The business behind the dividend
| Measure | TEN | Median | Formula |
|---|---|---|---|
| Return on equity | 8.8% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | 7.0% | 10.0% | Operating income ÷ (equity + total debt) |
| Owner earnings | $28.81m | $120.90m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $-4.53m | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | 31.6% | 14.3% | Operating income ÷ revenue |
| Net margin | 20.1% | 10.1% | Net income ÷ revenue |
| Debt to equity | 0.98x | 0.73x | Total debt ÷ shareholders’ equity |
| Interest cover | 2.68x | 4.22x | Operating income ÷ interest expense |
| Current ratio | 0.95x | 1.55x | Current assets ÷ current liabilities |
| Long-term debt to working capital | — | — | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | 1.85x | 1.66x | Operating cash flow ÷ net income |
| Accruals | -3.5% | -3.1% | (Net income − operating cash flow) ÷ total assets |
Not computed here: Long-term debt to working capital — 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 | 8.8% | 10.2% | 18.5% | 13.9% | -12.2% | 1.8% | 1.0% | -6.6% | 0.5% | 4.0% | 1.8% |
| Return on capital employed | 7.0% | 8.4% | 12.9% | 8.9% | -4.6% | 3.4% | 2.9% | -0.9% | 2.0% | 2.8% | 2.9% |
| Operating margin | 31.6% | 34.6% | 44.0% | 29.8% | -21.9% | 15.0% | 14.4% | -5.3% | 12.0% | 18.6% | 15.0% |
| Net margin | 20.1% | 21.9% | 33.7% | 23.7% | -27.7% | 3.7% | 2.5% | -18.7% | 1.4% | 11.6% | 3.7% |
| Debt to equity | 0.98x | 0.93x | 0.87x | 0.96x | 1.11x | 1.11x | 1.06x | 1.07x | 1.17x | 1.25x | 1.06x |
| Current ratio | 0.95x | 1.11x | 1.58x | 1.39x | 0.72x | 0.84x | 1.12x | 1.25x | 0.90x | 0.91x | 0.95x |
| Cash conversion | 1.85x | 1.75x | 1.32x | 1.41x | — | 8.56x | 12.19x | — | 22.44x | 3.05x | 3.05x |