The business behind the dividend
| Measure | VNTG | Median | Formula |
|---|---|---|---|
| Return on equity | -14.9% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | — | — | Operating income ÷ (equity + total debt) |
| Owner earnings | $-931.60k | $120.90m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $-4.66m | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | -4.7% | 14.3% | Operating income ÷ revenue |
| Net margin | -7.4% | 10.1% | Net income ÷ revenue |
| Debt to equity | — | — | Total debt ÷ shareholders’ equity |
| Interest cover | -2.34x | 4.22x | Operating income ÷ interest expense |
| Current ratio | 1.48x | 1.55x | Current assets ÷ current liabilities |
| Long-term debt to working capital | — | — | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | — | — | Operating cash flow ÷ net income |
| Accruals | 13.7% | -3.1% | (Net income − operating cash flow) ÷ total assets |
Not computed here: Cash conversion, 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 | 2026 | 2025 | 2024 | 2023 | Median |
|---|---|---|---|---|---|
| Return on equity | -14.9% | — | 64.9% | 59.5% | 59.5% |
| Operating margin | -4.7% | 23.7% | 29.2% | 26.3% | 26.3% |
| Net margin | -7.4% | 20.6% | 24.8% | 24.4% | 24.4% |
| Current ratio | 1.48x | 1.09x | 1.52x | — | 1.48x |
| Cash conversion | — | 0.49x | -0.03x | 2.20x | 0.49x |