Solaris Energy Infrastructure (SEI) — return on equity, margins and leverage

The business behind the dividend

Measure	SEI	Median	Formula
Return on equity	5.3%	10.6%	Net income ÷ shareholders’ equity
Return on capital employed	18.1%	10.0%	Operating income ÷ (equity + total debt)
Owner earnings	$-532.30m	$120.90m	Net income + depreciation & amortisation − capital expenditure
Free cash flow	$-437.65m	$155.08m	Operating cash flow − capital expenditure
Operating margin	21.8%	14.3%	Operating income ÷ revenue
Net margin	4.8%	10.1%	Net income ÷ revenue
Debt to equity	0.33x	0.73x	Total debt ÷ shareholders’ equity
Interest cover	4.91x	4.22x	Operating income ÷ interest expense
Current ratio	2.96x	1.55x	Current assets ÷ current liabilities
Long-term debt to working capital	0.56x	1.88x	Long-term debt ÷ (current assets − current liabilities)
Cash conversion	6.93x	1.66x	Operating cash flow ÷ net income
Accruals	-8.3%	-3.1%	(Net income − operating cash flow) ÷ total assets

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	5.3%	4.4%	11.8%	9.8%	-0.4%	-14.6%	19.7%	21.4%	-3.7%	3.9%	4.4%
Return on capital employed	18.1%	7.9%	21.1%	14.6%	-0.1%	-22.2%	32.7%	39.0%	18.4%	4.0%	14.6%
Operating margin	21.8%	16.9%	17.0%	13.9%	-0.3%	-59.5%	44.7%	50.3%	37.8%	15.8%	16.9%
Net margin	4.8%	5.0%	8.3%	7.1%	-0.6%	-29.2%	21.5%	21.5%	-6.2%	15.4%	5.0%
Debt to equity	0.33x	0.89x	0.15x	0.33x	0.35x	0.34x	0.25x	0.28x	0.22x	0.01x	0.28x
Current ratio	2.96x	3.83x	1.80x	1.59x	2.77x	4.04x	5.77x	2.29x	4.27x	3.20x	2.96x
Cash conversion	6.93x	3.76x	3.67x	3.21x	—	—	2.21x	2.74x	—	1.61x	3.21x