The business behind the dividend
| Measure | NSP | Median | Formula |
|---|---|---|---|
| Return on equity | -15.2% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | -2.4% | 10.0% | Operating income ÷ (equity + total debt) |
| Owner earnings | $7.00m | $120.90m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $-309.00m | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | -0.1% | 14.3% | Operating income ÷ revenue |
| Net margin | -0.1% | 10.1% | Net income ÷ revenue |
| Debt to equity | 8.02x | 0.73x | Total debt ÷ shareholders’ equity |
| Interest cover | -0.42x | 4.22x | Operating income ÷ interest expense |
| Current ratio | 1.06x | 1.55x | Current assets ÷ current liabilities |
| Long-term debt to working capital | 3.62x | 1.88x | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | — | — | Operating cash flow ÷ net income |
| Accruals | 12.3% | -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 | -15.2% | 93.8% | 181.9% | 221.0% | — | 313.2% | — | 174.3% | 127.3% | 109.0% | 174.3% |
| Return on capital employed | -2.4% | 25.1% | 47.3% | 55.5% | 47.2% | 47.1% | 68.2% | 80.6% | 76.1% | 64.5% | 47.3% |
| Operating margin | -0.1% | 1.8% | 3.4% | 4.2% | 3.5% | 4.5% | 4.3% | 4.7% | 3.9% | 3.6% | 3.6% |
| Net margin | -0.1% | 1.4% | 2.6% | 3.0% | 2.5% | 3.2% | 3.5% | 3.5% | 2.6% | 2.2% | 2.6% |
| Debt to equity | 8.02x | 3.80x | 3.93x | 4.56x | — | 8.37x | — | 1.86x | 1.57x | 1.72x | 3.93x |
| Current ratio | 1.06x | 1.08x | 1.11x | 1.12x | 1.10x | 1.19x | 1.12x | 1.12x | 1.07x | 1.07x | 1.10x |
| Cash conversion | — | 5.71x | 1.16x | 1.94x | 2.10x | 2.51x | 1.36x | 1.36x | 2.53x | 2.20x | 2.10x |