The business behind the dividend
| Measure | TROX | Median | Formula |
|---|---|---|---|
| Return on equity | -33.1% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | -5.5% | 10.0% | Operating income ÷ (equity + total debt) |
| Owner earnings | $-509.00m | $120.90m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $-281.00m | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | -8.7% | 14.3% | Operating income ÷ revenue |
| Net margin | -16.2% | 10.1% | Net income ÷ revenue |
| Debt to equity | 2.24x | 0.73x | Total debt ÷ shareholders’ equity |
| Interest cover | -1.37x | 4.22x | Operating income ÷ interest expense |
| Current ratio | 2.46x | 1.55x | Current assets ÷ current liabilities |
| Long-term debt to working capital | 2.33x | 1.88x | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | — | — | Operating cash flow ÷ net income |
| Accruals | -8.5% | -3.1% | (Net income − operating cash flow) ÷ total assets |
Not computed here: Cash conversion — 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 | -33.1% | -2.7% | -16.3% | 21.1% | 14.3% | 57.1% | -14.6% | -1.0% | -34.4% | -6.0% | -6.0% |
| Return on capital employed | -5.5% | 4.8% | 3.9% | 9.5% | 12.6% | 5.5% | 2.5% | 5.2% | 3.6% | -1.4% | 3.9% |
| Operating margin | -8.7% | 7.1% | 6.5% | 13.3% | 16.2% | 9.8% | 3.6% | 11.0% | 8.3% | -4.0% | 7.1% |
| Net margin | -16.2% | -1.6% | -11.1% | 14.4% | 8.0% | 35.1% | -4.1% | -0.4% | -16.8% | -4.7% | -4.1% |
| Debt to equity | 2.24x | 1.59x | 1.45x | 1.06x | 1.29x | 1.92x | 3.99x | 4.60x | 3.77x | 2.88x | 1.92x |
| Current ratio | 2.46x | 2.47x | 2.84x | 2.31x | 2.49x | 3.14x | 2.95x | 8.48x | 7.48x | 4.85x | 2.84x |
| Cash conversion | — | — | — | 1.20x | 2.59x | 0.37x | — | — | — | — | 1.20x |