The business behind the dividend
| Measure | WTTR | Median | Formula |
|---|---|---|---|
| Return on equity | 2.6% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | 2.6% | 10.0% | Operating income ÷ (equity + total debt) |
| Owner earnings | $-268.02m | $120.90m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $-79.89m | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | 2.0% | 14.3% | Operating income ÷ revenue |
| Net margin | 1.5% | 10.1% | Net income ÷ revenue |
| Debt to equity | 0.39x | 0.73x | Total debt ÷ shareholders’ equity |
| Interest cover | 1.24x | 4.22x | Operating income ÷ interest expense |
| Current ratio | 1.57x | 1.55x | Current assets ÷ current liabilities |
| Long-term debt to working capital | 2.21x | 1.88x | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | 10.12x | 1.66x | Operating cash flow ÷ net income |
| Accruals | -12.1% | -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 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | Median |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on equity | 2.6% | 3.9% | 9.6% | 6.3% | -7.1% | -57.1% | 0.3% | 4.4% | -2.6% | -0.9% | 0.3% |
| Return on capital employed | 2.6% | 6.2% | 7.9% | 5.0% | — | — | — | 7.0% | -4.1% | — | 5.0% |
| Operating margin | 2.0% | 3.8% | 3.9% | 2.8% | -8.6% | -65.2% | 1.8% | 4.0% | -4.3% | -98.9% | 1.8% |
| Net margin | 1.5% | 2.1% | 4.7% | 3.5% | -5.5% | -56.0% | 0.2% | 2.4% | -2.4% | -0.3% | 0.2% |
| Debt to equity | 0.39x | 0.11x | 0.00x | 0.02x | — | — | — | 0.06x | 0.12x | — | 0.06x |
| Current ratio | 1.57x | 1.65x | 2.15x | 2.24x | 2.44x | 3.96x | 2.74x | 2.40x | 2.41x | 2.69x | 2.40x |
| Cash conversion | 10.12x | 7.66x | 3.84x | 0.69x | — | — | — | 6.37x | — | — | 6.37x |