The business behind the dividend
| Measure | VIRC | Median | Formula |
|---|---|---|---|
| Return on equity | 2.4% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | 3.3% | 10.0% | Operating income ÷ (equity + total debt) |
| Owner earnings | $2.85m | $120.90m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $-6.70m | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | 1.8% | 14.3% | Operating income ÷ revenue |
| Net margin | 1.3% | 10.1% | Net income ÷ revenue |
| Debt to equity | 0.04x | 0.73x | Total debt ÷ shareholders’ equity |
| Interest cover | 12.20x | 4.22x | Operating income ÷ interest expense |
| Current ratio | 3.09x | 1.55x | Current assets ÷ current liabilities |
| Long-term debt to working capital | 0.05x | 1.88x | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | -0.33x | 1.66x | Operating cash flow ÷ net income |
| Accruals | 2.0% | -3.1% | (Net income − operating cash flow) ÷ total assets |
Ten years of it
The same measures, for every year the filings support. One year is a fact; a row is a business.
| Measure | 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | Median |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on equity | 2.4% | 19.8% | 24.0% | 24.3% | -31.9% | -4.1% | 4.3% | -2.8% | -5.5% | 38.3% | 2.4% |
| Return on capital employed | 3.3% | 24.6% | 33.4% | 11.9% | -0.5% | 1.1% | 8.3% | 3.0% | 6.8% | 9.2% | 6.8% |
| Operating margin | 1.8% | 10.5% | 11.8% | 4.6% | -0.2% | 0.5% | 3.1% | 1.2% | 2.7% | 3.4% | 2.7% |
| Net margin | 1.3% | 8.1% | 8.1% | 7.2% | -8.2% | -1.5% | 1.2% | -0.8% | -1.7% | 13.1% | 1.2% |
| Debt to equity | 0.04x | 0.04x | 0.05x | 0.32x | 0.31x | 0.19x | 0.30x | 0.38x | 0.28x | 0.08x | 0.19x |
| Current ratio | 3.09x | 2.98x | 2.31x | 1.84x | 1.90x | 2.31x | 2.32x | 1.96x | 2.01x | 2.25x | 2.25x |
| Cash conversion | -0.33x | 1.53x | 1.23x | -0.23x | — | — | 4.10x | — | — | 0.26x | 0.26x |