The business behind the dividend
| Measure | PN | Median | Formula |
|---|---|---|---|
| Return on equity | -13.6% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | — | — | Operating income ÷ (equity + total debt) |
| Owner earnings | $-2.78m | $120.90m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $2.41m | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | -4.0% | 14.3% | Operating income ÷ revenue |
| Net margin | -4.3% | 10.1% | Net income ÷ revenue |
| Debt to equity | — | — | Total debt ÷ shareholders’ equity |
| Interest cover | -12.26x | 4.22x | Operating income ÷ interest expense |
| Current ratio | 1.59x | 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 | -12.2% | -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.
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 | Median |
|---|---|---|---|---|
| Return on equity | -13.6% | 2.9% | 6.5% | 2.9% |
| Operating margin | -4.0% | 2.2% | 5.3% | 2.2% |
| Net margin | -4.3% | 0.9% | 2.2% | 0.9% |
| Current ratio | 1.59x | 1.99x | — | 1.59x |
| Cash conversion | — | 3.39x | 0.50x | 0.50x |
How it compares in industrials
Among the 289 industrials companies here measured on free cash flow, PN Smart Energy pays out less than 218 of them. The median for that group is 24.4%, against this company’s 11.6%.
Closest on free cash flow
- Westinghouse Air Brake Technologies (WAB) 11.5%
- Atmus Filtration Technologies (ATMU) 11.6%
- Helios Technologies (HLIO) 11.6%
- AGCO (AGCO) 11.7%
Same sector and same denominator, so the figures are comparable. All 348 in industrials →