The business behind the dividend
| Measure | PETS | Median | Formula |
|---|---|---|---|
| Return on equity | -197.9% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | — | — | Operating income ÷ (equity + total debt) |
| Owner earnings | $-52.51m | $120.90m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $-33.01m | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | -32.8% | 14.3% | Operating income ÷ revenue |
| Net margin | -32.0% | 10.1% | Net income ÷ revenue |
| Debt to equity | — | — | Total debt ÷ shareholders’ equity |
| Interest cover | — | — | Operating income ÷ interest expense |
| Current ratio | 0.84x | 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 | -35.6% | -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 | 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | Median |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on equity | -197.9% | -7.4% | -7.7% | 4.7% | 15.2% | 19.1% | 21.5% | 28.0% | 32.2% | 25.5% | 15.2% |
| Operating margin | -32.8% | -0.7% | -3.0% | 2.4% | 8.9% | 10.1% | 10.9% | 16.3% | 19.0% | 15.0% | 8.9% |
| Net margin | -32.0% | -2.8% | -2.7% | 2.1% | 6.9% | 7.9% | 9.1% | 13.3% | 13.6% | 9.6% | 6.9% |
| Current ratio | 0.84x | 1.26x | 1.30x | 2.27x | 2.68x | 3.59x | 5.30x | 6.79x | 5.81x | 4.46x | 2.68x |
| Cash conversion | — | — | — | 5.41x | 0.99x | 1.68x | 1.50x | 1.20x | 1.00x | 1.98x | 1.50x |