The business behind the dividend
| Measure | PBSV | Median | Formula |
|---|---|---|---|
| Return on equity | -0.8% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | — | — | Operating income ÷ (equity + total debt) |
| Owner earnings | $-47.24k | $120.90m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $-221.53k | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | -7.1% | 14.3% | Operating income ÷ revenue |
| Net margin | -1.1% | 10.1% | Net income ÷ revenue |
| Debt to equity | — | — | Total debt ÷ shareholders’ equity |
| Interest cover | — | — | Operating income ÷ interest expense |
| Current ratio | 7.70x | 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 | 0.8% | -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 | -0.8% | -5.7% | 8.1% | 6.1% | -11.0% | 9.0% | 10.1% | 6.3% | -6.8% | -1.2% | -0.8% |
| Operating margin | -7.1% | -13.5% | 6.6% | 6.1% | -19.2% | 10.3% | 8.7% | -7.1% | -5.8% | — | -5.8% |
| Net margin | -1.1% | -8.2% | 7.7% | 5.2% | -10.4% | 9.5% | 10.7% | 7.2% | -10.6% | — | 5.2% |
| Current ratio | 7.70x | 8.32x | 9.01x | 9.46x | 8.55x | 7.54x | 7.08x | 9.13x | 14.05x | 10.02x | 8.55x |
| Cash conversion | — | — | 1.44x | 0.59x | — | 0.74x | -1.06x | 2.91x | — | — | 0.74x |