -0.5% |
| Return on capital employed | 5.3% | 9.9% | 15.2% | 4.9% | -17.6% | 8.5% | 3.2% | -3.7% | -16.0% | 4.1% | 4.1% |
| Operating margin | 15.9% | 22.1% | 32.7% | 12.3% | -75.6% | 22.9% | 10.1% | -13.4% | -59.1% | 14.9% | 12.3% |
| Net margin | 4.2% | 13.3% | 25.2% | 4.5% | -89.7% | 14.1% | -3.3% | -33.0% | -69.0% | -1.2% | -1.2% |
| Debt to equity | 0.95x | 0.53x | 0.56x | 0.57x | 0.64x | 0.60x | 0.67x | 0.73x | 0.55x | 0.51x | 0.57x |
| Current ratio | 2.24x | 1.65x | 1.55x | 1.97x | 1.58x | 2.51x | 2.19x | 3.11x | 5.01x | 7.61x | 2.19x |
| Cash conversion | 1.62x | 2.75x | 1.41x | 1.60x | — | 2.22x | — | — | — | — | 1.62x |