The business behind the dividend
| Measure | TOUR | Median | Formula |
|---|---|---|---|
| Return on equity | 3.0% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | — | — | Operating income ÷ (equity + total debt) |
| Owner earnings | $4.15m | $120.90m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $-16.62m | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | 1.9% | 14.3% | Operating income ÷ revenue |
| Net margin | 5.4% | 10.1% | Net income ÷ revenue |
| Debt to equity | — | — | Total debt ÷ shareholders’ equity |
| Interest cover | 5.56x | 4.22x | Operating income ÷ interest expense |
| Current ratio | 2.04x | 1.55x | Current assets ÷ current liabilities |
| Long-term debt to working capital | — | — | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | -3.50x | 1.66x | Operating cash flow ÷ net income |
| Accruals | 8.8% | -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 | 2020 | 2019 | 2018 | 2017 | 2016 | Median |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on equity | 3.0% | 7.1% | -9.6% | -17.5% | -9.6% | -94.5% | -25.6% | -5.5% | -21.3% | -54.2% | -17.5% |
| Return on capital employed | — | — | -9.8% | -18.8% | -14.1% | -95.3% | -32.0% | — | — | — | -18.8% |
| Operating margin | 1.9% | 12.3% | -23.1% | -114.5% | -42.6% | -297.8% | -38.2% | -15.6% | -40.3% | -23.9% | -38.2% |
| Net margin | 5.4% | 15.0% | -22.5% | -105.3% | -28.5% | -290.5% | -30.4% | -8.3% | -35.0% | -23.0% | -28.5% |
| Debt to equity | — | — | 0.01x | 0.01x | 0.01x | 0.02x | 0.00x | — | — | — | 0.01x |
| Current ratio | 2.04x | 1.35x | 1.57x | 1.55x | 1.51x | 1.31x | 1.02x | 1.42x | 1.74x | 1.66x | 1.51x |
| Cash conversion | -3.50x | 1.25x | — | — | — | — | — | — | — | — | -3.50x |