The business behind the dividend
| Measure | RSRV | Median | Formula |
|---|---|---|---|
| Return on equity | 14.4% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | — | — | Operating income ÷ (equity + total debt) |
| Owner earnings | $-8.61m | $120.90m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $-3.54m | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | 25.7% | 14.3% | Operating income ÷ revenue |
| Net margin | 29.1% | 10.1% | Net income ÷ revenue |
| Debt to equity | — | — | Total debt ÷ shareholders’ equity |
| Interest cover | 66.69x | 4.22x | Operating income ÷ interest expense |
| Current ratio | 4.49x | 1.55x | Current assets ÷ current liabilities |
| Long-term debt to working capital | — | — | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | 2.04x | 1.66x | Operating cash flow ÷ net income |
| Accruals | -12.2% | -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 | 14.4% | 6.5% | -0.3% | 12.4% | 4.2% | -6.7% | -0.8% | 6.9% | 2.1% | -0.3% | 2.1% |
| Operating margin | 25.7% | 14.9% | -10.2% | 43.2% | 7.3% | -79.0% | -15.5% | 25.2% | -8.5% | — | 7.3% |
| Net margin | 29.1% | 13.1% | -0.7% | 26.9% | 13.9% | -49.0% | -4.1% | 29.8% | 11.2% | — | 13.1% |
| Current ratio | 4.49x | 13.22x | 18.46x | 26.55x | 40.07x | 81.71x | — | 70.46x | 88.50x | — | 40.07x |
| Cash conversion | 2.04x | 3.99x | — | 2.16x | 3.02x | — | — | 2.09x | 4.04x | — | 2.16x |