The business behind the dividend
| Measure | SVA | Median | Formula |
|---|---|---|---|
| Return on equity | -4.5% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | -9.9% | 10.0% | Operating income ÷ (equity + total debt) |
| Owner earnings | $-150.31m | $120.90m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $-561.10m | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | -127.0% | 14.3% | Operating income ÷ revenue |
| Net margin | -51.5% | 10.1% | Net income ÷ revenue |
| Debt to equity | 0.11x | 0.73x | Total debt ÷ shareholders’ equity |
| Interest cover | -49.92x | 4.22x | Operating income ÷ interest expense |
| Current ratio | 4.59x | 1.55x | Current assets ÷ current liabilities |
| Long-term debt to working capital | 0.09x | 1.88x | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | — | — | Operating cash flow ÷ net income |
| Accruals | 3.7% | -3.1% | (Net income − operating cash flow) ÷ total assets |
Not computed here: Cash conversion — 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 | -4.5% | 0.5% | -0.2% | 0.2% | 90.3% | 14.8% | 15.3% | 8.6% | 17.1% | -0.5% | 0.5% |
| Return on capital employed | -9.9% | -5.9% | -8.3% | -6.0% | 195.5% | 27.6% | 22.9% | 17.2% | 22.4% | 0.3% | 0.3% |
| Operating margin | -127.0% | -139.9% | -151.9% | -34.5% | 91.0% | 42.2% | 27.9% | 19.7% | 26.0% | 0.7% | 0.7% |
| Net margin | -51.5% | 11.3% | -2.9% | 1.0% | 41.9% | 21.6% | 18.3% | 9.5% | 14.8% | -0.8% | 9.5% |
| Debt to equity | 0.11x | 0.05x | 0.03x | 0.00x | 0.00x | 0.05x | 0.02x | 0.04x | 0.34x | 0.62x | 0.04x |
| Current ratio | 4.59x | 7.33x | 8.97x | 9.00x | 5.93x | 2.30x | 4.01x | 4.88x | 2.20x | 1.97x | 4.59x |
| Cash conversion | — | -1.40x | — | — | 1.89x | 4.34x | 0.87x | 0.36x | 2.32x | — | 0.87x |