The business behind the dividend
| Measure | SY | Median | Formula |
|---|---|---|---|
| Return on equity | -15.6% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | — | — | Operating income ÷ (equity + total debt) |
| Owner earnings | $-54.58m | $120.90m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $-43.19m | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | -18.8% | 14.3% | Operating income ÷ revenue |
| Net margin | -15.9% | 10.1% | Net income ÷ revenue |
| Debt to equity | — | — | Total debt ÷ shareholders’ equity |
| Interest cover | — | — | Operating income ÷ interest expense |
| Current ratio | 1.89x | 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 | -5.2% | -3.1% | (Net income − operating cash flow) ÷ total assets |
Not computed here: Cash conversion, 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 | Median |
|---|---|---|---|---|---|---|---|---|
| Return on equity | -15.6% | -32.1% | 0.9% | -2.6% | -0.3% | 0.2% | 6.7% | -0.3% |
| Operating margin | -18.8% | -42.6% | -4.1% | -8.2% | -1.9% | -4.4% | 12.6% | -4.4% |
| Net margin | -15.9% | -40.2% | 1.4% | -5.2% | -0.5% | 0.4% | 15.3% | -0.5% |
| Current ratio | 1.89x | 2.74x | 3.19x | 3.56x | 2.85x | 4.90x | 6.34x | 3.19x |
| Cash conversion | — | — | 1.06x | — | — | 30.82x | 2.17x | 2.17x |