The business behind the dividend
| Measure | NHTC | Median | Formula |
|---|---|---|---|
| Return on equity | -3.8% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | — | — | Operating income ÷ (equity + total debt) |
| Owner earnings | $-841.00k | $120.90m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $-6.07m | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | -4.5% | 14.3% | Operating income ÷ revenue |
| Net margin | -2.2% | 10.1% | Net income ÷ revenue |
| Debt to equity | — | — | Total debt ÷ shareholders’ equity |
| Interest cover | — | — | Operating income ÷ interest expense |
| Current ratio | 2.50x | 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 | 13.3% | -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 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | Median |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on equity | -3.8% | 1.7% | 1.4% | 0.6% | 1.8% | 1.2% | -7.5% | 34.5% | 26.0% | 66.8% | 1.4% |
| Operating margin | -4.5% | -3.0% | -3.8% | -0.5% | 2.6% | 1.1% | -9.0% | 17.6% | 21.8% | 22.3% | -0.5% |
| Net margin | -2.2% | 1.3% | 1.3% | 0.6% | 1.8% | 1.4% | -7.2% | 16.2% | 11.9% | 19.1% | 1.3% |
| Current ratio | 2.50x | 2.45x | 3.21x | 3.79x | 3.79x | 4.64x | 4.12x | 3.49x | 3.61x | 2.47x | 3.49x |
| Cash conversion | — | -5.89x | -7.53x | -15.50x | 0.94x | 2.24x | — | 0.96x | 1.13x | 0.97x | 0.96x |