The business behind the dividend
| Measure | TLF | Median | Formula |
|---|---|---|---|
| Return on equity | 17.3% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | — | — | Operating income ÷ (equity + total debt) |
| Owner earnings | $2.46m | $120.90m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $-8.09m | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | -1.3% | 14.3% | Operating income ÷ revenue |
| Net margin | 11.9% | 10.1% | Net income ÷ revenue |
| Debt to equity | — | — | Total debt ÷ shareholders’ equity |
| Interest cover | — | — | Operating income ÷ interest expense |
| Current ratio | 5.16x | 1.55x | Current assets ÷ current liabilities |
| Long-term debt to working capital | — | — | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | -0.06x | 1.66x | Operating cash flow ÷ net income |
| Accruals | 11.1% | -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 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | Median |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on equity | 17.3% | 1.4% | 6.7% | 2.4% | 2.6% | -9.4% | -3.4% | 7.5% | 4.4% | 12.2% | 2.6% |
| Return on capital employed | — | — | — | 2.7% | 4.4% | -12.1% | -4.6% | 8.9% | 10.1% | 17.2% | 4.4% |
| Operating margin | -1.3% | 0.8% | 5.8% | 1.7% | 2.8% | -9.9% | -3.5% | 7.2% | 7.7% | 12.4% | 1.7% |
| Net margin | 11.9% | 1.1% | 4.9% | 1.5% | 1.6% | -7.6% | -2.5% | 5.3% | 3.0% | 7.7% | 1.6% |
| Debt to equity | — | — | — | 0.00x | 0.01x | 0.01x | 0.00x | 0.15x | 0.13x | 0.14x | 0.01x |
| Current ratio | 5.16x | 5.11x | 5.74x | 5.33x | 4.13x | 3.95x | 4.29x | 7.41x | 6.51x | 6.47x | 5.16x |
| Cash conversion | -0.06x | 5.50x | 1.20x | 0.94x | 2.74x | — | — | 1.77x | 0.99x | 1.21x | 1.21x |