The business behind the dividend
| Measure | NMAX | Median | Formula |
|---|---|---|---|
| Return on equity | -93.8% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | — | — | Operating income ÷ (equity + total debt) |
| Owner earnings | $-95.82m | $120.90m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $-107.11m | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | -52.8% | 14.3% | Operating income ÷ revenue |
| Net margin | -52.6% | 10.1% | Net income ÷ revenue |
| Debt to equity | — | — | Total debt ÷ shareholders’ equity |
| Interest cover | — | — | Operating income ÷ interest expense |
| Current ratio | 2.40x | 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 | 2.1% | -3.1% | (Net income − operating cash flow) ÷ total assets |
Not computed here: Cash conversion, Debt to equity, Long-term debt to working capital, Return on capital employed — why a blank is not a zero.