The business behind the dividend
| Measure | SIMO | Median | Formula |
|---|---|---|---|
| Return on equity | 14.8% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | — | — | Operating income ÷ (equity + total debt) |
| Owner earnings | $97.74m | $120.90m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $6.29m | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | 10.5% | 14.3% | Operating income ÷ revenue |
| Net margin | 13.8% | 10.1% | Net income ÷ revenue |
| Debt to equity | — | — | Total debt ÷ shareholders’ equity |
| Interest cover | — | — | Operating income ÷ interest expense |
| Current ratio | 2.78x | 1.55x | Current assets ÷ current liabilities |
| Long-term debt to working capital | — | — | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | 0.50x | 1.66x | Operating cash flow ÷ net income |
| Accruals | 5.0% | -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 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | Median |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on equity | 14.8% | 11.6% | 7.2% | 23.5% | 30.4% | 14.3% | 12.0% | 18.4% | 15.2% | 25.1% | 14.8% |
| Return on capital employed | — | — | — | — | — | — | — | 19.7% | 19.3% | 31.0% | 19.7% |
| Operating margin | 10.5% | 11.3% | 6.2% | 22.6% | 26.7% | 14.9% | 11.4% | 19.8% | 18.2% | 24.7% | 14.9% |
| Net margin | 13.8% | 11.1% | 8.3% | 18.2% | 21.7% | 14.8% | 14.1% | 18.5% | 14.3% | 19.9% | 14.3% |
| Debt to equity | — | — | — | — | — | — | — | 0.00x | 0.00x | 0.00x | 0.00x |
| Current ratio | 2.78x | 3.98x | 3.73x | 4.29x | 2.91x | 3.89x | 4.30x | 4.39x | 3.21x | 3.27x | 3.73x |
| Cash conversion | 0.50x | 0.86x | 2.82x | 0.49x | 0.87x | 1.47x | 1.21x | 1.10x | 1.39x | 1.13x | 1.10x |