The business behind the dividend
| Measure | ZEO | Median | Formula |
|---|---|---|---|
| Return on equity | -262.8% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | -379.6% | 10.0% | Operating income ÷ (equity + total debt) |
| Owner earnings | $-15.10m | $120.90m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $-9.91m | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | -29.6% | 14.3% | Operating income ÷ revenue |
| Net margin | -20.2% | 10.1% | Net income ÷ revenue |
| Debt to equity | 0.01x | 0.73x | Total debt ÷ shareholders’ equity |
| Interest cover | — | — | Operating income ÷ interest expense |
| Current ratio | 2.69x | 1.55x | Current assets ÷ current liabilities |
| Long-term debt to working capital | 0.00x | 1.88x | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | — | — | Operating cash flow ÷ net income |
| Accruals | -9.3% | -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 | Median |
|---|---|---|---|---|---|
| Return on equity | -262.8% | — | -9.8% | — | -262.8% |
| Return on capital employed | -379.6% | — | — | — | -379.6% |
| Operating margin | -29.6% | -14.8% | 4.7% | — | -14.8% |
| Net margin | -20.2% | -3.6% | -2.7% | — | -3.6% |
| Debt to equity | 0.01x | — | — | — | 0.01x |
| Current ratio | 2.69x | 1.26x | 1.05x | 0.30x | 1.26x |
| Cash conversion | — | — | — | 0.23x | 0.23x |