The business behind the dividend
| Measure | TKLF | Median | Formula |
|---|---|---|---|
| Return on equity | 1.7% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | 5.9% | 10.0% | Operating income ÷ (equity + total debt) |
| Owner earnings | $1.55m | $120.90m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $-10.61m | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | 0.9% | 14.3% | Operating income ÷ revenue |
| Net margin | 0.2% | 10.1% | Net income ÷ revenue |
| Debt to equity | 0.32x | 0.73x | Total debt ÷ shareholders’ equity |
| Interest cover | 1.62x | 4.22x | Operating income ÷ interest expense |
| Current ratio | 1.30x | 1.55x | Current assets ÷ current liabilities |
| Long-term debt to working capital | 0.23x | 1.88x | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | -14.37x | 1.66x | Operating cash flow ÷ net income |
| Accruals | 4.7% | -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 | 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | Median |
|---|---|---|---|---|---|---|---|---|
| Return on equity | 1.7% | 15.4% | 20.8% | -27.5% | 8.8% | 24.4% | 34.9% | 15.4% |
| Return on capital employed | 5.9% | 9.4% | 13.3% | 1.9% | 10.9% | -0.3% | — | 5.9% |
| Operating margin | 0.9% | 2.2% | 96.2% | 97.2% | — | -0.0% | 5.4% | 2.2% |
| Net margin | 0.2% | 3.2% | — | -949.2% | — | 2.2% | 3.5% | 2.2% |
| Debt to equity | 0.32x | 0.17x | 0.20x | 0.45x | 0.51x | 0.35x | — | 0.32x |
| Current ratio | 1.30x | 1.35x | 1.31x | 1.09x | 1.79x | 1.17x | — | 1.30x |
| Cash conversion | -14.37x | -0.09x | 0.26x | — | -1.79x | -0.65x | -1.56x | -1.56x |