The business behind the dividend
| Measure | PSHG | Median | Formula |
|---|---|---|---|
| Return on equity | 15.5% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | — | — | Operating income ÷ (equity + total debt) |
| Owner earnings | $-189.52m | $120.90m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $-204.49m | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | 61.7% | 14.3% | Operating income ÷ revenue |
| Net margin | 59.4% | 10.1% | Net income ÷ revenue |
| Debt to equity | — | — | Total debt ÷ shareholders’ equity |
| Interest cover | 7.65x | 4.22x | Operating income ÷ interest expense |
| Current ratio | 2.22x | 1.55x | Current assets ÷ current liabilities |
| Long-term debt to working capital | — | — | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | 1.00x | 1.66x | Operating cash flow ÷ net income |
| Accruals | -0.0% | -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 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | Median |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on equity | 15.5% | 15.9% | 29.8% | 23.3% | -11.1% | 3.9% | -34.0% | -55.3% | 2.9% | -164.0% | 2.9% |
| Return on capital employed | — | 13.0% | 26.2% | 14.1% | -6.2% | 2.8% | -5.0% | -8.4% | -17.2% | -41.2% | -5.0% |
| Operating margin | 61.7% | 47.8% | 69.3% | 53.2% | -23.2% | 10.2% | -100.8% | — | -103.4% | -384.0% | 10.2% |
| Net margin | 59.4% | 50.0% | 63.7% | 48.3% | -26.6% | 9.0% | -508.8% | — | 16.0% | -402.8% | 16.0% |
| Debt to equity | — | 0.17x | 0.24x | 0.82x | 0.57x | 0.60x | 0.34x | 0.00x | 0.09x | 2.80x | 0.34x |
| Current ratio | 2.22x | 5.29x | 5.21x | 2.05x | 1.28x | 2.63x | 4.38x | 4.19x | 0.28x | 0.18x | 2.22x |
| Cash conversion | 1.00x | 1.37x | 0.98x | 0.93x | — | 3.49x | — | — | -3.31x | — | 0.98x |