The business behind the dividend
| Measure | TORO | Median | Formula |
|---|---|---|---|
| Return on equity | 3.6% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | — | — | Operating income ÷ (equity + total debt) |
| Owner earnings | $-55.90m | $120.90m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $-73.11m | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | -22.1% | 14.3% | Operating income ÷ revenue |
| Net margin | 28.1% | 10.1% | Net income ÷ revenue |
| Debt to equity | — | — | Total debt ÷ shareholders’ equity |
| Interest cover | -68.26x | 4.22x | Operating income ÷ interest expense |
| Current ratio | 2.30x | 1.55x | Current assets ÷ current liabilities |
| Long-term debt to working capital | — | — | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | -1.07x | 1.66x | Operating cash flow ÷ net income |
| Accruals | 3.7% | -3.1% | (Net income − operating cash flow) ÷ total assets |
Not computed here: Debt to equity, Long-term debt to working capital, 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 | Median |
|---|---|---|---|---|---|---|
| Return on equity | 3.6% | 12.7% | 79.6% | 35.5% | -1.4% | 12.7% |
| Return on capital employed | — | — | 4.5% | 4.5% | -0.6% | 4.5% |
| Operating margin | -22.1% | -424.1% | — | 44.3% | -4.9% | -4.9% |
| Net margin | 28.1% | — | — | — | -9.5% | -9.5% |
| Debt to equity | — | — | 0.03x | 0.09x | 0.15x | 0.09x |
| Current ratio | 2.30x | 11.77x | 21.01x | 8.40x | 1.82x | 8.40x |
| Cash conversion | -1.07x | 0.43x | 0.40x | 0.83x | — | 0.43x |