The business behind the dividend
| Measure | ARDT | Median | Formula |
|---|---|---|---|
| Return on equity | 18.2% | 11.7% | Net income ÷ shareholders’ equity |
| Return on capital employed | — | — | Operating income ÷ (equity + total debt) |
| Owner earnings | $175.97m | $632.00m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $-189.47m | $746.10m | Operating cash flow − capital expenditure |
| Operating margin | 6.1% | 15.0% | Operating income ÷ revenue |
| Net margin | 3.7% | 10.2% | Net income ÷ revenue |
| Debt to equity | — | — | Total debt ÷ shareholders’ equity |
| Interest cover | — | — | Operating income ÷ interest expense |
| Current ratio | — | — | Current assets ÷ current liabilities |
| Long-term debt to working capital | — | — | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | -0.20x | 1.78x | Operating cash flow ÷ net income |
Not computed here: Current ratio, Debt to equity, Interest cover, 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 | 2025 | 2024 | 2023 | 2022 | Median |
|---|---|---|---|---|---|
| Return on equity | 10.5% | 18.6% | 8.0% | 18.2% | 18.2% |
| Return on capital employed | 12.0% | 16.3% | 8.2% | — | 12.0% |
| Operating margin | 4.5% | 6.1% | 2.8% | 6.1% | 6.1% |
| Net margin | 2.1% | 3.5% | 1.0% | 3.7% | 3.5% |
| Debt to equity | 0.85x | 0.97x | 1.77x | — | 0.97x |
| Current ratio | 1.97x | 1.94x | 1.63x | — | 1.94x |
| Cash conversion | 3.46x | 1.50x | 4.11x | -0.20x | 3.46x |