The business behind the dividend
| Measure | TAIT | Median | Formula |
|---|---|---|---|
| Return on equity | 5.4% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | — | — | Operating income ÷ (equity + total debt) |
| Owner earnings | $843.00k | $120.90m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $-490.00k | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | -2.5% | 14.3% | Operating income ÷ revenue |
| Net margin | 21.8% | 10.1% | Net income ÷ revenue |
| Debt to equity | — | — | Total debt ÷ shareholders’ equity |
| Interest cover | — | — | Operating income ÷ interest expense |
| Current ratio | 12.00x | 1.55x | Current assets ÷ current liabilities |
| Long-term debt to working capital | — | — | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | -0.29x | 1.66x | Operating cash flow ÷ net income |
| Accruals | 6.6% | -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 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | Median |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on equity | 5.4% | 11.0% | 19.9% | 14.0% | 10.3% | 6.1% | 10.9% | 6.0% | -26.9% | -3.9% | 6.1% |
| Return on capital employed | — | — | — | 14.5% | 7.9% | 5.5% | — | — | — | — | 7.9% |
| Operating margin | -2.5% | 19.6% | 26.5% | 24.2% | 15.7% | 10.3% | 17.3% | 10.4% | -41.5% | -6.0% | 10.4% |
| Net margin | 21.8% | 30.2% | 38.1% | 23.3% | 20.3% | 11.4% | 16.8% | 9.2% | -45.0% | -10.3% | 16.8% |
| Debt to equity | — | — | — | 0.00x | 0.01x | 0.00x | — | — | — | — | 0.00x |
| Current ratio | 12.00x | 11.01x | 11.97x | 5.07x | 12.68x | 12.77x | 7.84x | 7.71x | 7.85x | 7.14x | 7.85x |
| Cash conversion | -0.29x | 1.71x | 0.53x | 0.87x | 1.51x | 1.83x | 1.66x | 0.55x | — | — | 1.51x |