The business behind the dividend
| Measure | PLUS | Median | Formula |
|---|---|---|---|
| Return on equity | 12.4% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | — | — | Operating income ÷ (equity + total debt) |
| Owner earnings | $155.82m | $120.90m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $-120.66m | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | 6.8% | 14.3% | Operating income ÷ revenue |
| Net margin | 5.4% | 10.1% | Net income ÷ revenue |
| Debt to equity | — | — | Total debt ÷ shareholders’ equity |
| Interest cover | — | — | Operating income ÷ interest expense |
| Current ratio | 2.24x | 1.55x | Current assets ÷ current liabilities |
| Long-term debt to working capital | — | — | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | -0.88x | 1.66x | Operating cash flow ÷ net income |
| Accruals | 13.8% | -3.1% | (Net income − operating cash flow) ÷ total assets |
Not computed here: Debt to equity, Long-term debt to working capital, 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 | 12.4% | 10.8% | 13.1% | 15.4% | 16.0% | 13.2% | 14.2% | 14.9% | 14.8% | 14.6% | 14.2% |
| Return on capital employed | — | 9.9% | — | — | — | — | — | — | — | — | 9.9% |
| Operating margin | 6.8% | 5.0% | 6.2% | 8.3% | 8.4% | 7.1% | 6.3% | 6.1% | 6.0% | 6.4% | 6.3% |
| Net margin | 5.4% | 5.3% | 5.5% | 6.0% | 6.0% | 5.0% | 4.5% | 4.8% | 3.9% | 3.8% | 5.0% |
| Debt to equity | — | 0.04x | — | — | — | — | — | — | — | — | 0.04x |
| Current ratio | 2.24x | 1.70x | 1.94x | 1.95x | 1.95x | 1.69x | 1.68x | 1.70x | 1.61x | 1.59x | 1.70x |
| Cash conversion | -0.88x | 2.89x | 2.11x | -0.13x | -0.19x | 1.74x | -1.07x | 0.62x | 1.50x | 0.65x | 0.62x |