The business behind the dividend
| Measure | RMR | Median | Formula |
|---|---|---|---|
| Return on equity | 7.7% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | 15.3% | 10.0% | Operating income ÷ (equity + total debt) |
| Owner earnings | $-136.86m | $120.90m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $-90.26m | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | 22.9% | 14.3% | Operating income ÷ revenue |
| Net margin | 9.6% | 10.1% | Net income ÷ revenue |
| Debt to equity | 0.20x | 0.73x | Total debt ÷ shareholders’ equity |
| Interest cover | 9.70x | 4.22x | Operating income ÷ interest expense |
| Current ratio | 1.64x | 1.55x | Current assets ÷ current liabilities |
| Long-term debt to working capital | 0.60x | 1.88x | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | 4.30x | 1.66x | Operating cash flow ÷ net income |
| Accruals | -8.1% | -3.1% | (Net income − operating cash flow) ÷ total assets |
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 | 7.7% | 9.7% | 23.8% | 16.5% | 18.3% | 9.7% | 25.8% | 41.3% | 28.3% | 30.6% | 18.3% |
| Return on capital employed | 15.3% | 15.9% | 47.4% | — | — | — | — | — | — | — | 15.9% |
| Operating margin | 22.9% | 23.2% | 48.2% | 44.2% | 11.9% | 11.7% | 27.7% | 62.2% | 49.9% | 55.0% | 27.7% |
| Net margin | 9.6% | 11.9% | 24.2% | 17.0% | 5.9% | 4.9% | 10.5% | 23.7% | 15.6% | 14.0% | 11.9% |
| Debt to equity | 0.20x | 0.19x | 0.00x | — | — | — | — | — | — | — | 0.19x |
| Current ratio | 1.64x | 2.20x | 3.66x | 2.78x | 3.14x | 5.58x | 5.03x | 10.46x | 5.33x | 4.64x | 3.66x |
| Cash conversion | 4.30x | 2.65x | 1.91x | 2.98x | 2.01x | 2.69x | 2.66x | 2.38x | 2.98x | 2.68x | 2.66x |