The business behind the dividend
| Measure | PPSI | Median | Formula |
|---|---|---|---|
| Return on equity | -20.5% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | — | — | Operating income ÷ (equity + total debt) |
| Owner earnings | $-7.65m | $120.90m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $-8.49m | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | -23.9% | 14.3% | Operating income ÷ revenue |
| Net margin | -21.7% | 10.1% | Net income ÷ revenue |
| Debt to equity | — | — | Total debt ÷ shareholders’ equity |
| Interest cover | — | — | Operating income ÷ interest expense |
| Current ratio | 5.23x | 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 | -0.5% | -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 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | Median |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on equity | -20.5% | 89.9% | -13.3% | -35.8% | -11.1% | -21.5% | -6.1% | -47.4% | -52.6% | -4.1% | -20.5% |
| Return on capital employed | — | — | — | — | — | -28.1% | — | -58.0% | -15.3% | 11.8% | -15.3% |
| Operating margin | -23.9% | -22.9% | -63.3% | -22.5% | -21.1% | -22.0% | -57.1% | -45.3% | -2.9% | 3.6% | -22.9% |
| Net margin | -21.7% | — | -17.1% | -20.9% | -11.8% | -15.3% | -5.0% | -28.1% | -8.1% | -1.1% | -15.3% |
| Debt to equity | — | — | — | — | — | 0.10x | — | 0.32x | 0.24x | 0.15x | 0.24x |
| Current ratio | 5.23x | 1.89x | 1.52x | 1.65x | 3.82x | 2.52x | 2.07x | 0.90x | 0.96x | 1.06x | 1.65x |
| Cash conversion | — | -0.20x | — | — | — | — | — | — | — | — | -0.20x |