The business behind the dividend
| Measure | SKYX | Median | Formula |
|---|---|---|---|
| Return on equity | — | — | Net income ÷ shareholders’ equity |
| Return on capital employed | -197.4% | 10.0% | Operating income ÷ (equity + total debt) |
| Owner earnings | $-31.03m | $120.90m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $-15.22m | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | -31.6% | 14.3% | Operating income ÷ revenue |
| Net margin | -36.3% | 10.1% | Net income ÷ revenue |
| Debt to equity | — | — | Total debt ÷ shareholders’ equity |
| Interest cover | -16.66x | 4.22x | Operating income ÷ interest expense |
| Current ratio | 0.63x | 1.55x | Current assets ÷ current liabilities |
| Long-term debt to working capital | — | — | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | — | — | Operating cash flow ÷ net income |
| Accruals | -34.9% | -3.1% | (Net income − operating cash flow) ÷ total assets |
Not computed here: Cash conversion, Debt to equity, Long-term debt to working capital, Return on equity — 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 | 2017 | 2016 | 2015 | 2014 | 2013 | Median |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on equity | — | -882.4% | -244.9% | -341.9% | — | — | — | — | — | — | -341.9% |
| Return on capital employed | -197.4% | -132.9% | -109.7% | -183.9% | -136.3% | — | — | — | — | — | -136.3% |
| Operating margin | -31.6% | -37.2% | -64.3% | — | — | — | — | — | — | — | -37.2% |
| Net margin | -36.3% | -41.5% | -67.6% | — | — | -347.0% | — | -932.1% | — | — | -67.6% |
| Debt to equity | — | 4.96x | 1.13x | 0.83x | — | — | — | — | — | — | 1.13x |
| Current ratio | 0.63x | 0.78x | 1.13x | 2.20x | 4.32x | 0.26x | 0.26x | 0.03x | 0.17x | 0.39x | 0.39x |