The business behind the dividend
| Measure | RELL | Median | Formula |
|---|---|---|---|
| Return on equity | 3.9% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | — | — | Operating income ÷ (equity + total debt) |
| Owner earnings | $5.79m | $120.90m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $-3.62m | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | 2.8% | 14.3% | Operating income ÷ revenue |
| Net margin | 2.8% | 10.1% | Net income ÷ revenue |
| Debt to equity | — | — | Total debt ÷ shareholders’ equity |
| Interest cover | — | — | Operating income ÷ interest expense |
| Current ratio | 4.75x | 1.55x | Current assets ÷ current liabilities |
| Long-term debt to working capital | — | — | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | 0.12x | 1.66x | Operating cash flow ÷ net income |
| Accruals | 2.8% | -3.1% | (Net income − operating cash flow) ÷ total assets |
Not computed here: 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 | 3.9% | -0.7% | 0.0% | 14.0% | 13.2% | 1.4% | -1.5% | -5.9% | 2.8% | -5.2% | 0.0% |
| Operating margin | 2.8% | -1.2% | 0.2% | 9.5% | 7.1% | 1.6% | -1.1% | -4.1% | 2.2% | -4.2% | 0.2% |
| Net margin | 2.8% | -0.5% | 0.0% | 8.5% | 8.0% | 0.9% | -1.2% | -4.4% | 2.3% | -5.1% | 0.0% |
| Current ratio | 4.75x | 4.51x | 5.05x | 4.59x | 3.72x | 4.17x | 4.34x | 4.63x | 4.60x | 5.29x | 4.59x |
| Cash conversion | 0.12x | — | — | -0.37x | 0.11x | 0.50x | — | — | 0.77x | — | 0.12x |