The business behind the dividend
| Measure | TSEOQ | Median | Formula |
|---|---|---|---|
| Return on equity | — | — | Net income ÷ shareholders’ equity |
| Return on capital employed | -17.6% | 10.0% | Operating income ÷ (equity + total debt) |
| Owner earnings | $-305.00m | $120.90m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $-153.40m | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | -8.5% | 14.3% | Operating income ÷ revenue |
| Net margin | -18.3% | 10.1% | Net income ÷ revenue |
| Debt to equity | — | — | Total debt ÷ shareholders’ equity |
| Interest cover | -1.31x | 4.22x | Operating income ÷ interest expense |
| Current ratio | 1.21x | 1.55x | Current assets ÷ current liabilities |
| Long-term debt to working capital | 15.55x | 1.88x | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | — | — | Operating cash flow ÷ net income |
| Accruals | -19.4% | -3.1% | (Net income − operating cash flow) ÷ total assets |
Not computed here: Cash conversion, Debt to equity, Return on equity — 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 | — | — | — | -102.5% | 43.4% | 1.3% | 13.8% | 38.1% | 48.7% | 71.1% | 38.1% |
| Return on capital employed | -17.6% | -2.6% | -22.4% | -13.3% | 13.8% | 8.5% | 7.7% | 21.4% | 28.4% | 30.9% | 7.7% |
| Operating margin | -8.5% | -1.3% | -12.4% | -7.3% | 9.6% | 5.5% | 4.2% | 9.0% | 11.8% | 13.4% | 4.2% |
| Net margin | -18.3% | -9.9% | -19.1% | -8.7% | 9.1% | 0.3% | 2.7% | 6.3% | 7.4% | 8.6% | 0.3% |
| Debt to equity | — | — | — | 5.51x | 2.29x | 1.98x | 1.75x | 1.52x | 1.74x | 2.60x | 1.98x |
| Current ratio | 1.21x | 1.37x | 1.78x | 2.02x | 2.16x | 2.84x | 2.83x | 3.04x | 2.63x | 2.64x | 2.16x |
| Cash conversion | — | — | — | — | 1.03x | 32.33x | 3.51x | 1.25x | 1.19x | 1.27x | 1.25x |