The business behind the dividend
| Measure | SOLS | Median | Formula |
|---|---|---|---|
| Return on equity | 16.8% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | 19.1% | 10.0% | Operating income ÷ (equity + total debt) |
| Owner earnings | $-75.00m | $120.90m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $119.00m | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | 16.6% | 14.3% | Operating income ÷ revenue |
| Net margin | 6.1% | 10.1% | Net income ÷ revenue |
| Debt to equity | 1.40x | 0.73x | Total debt ÷ shareholders’ equity |
| Interest cover | 23.11x | 4.22x | Operating income ÷ interest expense |
| Current ratio | 1.39x | 1.55x | Current assets ÷ current liabilities |
| Long-term debt to working capital | 2.92x | 1.88x | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | 1.92x | 1.66x | Operating cash flow ÷ net income |
| Accruals | -3.8% | -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 | Median |
|---|---|---|---|---|
| Return on equity | 16.8% | 18.2% | 20.5% | 18.2% |
| Return on capital employed | 19.1% | 24.2% | — | 19.1% |
| Operating margin | 16.6% | 21.1% | 22.3% | 21.1% |
| Net margin | 6.1% | 15.8% | 17.0% | 15.8% |
| Debt to equity | 1.40x | 0.01x | — | 0.01x |
| Current ratio | 1.39x | 1.72x | — | 1.39x |
| Cash conversion | 1.92x | 1.42x | 1.22x | 1.42x |